Spray-on Solar Cells Market: Introduction
- Spray-on solar cells are perovskite solar cells that can be sprayed onto a surface. Perovskite is a calcium titanium oxide mineral that works in a manner similar to a silicon cell, wherein it converts photovoltaic solar energy into power. Perovskite can be used in various applications.
- Perovskite solar cells are expected to revolutionize the solar power generation industry by providing an inexpensive and flexible source of producing clean energy. However, the technology is yet to become mature. Its current drawbacks in terms of functioning are yet to be overcome.
- Similar to silicon, perovskite cells can be crystallized. However, they can also take the liquid form, which allows for flexible application. On the other hand, perovskite crystal structures have different qualities. These are highly flexible, semi-transparent, and light in weight. This eventually adds to the number of possible methods in which perovskite cells can be used.
- The spray-on solar technology is still in its nascent stage. However, it can be considered a key development for utilization of abundant solar energy.
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Key Drivers of Global Spray-on Solar Cells Market
- Growing transition toward electric vehicles is likely to provide immense opportunities to manufacturers and solar sprays can be useful to add solar-generating capacity to vehicles. This, in turn, is likely to drive the global market for spray-on solar cells during the forecast period.
- Spray-on solar cells can be used for increasing and enhancing the efficiency of the existing solar setups. Users with solar panels installed on roofs of their houses can create an additional energy source by adding a layer of spray-on solar cells on top of their existing panels.
- Government subsidies and initiatives across the world are favoring the usage of potential solar power and are projected to provide immense opportunities to the global spray-on solar cells market during the forecast period
- Exploration to find sustainable and clean sources of energy is required, as the world tries to limit emissions and reach net zero carbon emissions
- By using spray-on solar cells, large monuments and structures (such as buildings, bridges, stadiums, and even, roads) can be converted into a base for generating clean electricity
Restraints of Global Spray-on Solar Cells Market
- One of the key disadvantages of using spray-on solar cells is the fact that perovskite cells are not completely made of a disposable material. They are reported to contain a small amount of lead, which makes these cells less ideal for use from the viewpoint of environment protection. This factor is likely to restrain the global spray-on solar cells market during the forecast period.
- Another limitation to use of perovskite solar cells is their low durability. They are not as strong or long-lasting as the conventional silicon solar cells. Perovskite solar cells are soluble and hence, they are likely to wear more easily than solid silicon material.
- In August 2019, Oxford PV, a leading player in the global perovskite solar cells market, announced to have received first-in-a-series of equipment orders from Meyer Burger, a leading photovoltaic equipment supplier, for a turnkey 100-MW silicon heterojunction solar cell line. These orders are expected to shortly be followed by a supplementary order from Meyer Burger for supply of perovskite top cell production equipment, which would be fully integrated with the 100-MW silicon heterojunction solar cell line purchased.
- In December 2019, a research team at the University of Central Florida used machine learning and artificial intelligence to optimize materials used to manufacture perovskite solar cells (PSCs). The organic-inorganic halide perovskite material used in PSCs converts photovoltaic power into consumable energy.
- In July 2019, Oxford PV, The Perovskite Company, announced to have secured an investment of around US$ 84 Mn from Goldwind, a leading provider of integrated renewable energy solutions in China, and an investment from the existing shareholders including Equinor and Legal & General Capital
- In September 2018, Oxford PV, The Perovskite Company, launched a five-year joint research program valued at EUR 5 Mn (US$ 6.4 Mn) with the University of Oxford, which was aimed at achieving 37% efficiency of spray-on solar cells
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Europe to Hold a Major Share of Global Spray-on Solar Cells Market
- Based on region, the global spray-on solar cells market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Europe is likely to dominate the global spray-on solar cells market during the forecast period. High investments, especially by governments of countries such as Germany, and technological advancements are projected to drive the market in the region from 2019 to 2027.
- Also, the European Union (EU) targets to achieve 20% share of energy from renewable energy sources (RESs) in the final energy consumption by 2020, which is expected to drive the market in the region during the forecast period
- On the other hand, in North America, size of the renewable energy industry in the U.S. is expected to double by the end of the forecast period. Renewable energy projects in the country are likely to get benefitted from multi-year federal tax incentives and several state-level policies promoting the use of solar energy in the next few years.
- Asia Pacific is likely to be the key potential region of the global spray-on solar cells market during the forecast period, due to growing concerns in India and China about air pollution and carbon emissions
Key Players Operating in Global Market
Some of the major players operating in the global spray-on solar cells market are:
- Oxford PV
- Saule Technologies
- WonderSolar Co. Ltd.
- Energy Materials Corp (EMC)
- Tandem PV
Global Spray-on Solar Cells Market, by Technology
- Perovskite PV
- Tandem Technology
Global Spray-on Solar Cells Market, Research Scope
Global Spray-on Solar Cells Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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