Nanocomposite Solar Cell Market

Global Nanocomposite Solar Cell Market Outlook (2022-2032)

The global nanocomposite solar cell market is valued at US$ 4.2 billion in 2022 and increase at a noteworthy CAGR of 12.4% to reach US$ 13.5 billion by the end of 2032.

Currently, sales of nanocomposite solar cells account for a little over 5% of the global solar cell market.

Report Attributes	Details
Nanocomposite Solar Cell Market Size (2021A)	US$ 3.8 billion
Estimated Market Value (2022E)	US$ 4.2 billion
Forecasted Market Value (2032F)	US$ 13.5 billion
Global Market Growth Rate (2022-2032)	12.4% CAGR
North America Market Share (2021)	~20.5%
East Asia Market Growth Rate (2022-2032)	~42.5% CAGR
United States Market Growth Rate (2022-2032)	~13.4% CAGR
Market Share of Top 5 Companies	~28.3%
Key Companies Profiled	Antec Solar GmbH Ascent Solar Technologies Abengoa First Solar Hanergy Thin Film Power Group Nanosolar Solar Frontier Europe GmbH SoloPower Systems Inc Soltecture Solartechnik GmbH Toledo Solar Inc United Solar Ovonic LLC Waaree Group

Sales Analysis of Nanocomposite Solar Cells (2017-2021) Vs. Market Forecast Outlook (2022-2032)

The gradual shift of the power & energy industry from conventional to renewable sources is driving the growth of the global solar cell market. Additionally, over the coming years, the market for solar panels is expected to develop due to rising awareness about environmental contamination brought on by pollutants from conventional power generation.

Top manufacturers of nanocomposite solar cells are expected to benefit from lucrative growth prospects in the future years as a result of government initiatives to reduce carbon footprints and increased investments in renewable energy infrastructure.

• Short Term (2022 Q2 to 2025): Augmenting utilization and integration of smart technology in solar panels with a lot of specifications to positively impact nanocomposite solar cell market growth.
• Medium Term (2025-2028): North America and East Asia anticipated to witness high demand for nanocomposite solar cells with rising solar industry.
• Long Term (2028-2032): Long life and cost-efficient solar panels to support demand growth for nanocomposite solar cells.

From 2017 to 2021, the global market for nanocomposite solar cells registered a CAGR of 7.2%. As per findings by Fact.MR, a market research and competitive intelligence provider, the market is projected to enjoy high growth at 12.4% CAGR between 2022 and 2032.

Market share analysis of nanocomposite solar cells based on application and region is provided in a nutshell in the above image. Building integrated photovoltaics (BIPV) application dominates with 72.6% market share in 2022.

Why is the Popularity of Nanocomposite Solar Cells Rising Rapidly?

“Advancement of Technologies in Solar Panels to Drive Market Growth”

Over the past few years, the solar business has experienced rapid technological advancements. The most recent solar material with a suitable crystal structure for light absorption in perovskite solar cells. These perovskite cells outperform silicon in lower lighting levels, on hazy days, or indoors, allowing for higher conversion efficiencies.

The fundamental advantage of using perovskite to create solar cells is that it is an affordable, plentiful material that has the potential to generate cheap solar power. Owing to their attribute of integration with thin layer panels with high levels of transparency, perovskite solar cells are well suited for several cutting-edge uses such as building integrated photovoltaic (BIPV) projects for commercial and residential purposes.

“EV Vehicles Supporting VIPV to Create Consistency in Demand”

The integration of solar modules holds excessive potential for the EV transport sector. Around 29% of CO2 is emitted by trucks and vans from the entire transport system. Integrated solar panels reduce a lot more CO2 emissions, and operating cost is also reduced by providing electricity for air conditioning systems.

Buses have a large roof area that becomes easier for integrated photovoltaic systems to provide up to 100% of HVAC system energy, which is helpful when the engine is off. Due to the low energy consumption of recreational vehicles, photovoltaics can provide an additional electricity source for optimal operation.

Owing to the high demand growth for electric vehicles, there are ample opportunities for nanocomposite solar cell manufacturers to integrate panels onto vehicles, which will lead to higher revenue generation.

“Expansion of Solar Systems in Residential Sector to Fuel Market Growth in Future”

The residential segment is anticipated to showcase lucrative opportunities owing to consumer inclination towards renewable sources of energy. Also, driven by the recent decrease in the price of PV systems across the globe. These systems are put on rooftops and other locations where there is enough sunlight to meet the home's electrical needs.

Installing a solar system at home is much more beneficial in various ways such as reliable energy sources, low maintenance costs, economic savings, and many more.

The market for PV systems in residential applications is anticipated to increase as governments across nations provide incentives and tax rebates to residential users to install PV systems. Governments are continuously drafting laws to make grid connections for solar installations convenient.

Country-wise Insights

What is the U.S. for Nanocomposite Solar Cell Market Scenario?

The United States nanocomposite solar cell market is currently estimated at US$ 732.1 million and is expected to reach US$ 2.8 billion by 2032.

The United States government is currently concentrating on renewable energy, and it is anticipated that solar energy will continue to be a substantial source of new energy production capacity. Power generation from commercial sector solar cells has increased as solar cells are more efficient and easily available in the market.

The market's escalating competitiveness has aided in lowering energy production costs and expanding the selection of solar panels. Government initiatives and promotional activities are helping drive market growth. Owing to a strong economy and prominent market players operating in the country, the United States holds significant potential for nanocomposite solar cell sales over the coming years.

Why is the China Nanocomposite Solar Cell Market Expected to Be Highly Lucrative?

China holds the largest market share for PV solar panels. An increase in government policies that provide financial incentives and subsidies for solar energy is responsible for this rise in demand.

Due to technological developments, improvements in nanocomposite solar cells, and increase in the supply of solar panels in the country, product prices are anticipated to decrease and stabilize.

Investors and developers are also concentrating on commercial project feasibility, which is expected to create new opportunities for the Chinese solar PV sector in the future.

China holds a commanding position accounting for roughly more than half of East Asia’s nanocomposite solar cell production in 2021. The China market for nanocomposite solar cells is expected to reach a valuation of US$ 2.9 billion by 2032.

Category-wise Insights

Why are CdTe Nanocomposite Solar Cells Most Widely Used?

Solar panels have been an adequate and non-polluting means of producing energy. Due to the prolonged lifecycle of panels, low weight-to-volume ratio, and inexpensive production of silicon semiconductors, the CdTe segment is anticipated to witness significant growth during the forecast period.

CdTe of higher quality is used in thin film solar PV panels that have higher space efficiency than other solar PV panels. Also, they are cheaper than other products and it becomes easier to produce energy. In solar farms, thin-film photovoltaic cells (TFPV) are most widely used in the U.S. and China, in particular. Due to the high starting cost of monocrystalline silicone solar cells, end users are focusing on thin film silicon solar cells, which is further accelerating the growth of the market.

Thus, the integration of CdTe nanocomposite solar cells has increased steadily in the recent past, surpassing a market valuation of US$ 1.6 billion in 2021. Furthermore, with the surging global solar panel market, demand for CdTe material nanocomposite solar cells is predicted to expand 3.7X by the end of 2032.

Competitive Landscape

Prominent nanocomposite solar cell manufacturers are Antec Solar GmbH, Ascent Solar Technologies, Abengoa, Bosch Solar Energy, First Solar, Hanergy Thin Film Power Group, Hanwha Group, NanoPV Solar Inc, Nanosolar, Solar Frontier Europe GmbH, SoloPower Systems Inc, Soltecture Solartechnik GmbH, Toledo Solar Inc, TS Solar GmbH, United Solar Ovonic LLC, and Waaree Group

Key manufacturers of nanocomposite solar cells are trying to adopt newer technologies to stay ahead in the market. Market players are focused on research and development, enhancement of safety & control, efficiency & performance for the long life of the product, and much more.

• In February 2022, First Solar Inc and National Grid Renewables signed a framework agreement for advanced thin film photovoltaic (PV) solar modules. The delivery is scheduled in 2024 and 2025 across the United States. Moreover, National Grid has partnered with First Solar Inc for other projects as well as for the development of solar farms.

Fact.MR has provided detailed information about the price points of key manufacturers of nanocomposite solar cells positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Nanocomposite Solar Cell Market Research

• By Nanocomposite Type :

  • Organic Nanocomposite Solar Cells
  • Inorganic Nanocomposite Solar Cells

• By Material Type :

  • a-Si Nanocomposite Solar Cells
  • CdTe Nanocomposite Solar Cells
  • CI(G)S Nanocomposite Solar Cells
  • Others

• By Application :

  • BIPV (Building Integrated PV)
  • VIPV (Vehicle Integrated PV)
    • Freight Trailers
    • Buses
    • RVs
    • Other Vehicles
  • FIPV (Fabric Integrated PV)
    • Recreational Vehicles
    • Tenting
    • Containerized Living Units
    • Others FIPV
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA