Market Overview:
The global multi-junction solar cell market is expected to grow at a CAGR of over 16% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for electricity and rising concerns about climate change. Multi-junction solar cells are more efficient than traditional silicon solar cells and are used in a variety of applications, including space PV, terrestrial PV, bandgap engineering for microclimates, and Mars rover missions. Regionally, North America is expected to lead the market in terms of revenue generation due to the presence of key players such as First Solar (U.S.) and SunPower (U.S.), while Asia Pacific is projected to be the fastest growing region with a CAGR of over 18%. Some of the major players operating in this market include Panasonic Corporation (Japan), JinkoSolar Holding Co., Ltd.(China), Trina Solar Limited(China), Canadian Solar Inc.(Canada) and Meyer Burger Technology AG(Switzerland).
Product Definition:
A multi-junction solar cell is a solar cell with multiple layers of semiconductor materials, each of which absorbs a different wavelength or color of light. Multi-junction cells are more efficient than standard single junction cells and are used in space applications where high efficiency is important.
Space PV:
Solar PV, also called space photovoltaic is a new technology that uses the sun's energy to generate electricity. It is one of the fastest-growing renewable sources of energy and has zeroemission which makes it cleaner than most other fossil fuel technologies. The cost of solar PV modules has dropped dramatically in recent years owing to increased production volumes and economiesof scale achieved by large-scale producers such as SunEdison, First Solar, and Trony Solar Holdings Co., Ltd.
Terrestrial PV:
Terrestrial PV (T-PV) is a type of photovoltaic cell that uses the sun's energy to generate electricity. T-PV has higher efficiency as compared to A-PV and C-PV, hence making it commercially viable. The global market for T-PVs was valued at USD 2.64 billion in 2016 and is expected to grow at a compound annual growth rate (CAGR) of 14% from 2017 to 2025.
Application Insights:
The electricity generation segment dominated the global multi-junction solar cell market in terms of revenue share in 2017. The product is widely used for micro-power generation and off-grid power supply applications. Growing emphasis on clean energy, coupled with rising concerns regarding greenhouse gas emissions, has driven the demand for miniaturized power plants that can be deployed across remote areas or islands without the need for an existing grid infrastructure. Such trends are expected to benefit market growth over the forecast period.
Bandgap engineering was one of the fastest growing application segments owing to increasing R&D activities by major technology providers such as Soitec and Nanosolar Ltd., focused on developing products suitable for niche markets such as space PV and terrestrial PV respectively.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing regional market over the forecast period owing to increasing government funding and initiatives for large-scale adoption of multi-junction solar cells. For instance, in 2016, The Government of India allocated USD X million for space solar power projects. Furthermore, China has announced plans to establish a domestic MSSC industry by 2020 with an investment injection worth USD X million by 2017. These developments are anticipated to boost demand over the next eight years.
Europe is also estimated to witness significant growth due its growing focus on alternative sources of renewable energy supply coupled with rising environmental concerns regarding carbon footprints associated with conventional energy generation sources such as coal and gas plants. Moreover, Germany has set a target that at least 30% of electricity should come from renewable resources by 2020 which will create ample growth opportunities in Europe's largest region Mature Market (EUR).
Growth Factors:
- Increasing demand for electricity due to population growth and industrialization in developing countries
- Government policies and regulations supporting the use of solar energy
- Reduction in the cost of solar energy systems
- Advances in technology that improve the efficiency of solar cells
- Increased awareness about the benefits of using solar energy
Scope Of The Report
Report Attributes
Report Details
Report Title
Multi-Junction Solar Cell Market Research Report
By Type
Space PV, Terrestrial PV
By Application
Bandgap Engineering for Microclimates, Electricity Generation, Mars Rover Missions
By Companies
Canadian Solar, Wuxi Suntech Power, juwi AG, Trina Solar, JinkoSolar Holding, SHARP CORPORATION, AZUR SPACE Solar Power, Umicore, SolAero Technologies
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
211
Number of Tables & Figures
148
Customization Available
Yes, the report can be customized as per your need.
Global Multi-Junction Solar Cell Market Report Segments:
The global Multi-Junction Solar Cell market is segmented on the basis of:
Types
Space PV, Terrestrial PV
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Bandgap Engineering for Microclimates, Electricity Generation, Mars Rover Missions
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Canadian Solar
- Wuxi Suntech Power
- juwi AG
- Trina Solar
- JinkoSolar Holding
- SHARP CORPORATION
- AZUR SPACE Solar Power
- Umicore
- SolAero Technologies
Highlights of The Multi-Junction Solar Cell Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Space PV
- Terrestrial PV
- By Application:
- Bandgap Engineering for Microclimates
- Electricity Generation
- Mars Rover Missions
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Multi-Junction Solar Cell Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A multi-junction solar cell is a type of solar cell that uses more than one type of semiconductor material to create an electronic device. Multi-junction cells are used in photovoltaic (PV) modules, which convert sunlight into electricity.
Some of the major companies in the multi-junction solar cell market are Canadian Solar, Wuxi Suntech Power, juwi AG, Trina Solar, JinkoSolar Holding, SHARP CORPORATION, AZUR SPACE Solar Power, Umicore, SolAero Technologies.
The multi-junction solar cell market is expected to register a CAGR of 16%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Multi-Junction Solar Cell Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Multi-Junction Solar Cell Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Multi-Junction Solar Cell Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Multi-Junction Solar Cell Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Multi-Junction Solar Cell Market Size & Forecast, 2020-2028
4.5.1 Multi-Junction Solar Cell Market Size and Y-o-Y Growth
4.5.2 Multi-Junction Solar Cell Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Space PV
5.2.2 Terrestrial PV
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Bandgap Engineering for Microclimates
6.2.2 Electricity Generation
6.2.3 Mars Rover Missions
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Multi-Junction Solar Cell Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Multi-Junction Solar Cell Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Space PV
9.6.2 Terrestrial PV
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Bandgap Engineering for Microclimates
9.10.2 Electricity Generation
9.10.3 Mars Rover Missions
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Space PV
10.6.2 Terrestrial PV
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Bandgap Engineering for Microclimates
10.10.2 Electricity Generation
10.10.3 Mars Rover Missions
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Space PV
11.6.2 Terrestrial PV
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Bandgap Engineering for Microclimates
11.10.2 Electricity Generation
11.10.3 Mars Rover Missions
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Space PV
12.6.2 Terrestrial PV
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Bandgap Engineering for Microclimates
12.10.2 Electricity Generation
12.10.3 Mars Rover Missions
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Space PV
13.6.2 Terrestrial PV
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Bandgap Engineering for Microclimates
13.10.2 Electricity Generation
13.10.3 Mars Rover Missions
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Multi-Junction Solar Cell Market: Competitive Dashboard
14.2 Global Multi-Junction Solar Cell Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Canadian Solar
14.3.2 Wuxi Suntech Power
14.3.3 juwi AG
14.3.4 Trina Solar
14.3.5 JinkoSolar Holding
14.3.6 SHARP CORPORATION
14.3.7 AZUR SPACE Solar Power
14.3.8 Umicore
14.3.9 SolAero Technologies
