Copper indium gallium selenide (CIGS) solar cells have emerged as a significant player in the solar energy landscape due to their high conversion efficiencies, rivaling traditional silicon-based solar cells. The technological advancements in CIGS cells have further elevated their competitiveness in harnessing solar power. The unique combination of copper, indium, gallium, and selenide in the CIGS composition contributes to enhanced light absorption and efficient energy conversion. This makes CIGS solar cells a crucial alternative, offering a promising solution for generating electricity from sunlight. With ongoing improvements, CIGS technology aligns with the global push for sustainable and efficient energy sources, reinforcing its importance in the renewable energy sector.
According to Data Bridge Market Research analyses, the Global Copper Indium Gallium Selenide Solar Cells (Ci(G)S) Market was valued at USD 2,289.64 million in 2021 and is expected to reach USD 4,169.39 million by 2029, registering a CAGR of 7.78% during the forecast period of 2022 to 2029.
"Rise in solar system installation boosts the market growth"
The surge in the installation of solar systems can be attributed to the growing prominence of copper indium gallium selenide (CiGS) solar cells in the global market. CiGS solar cells offer enhanced efficiency and flexibility compared to traditional photovoltaic technologies, making them an attractive choice for renewable energy projects. Their ability to perform well in low-light conditions and diverse climates further boosts their appeal. As the demand for sustainable energy solutions rises, the Ci(G)S solar cells contribute significantly to expanding solar installations, serving as a key driver for the global solar market's remarkable growth.
What restraints the growth of the global copper indium gallium selenide solar cells (Ci(G)S) market?
“Environmental concerns associated with the production process hamper the market growth”
The global copper indium gallium selenide (Ci(G)S) solar cells market faces a significant restraint due to environmental concerns associated with the production process. Extracting rare materials such as indium and gallium through mining poses environmental risks. Moreover, the manufacturing and disposal of Ci(G)S solar cells involve the use of toxic substances, leading to environmental pollution. These challenges raise sustainability issues, prompting concerns among consumers and regulators. As a result, the Ci(G)S market may encounter limitations in growth and adoption.
Segmentation: Global Copper Indium Gallium Selenide Solar Cells (Ci(G) S) Market
The global copper indium gallium selenide solar cells (Ci(G)S) market is segmented on the basis of type, film thickness, and end-user.
- On the basis of type, the global copper indium gallium selenide solar cells (Ci(G)S) market is segmented into electrospray deposition, chemical vapour deposition, co-evaporation, and film production
- On the basis of film thickness, the global copper indium gallium selenide solar cells (Ci(G)S) market is segmented into 1-2 micro meters, 2-3 micro meters, and 3-4 micro meters
- On the basis of end-user, the global copper indium gallium selenide solar cells (Ci(G)S) market is segmented into automobiles, electronics and electrical, energy and power, and others
Regional Insights: North America dominates the Global Copper Indium Gallium Selenide Solar Cells (Ci(G)S) Market
North America dominates the copper indium gallium selenide (CIGS) solar cells market, boasting top revenue and market share. This dominance is attributed to the region's robust power and energy sector, emphasizing the strategic importance of CIGS technology in advancing sustainable energy solutions.
The Asia-Pacific region is expected for rapid development from 2022 to 2029 due to the burgeoning electrical and electronics industry. As this sector expands, the demand for energy infrastructure and components is expected to surge, driving economic growth in the region. The forecast reflects a pivotal role for Asia-Pacific in the global landscape, emphasizing its increasing significance in the electrical and electronics domain.
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The Prominent Key Players Operating in the Global Copper Indium Gallium Selenide Solar Cells (Ci(G)S) Market Include:
- Tata Power Solar Systems Ltd. (India)
- SHARP CORPORATION (Japan)
- ALPS Technology Inc. (U.S.)
- Solaris Technology Industry, Inc. (India)
- GREEN BRILLIANCE RENEWABLE ENERGY LLP (India)
- Trina Solar (China)
- Canadian Solar. (Canada)
- Exeger Operations AB (Sweden)
- Fujikura Europe Ltd. (U.K.)
- G24 Power Ltd. (U.K.)
- Konica Minolta Sensing Europe B.V. (Netherlands)
- Merck KGaA (Germany)
- Oxford PV (U.K.)
- Peccell Technologies, Inc. (Japan)
- Sharp Corporation (Japan)
- Solaronix SA (Switzerland)
- Sony Corporation (Japan)
- Ricoh (Japan)
- First Solar. (U.S.)
- SunPower Corporation (U.S.)
- Suniva Inc (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global copper indium gallium selenide solar cells (Ci(G)S) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Copper Indium Gallium Selenide Solar Cells (Ci(G)S) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
