Global Plasmonic Solar Cell Market – Industry Trends and Forecast to 2029

Plasmonic Solar Cell Market Analysis and Size

The promising field of plasmonics those methods which is used for guiding and localizing light at the nanoscale. Now researchers of the plasmonics are turning their attention to photovoltaics, where the advancement approaches based on plasmonics which can be used to improve absorption in photovoltaic devices, yielding new options for solar cell design and permitting a considerable decline in the physical thickness of solar photovoltaic absorber layers. A new generation of plasmonic solar cell has developed with related performance to silicon cells but at potentially a fraction of the cost. Today, plasmonic solar cells are evolving as potential candidates amongst various other solar energy technologies which is expected to boost the demand of plasmonic solar cell and drive the market growth rate during the forecast period of 2022-2029.

Data Bridge Market Research analyses that the plasmonic solar cell market was valued at USD 231,394.20 million in 2021 and is expected to reach USD 619,517.11 million by 2029, registering a CAGR of 13.10 % during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

A plasmonic solar cell, normally stated to simply as plasmonic solar cell. It is a type of solar cell which includes amorphous silicon, thin-film, crystalline silicon, and other types of cells. These cells converts light into electricity with the assistance of plasmons. An interesting phenomenon of light scattering is seen when light falls on the nano-particles based metal which have plasmon resonance at their surface then light will scatter in many different direction. This allows the light to travel along the solar cell and bounce back between the nano-particles and substrate which is enabling the solar cell to absorb more light.

Global Plasmonic Solar Cell Market Dynamics

Drivers

• Growing installation of Solar System

The upsurge in the number of installation of solar panel and solar system further influence the growth of the plasmonic solar cell market. The increase in demand of plasmonic solar cell due to rising need to reduce the coast of solar cells modules are expected to drives the growth of the plasmonic solar cell market.

• Advantage of plasmonic element

The plasmonic elements increases the efficiency of solar cell by trapping or concentrating light at the absorber layer and also serves as a cheap anti reflective electrode or back contact as well. The major advantages of plasmonic solar cell increase the demand of the plasmonic solar cell which are also to boost the growth rate of the market.

• Growing awareness regarding the adverse impact on environmental

The rise in awareness among the major market players and purchasers regarding the adverse effect of other solar cell on environment has increased the demand of plasmonic solar cell because it is renewable and nonconventional source of power and energy. Furthermore, increasing demand of solar cell for the prevalence of renewable source of energy has a positive impact on the market value, which are anticipated to drive the market's growth.

Moreover, increasing usages of nano-particles for the absorption of maximum light, growing number of research and development activities are also some of major factors which are expected to enhance the growth of the plasmonic solar cell market during the forecast period of 2022-2029. 

Opportunities

• Technological advancement

The recent technical advancements reducing the production cost of the plasmonic solar cell extend the profitable opportunities to the major market players in the forthcoming period. Furthermore, improvement in infrastructure development activities will further expand the growth of the plasmonic solar cell market.

Moreover, high efficiency and affordable solar cell prevalence, increasing the number of strategic collaborations and emerging new markets will act as market drivers and increase the beneficial opportunities for the market's growth rate.

Restraints/ Challenges

• High cost associated with plasmonic solar cell

Volatility in raw material prices which is used for the production of plasmonic solar cell along with increasing cost of research and development are acting as restraints for plasmonic solar cell market in the above mentioned forecasted period.

• Ineffective absorbance of light

The demand of the plasnomic solar cell technologies is expected to reduce due to ineffective absorbance of near-bandgap light, particularly for the indirect-bandgap semiconductor silicon which will obstruct the market growth rate.

This plasmonic solar cell market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the plasmonic solar cell market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Plasmonic Solar Cell Market

The outbreak of COVID-19 has negatively impacted the growth of the plasmonic solar cell market due to the strict social distancing and lockdowns globally. The partial shutdown of the business, economic uncertainty and low consumer confidence have impacted the plasmonic solar cell technology demand. The supply chain was hindered during this pandemic, and delayed logistics activities also affected the market's growth. However, the plasmonic solar cell market is anticipated to recover its pace during the post pandemic scenario.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Plasmonic Solar Cell Market Scope

The plasmonic solar cell market is segmented on the basis of cell type, material type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Cell Type

• Thin-Film
• Crystalline Silicon
• Amorphous Silicon
• Other Types of Cells

Material Type

• First Generation
• Single-Crystal Silicon
• Multi crystalline Silicon
• Polycrystalline Silicon
• Second Generation
• CuInSe2
• Amorphous Silicon
• Thin Film Crystalline Silicon
• Third Generation
• Gallium Indium Phosphide
• Gallium Indium Arsenide
• Germanium

Application

• Space Exploration Vehicles
• Rural Electrification
• Industrial
• Lighthouses
• Automobiles

Plasmonic Solar Cell Market Regional Analysis/Insights

The plasmonic solar cell market is analysed and market size insights and trends are provided by country, cell type, material type and application as referenced above.

The countries covered in the plasmonic solar cell market report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the plasmonic solar cell market in terms of market share. This is due to their expanding solar energy industry along with rising usages of infrared optical material.

Asia-Pacific is projected to be the fastest developing region during the forecast period of 2022-2029 due to the adoption of advanced technology in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Plasmonic Solar Cell Market Share Analysis

The plasmonic solar cell market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to plasmonic solar cell market.

Some of the major players operating in the plasmonic solar cell market are:

• 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.)
• 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)

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