The increasing pollution and environmental damage caused because of the large-scale usage of fossil fuels for power generation is making renewable energy extremely popular all over the world. In many industries and residential applications, the renewable energy sources are rapidly replacing the conventionally used power producing sources. Out of the different types of renewable energy, solar energy is the one most widely adopted in different sectors, due to its abundant availability and affordable energy systems and devices such as ultra-thin solar cells.
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According to the International Energy Agency (IEA), “the LCoE will be $55.7 per Megawatt-hour (MWh) for coal and $66 per MWh for PVs by 2020, equal by 2024, and $57.3 per MWh for coal and $40.0 per MWh for PVs by 2040”. The reduction in the costs of these devices would be caused by the increasing research and development (R&D) activities being conducted in solar cells. These extensive R&D projects would also improve the efficiency of the ultra-thin solar cells, which would consequently increase the final solar power output.
The other important factor responsible for the growing adoption of solar energy is the rising end-user preference for sustainable energy in various applications. Due to these factors, the global ultra-thin solar cells market attained a revenue of $30.0 million in 2019 and is predicted to progress at a CAGR of 56.9% from 2020 to 2030. On-grid and off-grid are the two types of grid systems used for operating ultra-thin solar cells. Between the two, the usage of the on-grid systems is predicted to be higher than the off-grid ones in the future years.
Therefore, the sales of ultra-thin solar cells will shoot-up across the world in the forthcoming years, on account of the growing adoption of solar energy in residential, industrial, and commercial applications and the falling prices of PV cells throughout the world.
Read more: https://www.psmarketresearch.com/market-analysis/ultra-thin-solar-cells-market
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