Advancements in Solar Panels to Majorly Drive Market Growth in the Residential Sector
United States, Rockville MD, July 28, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global nanocomposite solar cell market is estimated at US$ 4.2 billion in 2022 and is expected to expand at an impressive CAGR of 12.4% during the forecast years of 2022-2032. The market is poised to grow along with the robust growth of the global automotive industry.
Solar energy, is a radiant energy that the sun emits and can be captured using different solar panel technologies such as crystalline silicon and thin film. It is a useful non-conventional energy source and a practical renewable remedy for rising greenhouse gas emissions and global warming.
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Solar panels are made up of silicon-based solar cells stacked in sandwich-like structures. Solar inverters transform the power (DC) produced by solar panels into AC power, which can subsequently be used for several purposes in the residential, commercial, and industrial sectors. The steady shift of the energy industry from conventional to renewable sources is what is driving the growth of the worldwide nanocomposite solar cell market.
Additionally, increased awareness about environmental pollution brought by pollutants from conventional power generation is anticipated to fuel the growth of the nanocomposite solar cell market over the coming years. The market for solar cell systems is rapidly growing, which is accelerating the demand growth for nanocomposite solar cells as well. Overall, the nanocomposite solar cell market is estimated to grow 3.2X during the forecast period (2022-2032).
What is the U.S. for Nanocomposite Solar Cell Market Scenario?
The United States nanocomposite solar cell market is currently estimated at US$ 732.1 million and is expected to reach US$ 2.8 billion by 2032.
The United States government is currently concentrating on renewable energy, and it is anticipated that solar energy will continue to be a substantial source of new energy production capacity. Power generation from commercial sector solar cells has increased as solar cells are more efficient and easily available in the market.
The market's escalating competitiveness has aided in lowering energy production costs and expanding the selection of solar panels. Government initiatives and promotional activities are helping drive market growth. Owing to a strong economy and prominent market players operating in the country, the United States holds significant potential for nanocomposite solar cell sales over the coming years.
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Key Segments Covered in the Nanocomposite Solar Cell Industry Survey
CI(G)S Nanocomposite Solar Cells
Market development and growth strategies involve product launches, new product attributes, research & development, geographical expansions, partnerships, collaborations and many others. Manufacturers are focusing on advanced technologies to cater to specific applications need and requirements.
Furthermore, market players are channelizing their resources to increase their customer base by focusing on diverse features depending on the advancements in the solar market across regions. Moreover, leading market participants are focusing on expanding their product offerings by making R&D investments to offer advanced and long life efficiency & performance of nanocomposite solar cells.
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Key players in the Nanocomposite Solar Cell Market
Hanergy Thin Film Power Group
Key Takeaways from Nanocomposite Solar Cell Market Study
The global nanocomposite solar cell market is projected to expand at an impressive CAGR of 12.4% and reach US$ 13.5 billion by 2032.
The market witnessed 7.2% CAGR for the period of 2017-2021.
Inorganic nanocomposite solar cells dominate the market with a valuation of US$ 3.9 billion in 2022.
Building integrated photovoltaics (BIPV) nanocomposite solar cell application dominated the market with 73.4% market share in 2021.
CdTe material solar cells are likely to represent 41.7% market share in 2022.
Based on region, demand for nanocomposite solar cells is expected to increase at a CAGR of 13.5% in North America during the forecasted period.
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
Explore Fact.MR's Coverage on the Technology Domain-
Computer Aided Engineering Market Forecast – Cloud computing's flexibility and cost-effectiveness are key factors in the increasing adoption of computer-aided engineering. For computer aided engineering systems, cloud computing avoids the significant expenses of hardware procurement, installation, and support infrastructure. Computer Aided Detection Market Trends - Computer-assisted detections allow for the early detection of diseases that can be devastating, such as cancer. Patients have been encouraged to choose for random tests and check-ups as a result of this. As a result of these factors, the global computer-aided detection market is expected to experience rapid expansion. AI Virtual Visor Market- As per a new report published by Fact.MR, a market research and competitive intelligence provider, the number of vehicle displays is steadily increasing, and over the years, has increased almost 65% between 2016 and 2021. Fact.MR estimates that the automotive display market is likely to reach almost US$ 22 Billion by 2022.
Bicycle Subscription Market- As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global market for bicycles stood at US$ 58 Bn in 2020, wherein, around 140 Mn bicycles are produced annually across the globe. The market is set to reach a valuation of little over US$ 127 Bn by 2030, with a projected growth of above 8% CAGR.
Satellite Internet Market- As per a new report published by Fact.MR, a market research and competitive intelligence provider, the satellite internet market is anticipated to exceed a market valuation of US$ 6 Bn by 2031, and expand at an impressive CAGR of more than 8%. Fact.MR expects that, with the emergence of the new space race by big tech entrepreneurs, players will bring advanced and highly efficient satellite broadband to the market.
Physical Access Control System (PACS) Market- Physical access control system (PACS) market analysis shows that global demand enjoyed year-on-year (YoY) growth of over 10% in 2021, to total 2.2 Mn units. Demand for biometric PACS is poised to grow 9% to total 850 ‘000 units, while demand for card-based PACS will be up 12.5% to 960 ‘000 units in 2021.
High Power RF Amplifier Market- The global high power RF amplifier market enjoys a valuation of around US$ 4.6 Bn at present. Sales of high power RF amplifiers are slated to accelerate at a high CAGR of 12.3% to reach US$ 14.7 Bn by 2031. Demand for smart energy in end-use sectors is likely to increase at a CAGR of 10.2% over the assessment period of 2021 to 2031.
Airport Kiosk Market- The global airport kiosk market was valued at around US$ 1.7 Bn in 2020. Sales of airport kiosks are projected to accelerate at a healthy CAGR of 9% to top US$ 4 Bn by 2031. Airport kiosk sales account for 9% share of the overall interactive kiosk market. Demand for baggage check-in kiosks is set to surge at a robust CAGR of 11% across the assessment period of 2021 to 2031.
Network Access Control Market Analysis - Network access control (NAC) has gone a long way, and a number of industry leaders have developed solutions to help it continue to evolve throughout the years. With an ever-increasing number of major and small and medium-sized businesses, North America will continue to be the most attractive market for network access control.
Big Data Technology and Services Market Scope - The growing importance of big data technology in Internet of Things is the most recent trend gaining pace in the big data and service business (IoT). As a result, several industries are adopting big data services in order to handle enormous amounts of data and generate useful insights.
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