GLOBAL HIGH EFFICIENT CELL MATERIALS MARKET SIZE (2024 - 2030)

The Global High Efficient Cell Materials market was valued at USD 88.97 Billion and is projected to reach a market size of USD 157.49 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 8.5%.

Industry Overview:

Semiconductor-based High Efficient Cell Materials are used to convert solar energy directly into electricity. The photovoltaic technology has developed significantly in recent years as a sustainable energy source and a replacement for fossil fuel-based electricity. Furthermore, the development of renewable energy sources like solar and wind energy is being fuelled by rising concern over environmental issues like climate change and global warming. Additionally, solar energy's sustainable and limitless potential combined with technological advancements make it an inefficient source for supplying the world's expanding energy demands. Additionally, recent advancements in technology and the cost of raw materials have boosted the solar business, which has raised demand for High Efficient Cell Materials. The expansion of solar PV capacity additions is one of the main demand-side factors taken into account for the growth of the High Efficient Cell Materials industry. Around 98 GW of solar PV capacity was installed globally which is almost twice as much as its renewable energy peer, namely wind power. Due to the rising demand for solar modules, the High Efficient Cell Materials market is anticipated to have considerable growth over the forecast period. Additionally, it is anticipated that rising government initiatives and supportive policies to raise the proportion of renewable energy in the world's power generation will spur market expansion.

COVID-19 Impact:

The innovative COVID-19 epidemic has placed a tremendous amount of pressure on the renewable energy sector in particular. However, utilising time series data from China in particular, this paper examines the renewable energy production activities that have been implemented in response to the COVID-19 outbreak. To provide reliable parameter estimations, the study employs the robust ARDL bounds testing method. The study's conclusions show that the COVID-19 pandemic drastically decreased both the short-term and long-term generation of renewable energy in China. Additionally, the GDP and commerce have a propensity to have a beneficial influence on the incidence of renewable energy production following the Covid-19 epidemic.

MARKET DRIVERS

Increasing demand for sustainable energy is driving growth in High Efficient Cell Materials Market

The market for High Efficient Cell Materials has grown significantly as a result of the increased demand for High Efficient Cell Materials brought on by the global increase in solar photovoltaic installations. In accordance with this, rising government initiatives targeted at raising the percentage of renewable energy as well as increased solar cell module production are also playing a significant role in favouring the growth of the High Efficient Cell Materials market throughout the forecast period. The growing awareness of clean energy and environmental issues is also having a favourable effect on the market for High Efficient Cell Materials. The market is expanding primarily as a result of the falling prices of solar materials. In addition, the market for High Efficient Cell Materials is expanding as awareness of the environmental damage caused by fossil fuels and their scarcity grows.

MARKET RESTRAINTS

Low capital costs is restraining growth in High Efficient Cell Materials Market

While the high capital cost as a result of high technology prices have the potential to challenge the growth of the High Efficient Cell Materials market, the high installation costs of solar systems and high setup costs may act as key restraints towards the High Efficient Cell Materials market growth rate in the forecast period. Additionally, during the aforementioned forecast period, favourable government policies in various regions are estimated to assist the growth of the High Efficient Cell Materials market. A variety of growth opportunities will also be presented for the development of the High Efficient Cell Materials market during the aforementioned forecast period by rising government initiatives and programmes to promote renewable energy, rapid technological advancement, and the sustainable and limitless potential of solar energy.

HIGH EFFICIENT CELL MATERIALS MARKET REPORT COVERAGE:

This research report on the High Efficient cell materials  has been segmented and sub-segmented based on type, application, end use industry and region.

High Efficient Cell Materials market segmentation – By Type

1. Thin films

2. Crystalline materials

3. Others

The global High Efficient Cell Materials market has been divided into three types based on type: thin films, crystalline materials, and others. The phenomenal cost decline of solar energy has greatly contributed to the increase in solar power generation. Many nations have been investing in the creation and transfer of clean power technology due to the low cost of solar energy

High Efficient Cell Materials market segmentation – By Material

1. Silicon-based

2. Non-Silicon based

The global High Efficient Cell Materials market has been divided into silicon-based and non-silicon-based categories depending on material. Amorphous silicon (a-Si) and crystalline silicon are two more classifications for silicon-based High Efficient Cell Materials (c-Si). Cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), gallium arsenide (GaAs), and other non-silicon-based High Efficient Cell Materials are further divided.

High Efficient Cell Materials market segmentation – By End Use

1. Residential

2. Commercial

3. Utility

The global High Efficient Cell Materials market has been segmented into three categories based on end use: residential, commercial, and utility. Government initiatives to boost the proportion of renewable energy sources in the electrical mix and initiatives to reduce carbon emissions are responsible for the region's growth. It is predicted that North America would be the third-largest market for solar products.

High Efficient Cell Materials market segmentation – By Region

1. North America

2. Europe

3. Asia-Pacific

4. South America

5. Middle East and Africa

China and the Asia-Pacific region as a whole dominated the worldwide market. China became the market leader for solar PV, after adding 53.8 GW of new solar capacity. India, China, and Thailand are predicted to have the quickest rate of growth for High Efficient Cell Materials during the projected period. During the projected period, the market for High Efficient Cell Materials in Europe is anticipated to expand at a moderate rate. Italy, France, and Germany are predicted to follow Germany as the market leader in Europe. The Middle East and Africa are anticipated to be one of the fastest expanding markets for High Efficient Cell Materials over the projected period due to their favourable solar power conditions and inexpensive solar tariffs. The main markets for High Efficient Cell Materials are anticipated to be Saudi Arabia, Egypt, and Turkey, which are anticipated to experience double-digit compound annual growth rates. During the projection period, Latin America is anticipated to be a developing market for High Efficient Cell Materials. Due to the rapid expansion of solar PV capacity, Mexico and Brazil are anticipated to be major market drivers in Latin America.

High Efficient Cell Materials market segmentation – By Company

The creation of flexible, incredibly thin solar panels is the focus of competition in the field of solar engineering. Stanford University's engineers have achieved Engineers envision them being used in mobile applications, ranging from self-powered wearable technology to High Efficient Cell Materials with high efficiency records. When compared to other solar materials, the main advantage of these transition metal dichalcogenides is their capacity to absorb extremely high volumes of sunlight that strikes their surface.

NOTABLE HAPPENINGS IN THE HIGH EFFICIENT CELL MATERIALS MARKET IN THE RECENT PAST:

• December 2021 - Meyer Burger Technology AG has decided to build its newest facility in Arizona, which is estimated to have a 1.5 GW capacity and produce high-performance solar modules for the US market. The manufacturing facility will be located in Goodyear and will have a primary annual production capacity of more than 400 MW. The factory will create solar photovoltaic (PV) modules for utility-scale, industrial, commercial, and residential uses. By the end of 2022, the plant will most likely be operationally complete.

• December 2021: Stanford researchers have created the newest solar materials that will pave the way for extremely thin and light solar panels. Future mobile applications for the newest materials could include self-powered sensors, wearable technology, lightweight electric vehicles, and aircraft.