DUBLIN, Aug. 22, 2023 /PRNewswire/ — The “Transparent Solar Cells Market by Cell Type, Transparency Type, Application: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
The transparent solar cells market was valued at $12.2 million in 2021, and is estimated to reach $83.5 million by 2031, growing at a CAGR of 21.3% from 2022 to 2031.
Transparent solar cell is a type of photovoltaic cell that produces electricity from absorbed light in the ultraviolet and infrared spectrum while simultaneously allowing visible light to pass through. To generate electricity while still allowing natural light to pass through, transparent solar cell is a specialized kind of solar panel that can be integrated into windows, skylights, and other glass surfaces.
Transparent solar cells can be used for a wide range of purposes outside of building design. In fact, due to their adaptability and aesthetic appeal, they are a great fit for a variety of industries, including the automotive and consumer electronics sectors.
In the automotive sector, transparent solar cells can be used to power electric vehicles or extend the range of hybrid vehicles. Incorporating transparent solar cells into a car’s body or sunroof, for instance, would enable the car to generate electricity while being driven and reduce the need for external charging. By doing so, consumers can benefit from more practical and convenient electric and hybrid vehicles while also reducing their negative environmental effects.
Transparent solar cells can be used in the consumer electronics sector to power portable electronics such as smartphones and tablets. It can produce electricity from sunlight by incorporating transparent solar cells into the device’s body or display, which eliminates the need for external charging. The device’s battery life may be improved as a result, and users may find it more convenient to use.
Growing concern for the environment and increasing availability of transparent solar cell products are some of the main drivers for consumer awareness. With climate change becoming a pressing issue, more consumers are looking for eco-friendly and sustainable products. Transparent solar cells offer an energy-efficient solution for everyday products. Transparent solar cells provide a way for consumers to reduce their carbon footprint and contribute to the shift toward sustainable energy sources.
In addition, transparent solar cells can be used in a wide range of applications, from consumer electronics to buildings, making them an attractive option for consumers looking to reduce their energy consumption. Companies are also investing in marketing and advertising campaigns to promote their transparent solar cell products, which is helping to raise awareness among consumers. The presence of the above-mentioned factors are projected to drive the demand for transparent solar cell products, which in turn, drive market growth.
The windows of skyscrapers and outdoor advertising displays are also few of the areas where transparent solar cells can be utilized. Transparent solar cells can offer a renewable energy source in these situations without detracting from the visual appeal of the structure or display. The presence of the above-mentioned applications in various growing sectors is expected to provide many opportunities for the development of the market.
Transparent solar cells’ low efficiency is a significant problem because it reduces the amount of light that can be absorbed and converted into electricity. Despite recent significant improvements in transparent solar cell efficiency, the 5-7% efficiency is still lower than the over 25% efficiency of conventional solar panels. This may restrict the use of transparent solar cells in industries where efficiency is a crucial factor, especially for big solar energy projects. Furthermore, less efficient systems produce less energy, which can be a big problem for customers who need a lot of energy output.
- Increase in urbanization led to a surge in the demand for sustainable energy options
- Growing consumer awareness positively impacts the transparent solar cell
- Rising demand for renewable energy
- The presence of advancement in technology
- Government incentives encourage the adoption of renewable energy
- Appearance and durability
- High production cost
- Transparent properties of solar cells have resulted in a broad spectrum of practical uses
Key Findings of the Study
- On the basis of cell type, the polymer solar cells segment is projected to grow at the highest CAGR of approximately 21.0%, in terms of revenue, during the forecast period.
- On the basis of transparency type, the partial segment is projected to grow at the highest CAGR of approximately 21.6%, in terms of revenue, during the forecast period.
- On the basis of application, the automobile segment is projected to grow at the highest CAGR of approximately 22.2%, in terms of revenue, during the forecast period.
- Asia-Pacific region is projected to grow at the highest CAGR of 22.0%, in terms of revenue, during the forecast period.
Key Market Segments
By Cell Type
- Thin-Film Photovoltaics (TPV)
- Polymer Solar Cell
By Transparency Type
- Building Integrated Photovoltaics (BIPV)
- Consumer Electronics
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Onyx Solar Group LLC
- Sharp Corporation
- Ubiquitous Energy, Inc.
- Brite Solar
- SolarScape Enterprises Ltd
- Xiamen Solar First Energy Technology Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/c6it4e
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SOURCE Research and Markets