Sales of Ultra-Thin Solar Cells Set to Skyrocket in Asia-Pacific in Coming Years

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 market for ultra-thin solar cells, 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.

Till 2030, Asia-Pacific 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.

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

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