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Third-generation Solar Cells Market

Third-generation Solar Cells Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Third-generation Solar Cells: Introduction

  • Solar photovoltaic (PV) has emerged as a key technology that has gradually been gaining acceptance between 2010 and 2019. Efficiency improvements have led to price reductions to such levels that PVs have acquired a dominant position in the renewable sector in the global energy mix.
  • According to the “Global Trends in Renewable Energy Investment 2019” report published by the UN Environment Program, global investment in new renewable energy capacity in the last decade stood at more than US$ 2.5 trillion, with more solar power capacity installed than other generation technologies
  • The world added more than 260 gigawatts (GW) of renewables in 2020; of this, solar and wind in particular have shown remarkable growth, with 127 GW and 111 GW of new installations last year, respectively. Cumulatively, they account for more than 50% of total installed renewables capacity.
  • Demand for generation of electricity via renewable energy sources at low cost and to achieve grid parity is expected to boost the demand of third-generation solar cells. Third-generation solar cells are sensitized by dyes, quantum dots, or perovskites. Third-generation solar cells have the ability to produce high-efficiency photon, which is required for electricity conversion. Generation of electricity with the help of third-generation solar cells is inexpensive, as compared to that generated by first-generation solar cells and second-generation solar cells.  

Key Drivers and Restraints of Third-generation Solar Cells Market

  • The renewable energy industry has witnessed significant expansion for the last few years. Renewable form of energy has become a feasible option for the human civilization owing to various government initiatives and commitments of private companies. The world is on the verge of accepting clean and green energy at a never-seen-before scale. Presently, the situation is such that it is more expensive to run a coal or natural gas plant than running a wind or solar plant. According to the International Energy Agency (IEA), in 2020, solar energy was a major contributing source of energy to the pie of renewable energy sources. These reasons are projected to boost the third-generation solar cells market at a rapid pace in the near future.
  • According to the International Energy Agency, total energy consumption in the commercial sector stood at 4, 12,627 Ktoe in 2018, and it is anticipated to rise during the forecast period. Rise in awareness about electricity generation with the help of renewable energy sources is anticipated to boost the third-generation solar cells market during the forecast period.

COVID-19 Impact Analysis on Supply Chain

  • Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. According to the International Energy Agency (IEA), every month of lockdown reduced the demand of electricity by 20% on an average on monthly basis or over 1.5% on an annual basis. Thus, reduced electricity demand hampered the third-generation solar cells market.

Third-generation Solar Cells Market Segmentation

  • The global third-generation solar cells market can be segmented based on type and application
  • In terms of type, the global third-generation solar cells market can be segregated into organic photovoltaics, copper zinc tin sulfide, perovskite solar cells, dye-sensitized solar cells (DSSC) and quantum dot solar cells
  • In terms of application, the global third-generation solar cells market can be bifurcated into on-grid and off-grid

Third-generation Solar Cells Market: Regional Segmentation

  • In terms of region, the global third-generation solar cells market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • Asia Pacific is anticipated to dominate the global third-generation solar cells market during the forecast period. Commissioning of numerous grid-scale solar farms across the region, particularly in India and China, has propelled the demand for PV modules. Various purchase initiatives and subsidies by governments have also played a crucial role in the expansion of the market region.
  • In Europe, solar power provides vital contribution to the European energy mix. In 2017, 3.6% of the total electricity generated in Europe was with the help of solar power, and according to BloombergNEF, this contribution is anticipated to rise up to 20% in 2040. Thus, an increase in electricity generation with the help of solar power in Europe is projected to fuel the third-generation solar cells market during the forecast period.
  • According to the International Renewable Energy Agency, the installed capacity of solar photovoltaic (PV) cells in the U.S. stood at 1,614 MW in 2009 and increased to 75,572 MW in 2020. The installed capacity of solar photovoltaic cells in Canada stood at 95 MW in 2009 and rose to 3,325 MW in 2020. North America’s renewable energy generation capacity is anticipated to increase in the near future, owing to high customer willingness to adopt renewable energy owing to a rise in stringent environment-related regulations and growth in pressure to minimize energy consumption from buildings to reduce CO2 emissions. These reasons are anticipated to fuel the third-generation solar cells market in the region.

Key Players Operating in Global Market

  • Microquanta Semiconductor Co. Ltd.
  • Solar-Tectic LLC
  • Oxford PV
  • Saule Technologies
  • Greatcell
  • Heliatek
  • infinityPV
  • Epishine
  • Dracula Technologies

Global Third-generation Solar Cells Market: Research Scope

Global Third-generation Solar Cells Market, by Technology

  • Organic Photovoltaics
  • Copper Zinc Tin Sulfide
  • Perovskite Solar Cells
  • Dye-sensitized Solar Cells (DSSC)
  • Quantum Dot Solar Cells

Global Third-generation Solar Cells Market, by Application

  • On-grid
  • Off-grid

Global Third-generation Solar Cells Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
Third-generation Solar Cells Market

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