The global nanocomposite solar cell market is currently valued at the US $ 4.2 Billion in 2022 and is expected to witness a CAGR of 12.4%. The market is predicted to witness a market value of US $ 13.5 Billion by the end of 2022.
The shift being witnessed from conventional to renewable sources in the power and energy industry is expected to push the growth of the market. Rising awareness about environmental contamination is expected to push manufacturers and consumers away from conservative power generation. Also, the advancement of technologies in solar panels is expected to drive market growth.
Additionally, the integration of solar modules offers lucrative opportunities for the EV transport sector. Due to the surge in demand growth for electric vehicles, there are many opportunities for nanocomposite solar cell manufacturers to integrate solar panels into vehicles.
Key Takeaways:
- The US market is currently valued at Us $ 732.1 Million and is expected to reach the ch US $ 2.8 Billion by 203The focuscus the of United States government on renewable energy and high power generation from commercial sector solar cells is pushing the growth of the market in the US.
- China market accounts for more than half of East Asia’s nanocomposite solar cell production. The china market is expected to witness a valuation of US $ 2.9 Billion by 2032.
- CdTe nanocomposite solar cells have surpassed a market valuation of US $ 1.6 Billion in 2021.
Growth Drivers:
- Government initiatives and focus on renewable energy are expected to drive the cell growth of solar energy. This is ultimately expected to drive the sales of nanocomposite solar cells
- Increase in government policies that provide financial incentives and subsidies for solar energy is expected to propel the growth of the demand.
- Investors and developers are focusing on commercial projects and its feasibility is expected to create lucrative opportunities for the nanocomposite solar cells market.
- High demand growth for electric vehicles offers ample opportunities for nanocomposite solar cell manufacturers to integrate panels into vehicles.
- End users are moving away from monocrystalline solar cells due to their high start cost. End users are more inclined towards thin film silicon solar cells, which is expected to propel the growth of the market.
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