Rising Investments in Solar Energy and Consumer Inclination towards Renewable Sources to Drive Nanocomposite Solar Cell Market Growth, States Fact.MR

United States, Rockville MD, July 28, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global nanocomposite solar cell market is estimated at US$ 4.2 billion in 2022 and is expected to expand at an impressive CAGR of 12.4% during the forecast years of 2022-2032. The market is poised to grow along with the robust growth of the global automotive industry.

Solar energy, is a radiant energy that the sun emits and can be captured using different solar panel technologies such as crystalline silicon and thin film. It is a useful non-conventional energy source and a practical renewable remedy for rising greenhouse gas emissions and global warming.

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Solar panels are made up of silicon-based solar cells stacked in sandwich-like structures. Solar inverters transform the power (DC) produced by solar panels into AC power, which can subsequently be used for several purposes in the residential, commercial, and industrial sectors. The steady shift of the energy industry from conventional to renewable sources is what is driving the growth of the worldwide nanocomposite solar cell market.

Additionally, increased awareness about environmental pollution brought by pollutants from conventional power generation is anticipated to fuel the growth of the nanocomposite solar cell market over the coming years. The market for solar cell systems is rapidly growing, which is accelerating the demand growth for nanocomposite solar cells as well. Overall, the nanocomposite solar cell market is estimated to grow 3.2X during the forecast period (2022-2032).

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.

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Key Segments Covered in the Nanocomposite Solar Cell Industry Survey

• 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

Market Development

Market development and growth strategies involve product launches, new product attributes, research & development, geographical expansions, partnerships, collaborations and many others. Manufacturers are focusing on advanced technologies to cater to specific applications need and requirements.

Furthermore, market players are channelizing their resources to increase their customer base by focusing on diverse features depending on the advancements in the solar market across regions. Moreover, leading market participants are focusing on expanding their product offerings by making R&D investments to offer advanced and long life efficiency & performance of nanocomposite solar cells.

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Key players in the Nanocomposite Solar Cell Market

• Antec Solar GmbH
• Ascent Solar Technologies
• Abengoa
• First Solar
• Hanergy Thin Film Power Group
• Nanosolar
• Solar Frontier Europe GmbH
• SoloPower Systems Inc.

Key Takeaways from Nanocomposite Solar Cell Market Study

• The global nanocomposite solar cell market is projected to expand at an impressive CAGR of 12.4% and reach US$ 13.5 billion by 2032.
• The market witnessed 7.2% CAGR for the period of 2017-2021.
• Inorganic nanocomposite solar cells dominate the market with a valuation of US$ 3.9 billion in 2022.
• Building integrated photovoltaics (BIPV) nanocomposite solar cell application dominated the market with 73.4% market share in 2021.
• CdTe material solar cells are likely to represent 41.7% market share in 2022.
• Based on region, demand for nanocomposite solar cells is expected to increase at a CAGR of 13.5% in North America during the forecasted period.

About the Technology Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.

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