The requirement for energy, which doesn’t release harmful gases, including carbon dioxide and carbon monoxide, during generation, is rising. Though numerous sources are utilized to produce renewable electricity, solar power is the most popular due to its low levelized cost of energy (LCoE). REN21 says that over 26% of the total electricity in 2018 was produced by solar farms.
To increase the efficiency of photovoltaic (PV) panels, so that the cost of solar power can be reduced further, research and development (R&D) is being carried out. Due to such efforts, the global ultra-thin solar cells market, which generated $30.0 million in 2019, is expected to advance at a 56.9% CAGR between 2020 and 2030 (forecast period).
Cadmium Telluride (CdTe) Is Preferred Technology in Market
The cadmium telluride (CdTe) classification holds the largest share in the ultra-thin solar cells market, as, compared to the conventional PV cells made from crystalline silicon (c-Si), it is the only cost-effective technology with appreciable electricity output. In addition, as most other ultra-thin solar cell technologies are currently undergoing R&D, they account for considerably low adoption. Furthermore, with the growth of the construction sector, the adoption of CdTe PV cells is expected to increase rapidly in the coming years.
In 2019, the on-grid bifurcation contributed higher revenue to the ultra-thin solar cells market, as a large part of the world has grid connectivity. Moreover, the off-grid system cannot work in the absence of the sun, while the on-grid system can supply additional power to customers any time of the day, using the grid as the electricity feedstock.
The automotive classification is predicted to observe the highest CAGR in the ultra-thin solar cells market, of 64.5%, during the forecast period. This is attributed to the rising demand for electric vehicles (EVs), equipped with solar panels for added benefits.
Till 2030, Asia-Pacific (APAC) will continue being the largest ultra-thin solar cells market around the world, on account of the strong R&D measures being taken by the regional companies offering PV panels, to make them more efficient and cost-effective. As a result of these efforts, ultra-thin cells have been developed, which are being integrated in EVs, by automakers. Therefore, with the manufacturers and consumers of such PV panels taking initiatives to decrease the rate of environmental degradation, the market would continue advancing in the region.
Market Players Rapidly Launching New Products for Business Growth
A range of new and improved products are being launched by the players in the ultra-thin solar cells market, to generate wider consumer interest, with the ultimate aim to:
- Increase their share in the industry
- Expand in regions and countries, beyond their home grounds
- Raise awareness about the innovative applications of ultra-thin solar cells
- Enhance their portfolio with technically advanced offerings
- Target customers with competitive pricing
Lithium-Ion Battery Market
The major trend being seen in the lithium-ion battery market is the change in the chemistry of the electrolyte and anode material of the battery cells. The current lithium-ion cell power, on an average, is 4.2 V; these cells consist of nickel–manganese–cobalt (NMC) group of cathodes and 1 mole (M) of Lithium hexafluorophosphate (LiPF6) solution as the electrolyte.
Diesel Genset Market
The need for reliable electricity supply in data centers is expected to drive the diesel genset sales, further boosting the diesel genset market growth during the forecast period.