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The global Mini Solar Cell Market size is forecast to reach $41.5 billion by 2027, growing at a CAGR of 13.71% from 2022 to 2027. A mini solar cell is a photovoltaic system used for powering small low-power projects. These mini solar cells are used in miniature solar panels that conduct solar power, receiving energy from the sun and supplying it to a product. Moreover, when compared with larger counterpart mini solar cells have less risk of electromagnetic radiation. In addition with the continued advancements in the renewable energy sector reinforced by legislative energy policies and incentives are driving the mini solar market growth. Further favorable government measures including incentives have also been introduced to promote the adoption of various renewable technologies including solar cells thereby driving the mini solar cell industry outlook. Furthermore, these mini solar cells can provide higher conversion efficiency, which will complement their demand. According to the U.S. Department of Energy, industrially produced crystalline silicon cells can achieve energy conversion efficiencies ranging from 18% to 24% under standard test conditions. The technology is expected to witness an elevated demand across the residential and commercial sectors on account of their reliable and safe operations and competitive pricing. Hence these factors are analyzed to drive the mini solar cell industry in the forecast period 2022-2027.
Mini Solar Cell Market Segment Analysis – By Product
Based on the product, the crystalline silicon segment is analyzed to grow with the highest CAGR of 14.52% during the forecast period 2022-2027. Crystalline silicon is majorly employed in a mini solar cells to increase the efficiency of mini solar cells. Since fewer solar cells must be manufactured and installed for a given output, higher efficiencies lower the cost of the final installation. Moreover, to generate solar power from sunlight, crystalline silicon mini solar cells are combined into solar panels as part of a photovoltaic system. Also, when compared with other products such as thin-film, crystalline silicone mini solar cells have higher conversion efficiency, making them a highly cost-effective and durable solution for the mini solar cell industry. Due to these factors, the demand for crystalline silicon is increasing for the mini solar cell application in the forecast period 2022-2027.
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Mini Solar Cell Market Segment Analysis – By End-Use Industry
The residential sector is anticipated to witness the fastest growth in the global mini solar cell market with a CAGR of around 14.35% during 2022-2027. In the residential sector mini solar cells are employed in solar panels to power domestic appliances such as the heater, bulbs, switches, and more. The advantage of using mini solar cells for residential purposes is they utilize less space when compared with traditional large panels. The increasing mandates for compulsory utilization of solar systems for residential usage are anticipated to fuel the mini solar cell demand. For instance, in January 2022, the German government mandated that the installation of roof solar will be compulsory for newly built residential houses by May 2022. Thus, such government initiatives are expected to boost the demand for mini solar cells, thereby, propelling the mini solar cell market growth during the forecast period 2022-2027.
Mini Solar Cell Market Segment Analysis – By Geography
Europe region accounted for the largest share of around 33% in the global mini solar cell market in 2022 and is also anticipated to have significant growth during the forecast period. The growing demand for mini solar cells from the home appliances industry, government incentives for the residential solar system, and other industries are boosting the growth of the market. For instance, accorsing to the report given by International Energy Agency (IEA) that the consumption rate of consumer electronics which includes electronic appliances and gadgets such as washing machines, televisions, computers, and refrigerators in countries like Europe is expected to increase up to 1.7% by the end of 2022. This indicates an increase in demand for such home appliances. Moreover, the Netherlands’ major incentive has been a net-metering plan for small residential systems with a maximum capacity of 15 kW and maximum annual consumption of 5 000 kWh. Hence, the growing home appliances and residential sectors in the European region will fuel up the mini solar cell market growth.
Mini Solar Cell Market Drivers
Growing adoption of renewable energy by countries across the globe is bolstering the market growth
Countries all across the world are shifting their focus towards renewable energy sources including wind, solar, and others. The increasing global warming, scarce fossil fuels, and more such factors are inducing increased usage of renewable energy sources. Apart from this governments worldwide are promoting increased usage of renewable energy. This factor is anticipated to increase the usage of mini solar cells for solar panel application, thereby, propelling the growth of the market. For instance, European Union (EU), is targeting its renewable energy mix up to 40% by 2030. Moreover, According to the U.S Office of Energy Efficiency & Renewable Energy, by 2030 more than 1 in 7 U.S. homeowners will have solar roof systems. Hence, the growing adoption of renewable energy at the global level will drive the mini solar cell market in the forecast period 2022-2027.
Growing adoption of solar cell in electronics and electrical industry is analyzed to drive the market in the forecast period
The increasing electronics and electrical industry due to the growing demand from consumers because of the increasing purchasing power is anticipated to fuel up the demand for mini solar cells. According to the Statistical Handbook of Japan 2021, consumer electronic equipment production and shipments, which include televisions, computers, refrigerators, and other items, reached $52.6 billion in the fourth quarter of 2020, and are expected to rise in the coming year, indicating an increase in consumer electronics demand. Moreover, Japan Electronics and Information Technology Industries Association (JEITA), in the year 2020, the global electronics production was $3,033.7 billion, and in 2021 it is estimated to be $3,360.2 billion, an increase of 10.8%. As solar cell can be used in electrical appliances for power applications. Thus, the growing electronics and electrical will drive the mini solar cell market in the forecast period 2022-2027.
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Mini Solar Cell Market Challenges
Limiting power generation capacity is limiting the market growth in the forecast period
The major limitation associated with the usage of mini solar cells is that they generate very limited power. The miniature structures have the disadvantage of less solar power absorption, which limits the solar power generation capacity. Moreover, in industrial and commercial applications mini solar cell utilization can power bulbs, lights, and other similar units, no high power machinery can be powered through the mini solar cell. Apart from this, its usage in the utility sector is very limited due to its miniature composition. Thus, these factors limit the power generation capacity of mini solar cells, which is creating a major bottleneck for the growth of the mini solar cell market in the forecast period 2022-2027.
Mini Solar Cell Industry Outlook
Technology launches, Partnerships, and R&D activities are key strategies adopted by players in the market. Mini Solar Cell top 10 companies include:
Recent Developments
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Key Takeaways
Relevant Reports :
A. Solar PV Market
https://www.industryarc.com/Research/Solar-PV-Market-Research-505038
B. Solar Photovoltaic Market
https://www.industryarc.com/Research/Solar-Photovoltaic-Market-Research-507390
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