The global solar cell paste market is witnessing substantial growth, propelled by increasing emphasis on renewable energy sources on a global scale. As industries across various sectors expand and the demand for sustainable energy solutions continues to surge, the significance of solar cell paste technologies has become pivotal, particularly in areas such as electronics, photovoltaics, and energy storage.
PORTLAND, Ore., July 31, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Cell Paste Market by Paste Type (Silver, Aluminum, and Others), and Cell Type (n-type, and p-type): Global Opportunity Analysis and Industry Forecast, 2023-2033". According to the report, the solar cell paste market was valued at $8.4 Billion in 2023, and is estimated to reach $29.1 Billion by 2033, growing at a CAGR of 13.2% from 2024 to 2033.
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Prime determinants of growth
The global solar cell paste market is experiencing growth due to several factors such as a supportive government policies and initiatives toward usage of solar cell technology, rise in demand from commercial and utility-scale sectors for electricity, and rise in demand for green and clean energy sources. However, technological barriers hinder market growth to some extent. Moreover, adoption of solar electricity, reduced price and presence of abundant renewable source offers remunerative opportunities for the expansion of the global solar cell paste market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size In 2023 | $8.4 Billion |
Market Size In 2033 | $29.1 Billion |
CAGR | 13.2 % |
No. Of Pages In Report | 236 |
Segments Covered | Paste Type, Cell Type, And Region. |
Drivers |
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Opportunities |
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Restraint |
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The silver paste segment is expected to dominate the market throughout the forecast period.
Based on paste type, silver solar cell paste is used the most in solar panels across the globe as silver possesses high electrical and thermal conductivity as compared to other metals. Additionally, silver solar cell paste also possesses highest reflective properties as compared to other alternate solar cell paste such as aluminum and others.
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The p-type segment is expected to dominate the market throughout the forecast period.
Based on the cell type, the p-type segment held the highest market share in 2023, and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that p-type cells possess better radiation absorption technique as compared with other types of solar cell. Low cost of p-type solar cell compared with n-type solar cells is the additional associated benefit depicting higher sales of p-type solar cells across the globe.
Asia-Pacific to maintain its dominance by 2033
Increase in production of solar energy in Asia-Pacific is attributed to rise in usage of solar energy in standalone systems such as solar street lamps and telecommunication & signaling towers. Rapid industrialization and urbanization across countries of Asia-Pacific region such as India, China, and Thailand have led to increase in infrastructure development activities, including construction of highways and new residential complexes, which are expected to fuel the demand for standalone systems. Increase in government investment in R&D of satellite technology for civil and military uses is expected to propel the demand for PV energy thereby increasing the demand of solar cell paste market in the region.
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Players: -
- Murata Manufacturing Co., Ltd.
- Targray
- Eastman Chemical Company
- Heraeus Holding
- Zhongxi Group Co., Ltd.
- Arraycom (India) Ltd.
- JA SOLAR Technology Co., Ltd.
- Bharat Heavy Electricals Limited
- Solaronix SA
- DuPont
The report provides a detailed analysis of these key players in the global solar cell paste market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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