Ultra-Thin Solar Cells Market to Witness 56.9% CAGR during 2020–2030

The global ultra-thin solar cells market generated a revenue of $30.0 million in 2019 and is predicted to grow at a 56.9% CAGR during the forecast period (2020–2030). The increasing requirement for renewable energy and decreasing prices of photovoltaic (PV) panel components are expected to drive the ultra-thin solar cells market in the coming years. In terms of technology, the market is divided into gallium arsenide (GaAs), cadmium telluride (CdTe), and copper indium gallium diselenide (CIGS), among which, the demand for CdTe was the highest, in 2019.

This is owing to the fact that on-grid cells provide various advantages over off-grid cells. Moreover, the grid connectivity around the world, except for some underdeveloped and developing countries is still good. The electricity grid acts as a battery in on-grid systems, and helps situations where consumer needs external power. Based on application, the ultra-thin solar cells market is categorized into aerospace, building-mounted, and automotive. The market was dominated by the building-mounted application in 2019, attributed to the fact that these devices are extensively installed on residential and commercial units.

When geography is taken into consideration, the Asia-Pacific (APAC) region held the largest share of the ultra-thin solar cells market in 2019. This can be ascribed to the fact that PV panel manufacturers in the region are increasingly engaging in research & development (R&D) activities for enhancing the efficiency and reducing cost of these devices, while still being able to make a profit. The developed ultra-thin solar cells are already being utilized by various automakers in APAC for manufacturing solar-powered electric vehicles, which is further driving the market.

The increasing number of R&D activities across the globe is a key driving factor of the ultra-thin solar cells market. The devices can produce about 75% electricity as compared to the traditional PV cells of equal surface area. In addition to this, the technology has exhibited 30% energy efficiency during trials but is only 15% efficient when commercial scale is considered. Therefore, in order to overcome these limitations and to reduce the cost of ultra-thin solar cells, manufacturers are increasingly engaging in R&D activities.

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Premium end-users, such as spacecraft, automotive, and aerospace, and low-load-bearing building are expected to open up wide opportunities for the players operating in the ultra-thin solar cells market. As compared to the traditional silicone-based PV cells, ultra-thin solar cells are being considered a better option, owing to their cost-effective and environment-friendly nature. In addition to this, these devices are able to generate a high power output, considering their weight, owing to which, they are ideal for automobile batteries and other auxiliary energy storage devices and wearable sensors.

In conclusion, the growing R&D activities and advantages of ultra-thin solar cells are driving the market.