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Global Graphene Solar Cell Market to Gain Traction; Verditek and Paragraf Successfully Applied Graphene to a Solar PV Cell and Hope to Surpass the 25% Efficiency Mark: Fortune Business Insights™
Fortune Business Insights
8 min read
Fortune Business Insights
Companies Profiled in the in the Graphene Solar Cell Market are GCL System Integration, Paragraf, Solargise, ZNShine, Jinko Solar, Verditek, Elcora
Pune, India, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The global graphene solar cell marketsize is set to experience a period of robust expansion owing to the increasing energy production through solar power. Persistently high pollution levels and their disastrous effects on the environment and atmosphere is forcing the world to shift to clean and renewable sources to meet their energy needs. Solar energy is one such source that is abundantly available and is unlikely to wither away any time soon. As a result, the global energy production through solar is growing. According to the International Renewable Energy Agency (IRENA), solar production capacity rose by 24% in 2018 from 2017 levels, with new capacity addition of 94 GW. Together with wind energy, solar accounted for 84% of the increase in renewables in 2018. Moreover, the International Energy Agency (IEA) projects that solar capacity additions would at a steady rate of 16% between 2018 and 2030, with solar power generation already boasting of a 31% increase in 2018. Graphene solar cells are expected to play an instrumental role in enabling governments and private players to produce and enhance their power generation capacities using solar energy.
Fortune Business Insights™, in its new report, titled “Graphene Solar Cell Market Size, Share & Industry Analysis, By Type (Monocrystalline, Polycrystalline, Thin Film), By Application (Residential, Commercial, Industrial, Utilities) and Regional Forecast, 2019-2026”, provides valuable market information in the following manner:
Careful segmentation of the market and microscopic study of the individual segments;
Accurate computation of market figures;
Detailed evaluation of the drivers and restraints of the market; and
Thorough research into the regional and competitive landscape of the market.
Huge Advantages of Graphene Solar Cells to Fuel Their Adoption Graphene is an allotrope of carbon that occurs in a single layer of atoms. It is one of the strongest known nanomaterials that has promising applications in the solar industry, particularly in the manufacture of solar photovoltaic cells. The material has a host of advantages that have high utility in the making of solar cells. For instance, compared to silicon cells, graphene solar cells can be 60% more efficient in absorbing and releasing solar energy. According to scientists at the Institute of Photonic Sciences in Spain, graphene cells can generate more electrons per photon of sunlight they absorb. Furthermore, these cells can generate power even in inclement weather due to the high conductivity of graphene. Moreover, being flexible, these cells and panels can be mounted on any surface. For instance, in 2017, researchers at the Massachusetts Institute of Technology (MIT) developed low-cost graphene cells that can be placed on any surface, from windows to walls to cellphones.
Asia-Pacific to Occupy Dominant Position; North America to Exhibit Substantial Growth Asia-Pacific is anticipated to dominate the graphene solar cell market share as China is the currently the largest producer of solar panels in the world. Additionally, India and China are the leading countries in terms of solar power production and are heavily investing in developing their respective renewable sectors. In North America and Europe, technological developments in solar energy utilization is one of the leading graphene solar market trends. This, coupled with strong policies to cut emissions, is driving the market in these two continents.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
Increasing Focus on Enhancing R&D Capabilities to Stimulate Competition As per the graphene solar cell market research, key players in this market are increasingly focusing on developing new offerings through increased R&D spending. This would enable them to diversify their product portfolio and entrench their position in the market.
Industry Developments:
November 2019: Solar Quartz and NanoGraphene collaborated to develop graphene-powered solar industrial products. The team is aiming at enhancing solar panel generation potential by 40% using graphene cells.
September 2018: Solargise Canada signed a contractual agreement with Salaberry-de-Valleyfield, a city in Quebec province, to purchase a piece of land to build a plastic-free solar panel manufacturing facility with a capacity of 1 GW.
Prominent Companies Profiled in the Graphene Solar Cell Market Report
The global perovskite solar cell market size is poised for steady expansion as renewable energy production exhibits an encouraging growth trajectory. According the annual Renewable Capacity Statistics 2019 released by the International Renewable Energy Agency (IRENA), in 2018, 171 gigawatts of renewable energy capacity was added worldwide. More significantly, 84% of this addition was contributed by solar and wind energy. Projections made by the International Energy Agency (IEA) are even more tantalizing. The IEA estimates that renewable energy production will rise by 50% between 2019 and 2024, with solar accounting for 60% of this rise. Moreover, rooftop solar PVs in residential structures would double from the current levels to reach 100 million by 2024, with Australia, Belgium, California, the Netherlands, and Austria leading the charge. Furthermore, the IEA expects solar cells costs to drop between 15% and 35% by 2024, thereby spurring their uptake in urban areas.
Through its report, titled “Perovskite Solar Cell Market Size, Share & Industry Analysis, By Installation (Roof-Mount, Ground Mount, Portable, Other), By Application (Residential, Commercial, Industrial, Automotive, Defense, Others) and Regional Forecast, 2019-2026”, Fortune Business Insights™ has shared vital market information in the form of:
360-degree analysis of the factors driving the size and share of the market;
Exhaustive study of the market segments;
In-depth research of the restraints impeding the growth of the market; and
Comprehensive evaluation of the regional and competitive developments in the market.
Growing Urban Population to Prove Lucrative for the Market
One of the leading perovskite solar cell market trends is the proliferation of urban areas around the world and the parallel rise in urban population. According to the UN Department of Economic and Social Affairs (UN DESA), currently, around 55% of the global population lives in urban areas. By 2050, this number is projected to spike to 68%, with 90% of this rise taking place in Asia and Africa. The perovskite solar cell market stands to gain from this development as these solar cells boast of a host of advantages, making them ideal for installation in residential spaces. For instance, since perovskite cells can absorb lights of different wavelengths, it can convert larger amounts of sunlight into electricity. Moreover, they are flexible and lightweight, making them an attractive energy-efficient option in urban spaces.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
Government-funded R&D Activities to Aid Regional Development of the Market
Asia-Pacific is anticipated to dictate the perovskite solar cell market share owing to the increasing investment into renewable energy sources by India and China. In North America, the US is leading the market with increased funding for research and development of alternate sources of energy. Market players in North America are looking for ways to simplify the manufacturing process of these solar cells and bringing down their costs even more. The solar industry in Europe is flourishing as countries such as Germany and France are aggressively cutting down their carbon emissions through clean energy initiatives. Lastly, Africa is presenting promising prospects as the continent receives concentrated sunlight for majority part of a year.
Serious contenders in this market are adopting various strategies to solidify their position. Some of the most favored strategies include focused attention on enhancing R&D capacity, launch of innovative products, and expansion of geographic presence.
Industry Developments:
August 2019: Oxford PV, the UK-based perovskite specialist company, purchased the first solar cell manufacturing equipment from Meyer Burger, the Swiss engineering company. Through this purchase, Oxford PV intends to develop a perovskite special production line with 250 MW capacity by the end of 2020.
February 2019: A commercial production line of inkjet-printed perovskite solar cells was officially launched by Saule Technologies on a pilot basis. The company aims to build 180,000 square meters of solar panels as 2020 ends.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
