Multi-Junction Solar Cells Market is forecast to reach $3.5 billion by 2025, growing at a CAGR 14.5% from 2020-2025. One of the best technologies for achieving a high ratio of sunlight to electricity conversion is the multi-junction solar cell. Multi-junction solar cells consist of junctions that can be tuned to work in the solar spectrum with different wavelength bands. It increase the efficiency of sunlight absorption by these cells. A high band gap semiconductor material is used in these cells to absorb even short wavelength radiation together with those with a longer wavelength. The global Multi-Junction Solar Cells Market is projected to experience exuberant growth over the forecast period due to the growing population and economic development around the world combined with increasing energy demand in the residential, commercial and public services and transportation sector.
Multi-Junction Solar Cells Market Segment Analysis – By Product
During the forecast period Terrestrial CPV are expected to account for a dominant share throughout the forecast period and is expected to grow at a CAGR 12.7%. Compared with crystalline silicon photovoltaic (Si-PV) systems, concentrator photovoltaic (CPV) systems are promising power generation systems for their high outputs per module active area and rated power. CPV utilizes lenses or curved mirrors to focus sunlight on small, high-quality multi-junction (MJ) and highly efficient solar cells to generate electricity. CPV systems also sometimes use a cooling system and solar trackers to boost their effectiveness. That’s not in the conventional photovoltaic system. In the near future, Terrestrial Concentrator Photovoltaic technology is expected to grow in the market. Some smaller solar cells that have cheaper PV semiconductor material and are used to convert concentrated light into electricity relate to the cost-effectiveness of CPV technology. In addition, the optics added to the system are made of glass, which is usually inexpensive compared to the cells themselves.
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Multi-Junction Solar Cells Market Segment Analysis – By Application
The Electricity Generation Segment is projected to grow during the forecast period at the highest CAGR 16.9%. Solar cells with multiple p-n junctions made of various semiconductor materials are multi-junction (MJ) solar cells. The p-n junction of each material will produce electrical current in response to different light wavelengths. The use of multiple semiconducting materials makes it possible to absorb a wider range of wavelengths, enhancing the sunlight of the cell to convert electrical energy efficiency. They have become state-of-the-art satellite and space vehicle photovoltaic power generators. The fact that III-V multijunction solar cells are particularly suitable for specific needs in space has driven this development. They offer high reliability, a high power-to-mass ratio, outstanding radiation hardness, low coefficients of temperature, and the possibility of high voltage and low current operation. Compared with electricity generation from the combustion of fossil fuels, despite their environmental benefits. The high cost of capital and low efficiency of PV systems are key barriers that prevent widespread adoption of the technology. In order to generate a significant amount of electricity, conventional flat PV panels also require large surface areas, making them less desirable in applications where ground or rooftop space is limited. This is expected to boost the market growth for Multi-Junction solar cells.
Multi-Junction Solar Cells Market Segment Analysis – By Geography
North America is expected to dominate the global Multi-Junction Solar Cells market with a share of more than 35%. North America will dominate the multi-junction solar cell market due to the adoption of advanced technology. The emerging leader in the design and manufacture of solar cell products, Abet Technologies, Inc. Intersolar North America is one of the most important U.S. trade shows in the Photovoltaics Industry, providing a forum to bring together the global solar industry. The global Multi-Junction Solar Cells Market is projected to experience exuberant growth over the forecast period due to the growing population and economic development in this region, combined with increasing energy demand in various sectors.
Multi-Junction Solar Cells Market Drivers
Rising Demand for Energy Generation
Global energy demand increased by 4% (900TWh) in 2018, according to the IEA (International Energy Agency). In the same year, coal and natural gas accounted for the estimated total production of electricity worldwide, with coal contributing 25.6% and natural gas contributing 27.9% of the total production. In addition, the demand for clean, sustainable and eco-friendly energy generation is increasing due to increased concerns about the increase in CO2 emissions from energy generation. Driven by these concerns, in order to reduce carbon emissions and their adverse impact on the environment, many government bodies have introduced strict policies and regulations. These are some of the significant factors contributing to the growth of the global market for multi-junction solar cells.
Setting Goals for Climate Change
At present, the photovoltaics industry is growing at a rate of over 40% a year. It will grow even quicker with a high-efficiency multi-junction cell. To achieve high solar absorption efficiency, multi-junction solar cells rely on state-of-the-art technology, making them best suited to the space market. At present, with increased production efficiency, it is expanding into terrestrial markets. A solar absorption efficiency of close to 50% has already been achieved. The market has already begun to make inroads with high-quality, reliable and affordable Solar Multi-Junction Cell products. As soon as efficiency exceeds 50 percent, there will be a boom in market demand for these cells. Multi-junction solar cells have the potential to gain a large market share, with increasing pressure on state governments around the globe to take energy and climate change issues seriously and with countries around the world setting climate change goals.
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Multi-Junction Solar Cells Market Challenges
High Upfront Cost
The high upfront cost is the most important disadvantage of multi-junction solar cells that is expected to hinder the market growth. Due to the variance in the number of cells considered, and also due to the nascent nature of this sector, the cost of multi-junction solar cells is difficult to estimate. It can, however, be safely said that multi-junction solar cells cost at least 2-2.5 times as much as single solar junction cells of equivalent wattage as of 2019.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Multi-Junction Solar Cells Market. Multi-Junction Solar Cells Market is expected to be dominated by major companies such as Canadian Solar., Wuxi Suntech Power Co. Ltd, juwi AG, Trina Solar, JinkoSolar Holding Co., Ltd., SHARP CORPORATION, AZUR SPACE Solar Power GmbH, Umicore, among other domestic and global players.
In April 2018, Fraunhofer ISE has achieved an efficiency of 33.3 percent on a multi-junction solar cell together with the Austrian equipment manufacturer EVG.
The multi-junction solar cell is one of the best technologies for achieving a high ratio of sunlight to electricity conversion. Multi-junction solar cells consist of junctions that can be tuned to work with various wavelength bands in the solar spectrum.
Due to the growing population and economic development around the world, combined with increasing energy demand in the residential, commercial and public services and transportation sectors, the global Multi-Junction Solar Cells Market is projected to experience exuberant growth over the forecast period.
North America will dominate the multi-junction solar cell market due to the adoption of advanced technology.
Driven by these concerns, many government bodies have introduced strict policies and regulations in order to reduce carbon emissions and their adverse impact on the environment. These are some of the important factors contributing to the growth of the multi-junction solar cell global market.
The high upfront cost is the most important disadvantage of multi-junction solar cells that is expected to hinder the market growth.
Related Reports :
A. Crystalline Silicon PV Market
B. Solar Photovoltaic Market
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