Soaring Pollution Levels Fueling Global Demand for Ultra-Thin Solar Cells

Due to their rapidly declining manufacturing costs, the sales of ultra-thin solar cells are rising sharply across the world. The final purchase price of the photovoltaic cells is one of the major factors that decides the final cost at which solar power is sold to end users. Although the levelized cost of energy (LCoE) of photovoltaic panels is significantly lesser than that of other renewable energy sources, it is still higher than that of fossil fuels.

Apart from the aforementioned factors, the ballooning requirement for sustainable energy, due to the escalating air pollution levels, is also positively impacting the demand for ultra-thin solar cells across the world. This is, in turn, propelling the advancement of the global ultra-thin solar cells market. As a result, the market attained a valuation of $30.0 million in 2019. Furthermore, the market is predicted to progress at a CAGR of 56.9% between 2020 and 2030.

Depending on grid type, the ultra-thin solar cells market is divided into off-grid and on-grid. Of these, the on-grid category is predicted to demonstrate higher growth in the market in the forthcoming years. This will be because of the availability of grid connectivity in numerous countries and the several advantages of using on-grid systems over the off-grid ones. Additionally, unlike the off-grid systems that can only function when there is adequate sunlight, the on-grid systems can operate at all times.

Hence, it can be said with full confidence that the demand for ultra-thin solar cells will shoot up all over the world in the coming years, primarily because of their declining manufacturing costs and the rising popularity of renewable energy sources such as solar energy.

Read More: https://www.psmarketresearch.com/market-analysis/ultra-thin-solar-cells-market

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