Transparent Solar Cells Market Size Hit USD 67.5 billion by 2031, Registering at a CAGR of 20.3% – Exclusive Report by Transparency Market Research
The rise in the need to switch to greener energy sources across industries is a major factor expected to drive the global transparent solar cells market during the forecast period.
Wilmington, Delaware, United States, Sept. 04, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global transparent solar cell market is projected to flourish at a CAGR of 20.3% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 67.5 billion is anticipated for the market in 2031. As of 2023, the market for transparent solar cells is expected to close at US$ 15.1billion.
Increasing demand for energy all over the world is the main driver for the transparent solar cell market. The growing concerns about climate change and sustainability and rising demand for cleaner and renewable sources are expected to propel the market growth during the forecast period.
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The global transparent solar cells market is competitive, with the presence of several major companies. These firms have employed various techniques to increase market share and maintain market leadership.
- Brite Solar
- Ubiquitous Energy, Inc.
- Onyx Solar Group LLC
- SolarScape Enterprises Ltd.
- Xiamen Solar First Energy Technology Co. Ltd.
- Sharp Corporation
- Energy glass
Key Developments in the Transparent Solar Cell Market
- Ubiquitous Energy, a California-based company, made notable strides in developing transparent solar cells for commercial applications. Their ClearView Power™ technology aims to provide transparent solar windows for buildings. They focused on improving the transparency and efficiency of their solar cells, making them more suitable for architectural integration.
- Polysolar, a UK-based company, specializes in transparent photovoltaic glass for building integration. They were involved in various projects, including the installation of transparent solar canopies and building-integrated photovoltaics (BIPV) solutions in urban environments.
- Onyx Solar, a Spanish company, specializes in innovative building-integrated photovoltaic solutions. They worked on creating transparent solar glass that could be used in skylights, canopies, and facades to generate electricity while allowing natural light to pass through.
The rapidly growing consumer electronics industry and integration of transparent solar technology into consumer electronics, such as smartphones, tablets, and wearables, is a compelling driver for market growth.
With growing urbanization, innovative solutions are needed to maximize energy use within limited urban spaces. The demand for transparent solar cells is increased due to growing integration into buildings, public infrastructure, and transportation hubs in densely populated cities, contributing to localized energy generation and reduced reliance on traditional power.
Key Takeaways from the Market Study
- As of 2022, the transparent solar cells market was valued at US$ 12.6 billion
- By cell type, the thin film photovoltaics segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on the transparency level, the highly transparent segment is anticipated to dominate the industry during the forecast period
- Based on end-users, the commercial segment is expected to generate high revenue during the forecast period.
Transparent Solar Cells Market: Key Trends and Opportunistic Frontiers
- Ongoing research and development efforts have led to improvements in the efficiency and transparency of solar cells. Innovations in materials, manufacturing processes, and coatings are increasing the practicality and market readiness of transparent solar cells.
- Increase in government Incentive programs, tax credits, and subsidies offered by governments and local authorities are making transparent solar cell installations, which are expected to boost the market demand during the forecast period.
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Transparent Solar Cells Market – Regional Analysis
- Europe accounted for the largest global transparent solar cells market share in 2022. The region has set difficult objectives for lowering greenhouse gas emissions and has led the way in encouraging renewable energy. The UK Feed-In Tariff program provides financial incentives for renewable energy projects, while Germany’s Renewable Energy Sources Act (EEG) was implemented to encourage the growth of renewable energy sources.
- North America is expected to dominate the transparent solar cell market during the forecast period. the increasing government programs to encourage renewable energy, increasing usage of renewable energy by businesses and consumers, as well as and a rise in demand for energy-efficient buildings, are likely to drive market growth in the region. Increasing integration of transparent solar cells into building facades, windows, and other architectural elements to enhance energy efficiency and reduce greenhouse gas emissions.
Transparent Solar Cells Market – Key Segments
- Thin-film Photovoltaics (TPV)
- Polymer Solar Cell
- Highly Transparent
- Semi Transparent
- Tinted or Colored
- Building Integrated Photovoltaics (BIPV)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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