New York City, NY -- (SBWIRE) -- 09/01/2020 -- The falling prices of photovoltaic (PV) panel parts and components and the increasing adoption of renewable energy sources, on account of the rising emissions caused due to the usage of fossil fuels for power generation, are the major factors propelling the progress of the global ultra-thin solar cells market. As a result, the market reached a valuation of $30.0 million in 2019 and is predicted to advance at a CAGR of 56.9% from 2020 to 2030, as per the estimates of the market research company, P&S Intelligence.
A key factor fueling the advancement of the market is the declining manufacturing costs of these devices across the globe. The purchase cost of a photovoltaic cell is an important factor that determines the final cost of solar electricity. Although the LCoE (levelized cost of energy) of the PV panels is much lesser than the other renewable energy sources, it is still significantly higher than that of fossil fuels. According to the International Energy Agency (IEA), the LCoE for PVs will be $66 per megawatt-hour (MWh) in 2020.
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On the other hand, the LCoE for coal is predicted to be $55.7 per MWh in 2020, as per the IEA. The IEA also predicts that the LCoEs for coal and the PV cells will be the same in 2024. However, the LCoE for coal and PVs are expected to be $57.3/MWh and $40.0/MWh respectively by 2040, according to the IEA. This decline in the costs of the PVs would be caused by extensive research and development (R&D) activities conducted on solar cells all over the world.
The other major factor causing the surge of the ultra-thin solar cells market is the increasing preference for renewable and sustainable energy throughout the world. This is mainly because of the rising pollution and carbon emission levels caused due to the large-scale utilization of fossil fuels for energy production all over the world. Additionally, air quality is rapidly becoming hazardous in several countries, which is, in turn, making people switch to eco-friendly sources of energy.
Browse report overview with detailed TOC on "Ultra-Thin Solar Cells Market Research Report: By Technology (Cadmium Telluride, Copper Indium Gallium Diselenide, Gallium Arsenide), Grid Type (On-Grid, Off-Grid), Application (Building-Mounted, Automotive, Aerospace) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/ultra-thin-solar-cells-market
Between the two types of grid types– on-grid and off-grid, the on-grid category is predicted to lead the market during the coming years, mainly because of the easy availability of grid connectivity in several countries around the world and the numerous advantages of the on-grid systems over the off-grid ones. Additionally, unlike the off-grid system, which only becomes operational when sunlight is available, the on-grid system can function at all times during the day, on account of its ability to use the grid as a battery.
Across the globe, the Asia-Pacific (APAC) would witness growth in the ultra-thin solar cells market at the highest CAGR, during the forecast period. This is attributed to the increasing number of research and development (R&D) projects being initiated by the companies offering these products in the region. These activities, aimed at decreasing the purchase cost and increasing the electricity generation capacity of such photovoltaic (PV) cells, have yielded ultra-thin solar cells, which are already being utilized in the automotive industry, for electric vehicles powered by the sun. Thus, due to the continued R&D efforts of the producers and the customers of these cells, the market has a vast growth potential in the region.
Hence, the market will progress at an explosive pace in the forthcoming years, primarily because of the reducing costs of the PV cells and the growing popularity of solar energy across the globe.
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