Transparent Solar Cells Market: Overview
- Transparent solar cells are artificially designed solar cells that have the ability to turn everyday products such as electronic devices, sheet of glass, or windows into power generators without altering their look or functions
- These new solar cells are able to absorb infrared and ultraviolet light from the sun. Visible light passes through the transparent cells unimpeded, so that they are not visible to the naked eye. Researchers working on transparent solar cells have deposited coatings of solar cells on various materials and eventually used them to run electronic devices using solar light.
- Integrating transparent solar cells onto new and existing infrastructure facilities for power generation can help achieve the realization of net zero-energy buildings along with significant improvement in energy utilization efficiency and supply of on-site energy demand with minimal compromise to the functionality or the esthetic quality of mobile and architectural surfaces
- Transparent solar cells can be deposited on any surface without obscuring the look of the underlying material. Current versions of the transparent solar cells are able to transmit more than 70% of the visible light, which is usually within the range of tinted glass being used in the windows of buildings.
Key Drivers of Global Transparent Solar Cells Market
- Growth in transition toward electric vehicles is likely to provide immense opportunities to manufacturers of transparent solar cells. Transparent solar cells can be used to add solar-generating capacity to vehicles without hampering their esthetics. This is expected to drive the global transparent solar cells market during the forecast period.
- Introduction of government subsidies and initiatives in renewable energy across the world is boosting the usage of solar power. This is projected to create lucrative opportunities for the global transparent solar cells market during the forecast period.
- Companies are striving to introduce sustainable and clean sources of energy in order to limit carbon emissions. This is anticipated to augment the transparent solar cells market during the forecast period.
- Large monuments and structures, such as buildings, bridges, stadiums, and even roads, can be converted into a base for generating clean electricity by using transparent solar cells
Restraints of Global Transparent Solar Cells Market
- Lack of longevity is one of the key disadvantages of transparent solar cells. In commercial applications such as window coatings or electronic displays, solar cells must be able to perform well for long duration of time. Scientists responsible for the development of transparent solar cells are working to extend the lifetime of related products such as LEDs.
- The cost of implementing this technology is expected to vary with the solar cell efficiency and its application. This is another disadvantage of transparent solar cells that is anticipated to hamper the market during the forecast period.
- Transparent solar cells can provide efficiency of 2%, which is less than a conventional solar cell (15%-18%). This is also estimated to adversely affect the transparent solar cells market in the near future.
- In 2019, researchers at South Korea’s Ulsan National Institute of Science and Technology (UNIST) created a transparent crystalline silicon solar cell by drilling micro-holes measuring about 100 μm in diameter into the cell surface. A neutral colored, transparent c-Si substrate was used to develop the new cell, which is said to have an efficiency of up to 12.2%.
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Europe to Hold Major Share of Global Transparent Solar Cells Market
- Based on region, the global transparent solar cells market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Europe is likely to dominate the global transparent solar cells market during the forecast period. High investments, especially by governments of countries such as Germany; and technological advancements are projected to drive the market in the region during the forecast period.
- The European Union (EU) targets to achieve 20% share of energy from renewable energy sources (RESs) in the final energy consumption by the end of 2020. This is estimated to drive the market in the region during the forecast period.
- In North America, the size of the renewable energy industry in the U.S. is expected to double by the end of the forecast period. Renewable energy projects in the country are expected to benefit from multi-year federal tax incentives and several state-level policies that promote the use of solar energy.
- Asia Pacific is anticipated to be a key region of the global transparent solar cells market during the forecast period, led by rise in concerns about air pollution and carbon emissions in India and China
Key Players Operating in Global Transparent Solar Cells Market
- The global transparent solar cells market is in the nascent stage
Global Transparent Solar Cells Market, Research Scope
Global Transparent Solar Cells Market, by Type
- Thin Film Photovoltaics (TPVs)
- Near Infrared Transparent Solar Cell
- Polymer Solar Cell (PSC)
- Perovskite Solar Cell
- Quantum Dot (QD) Solar Cell
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