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
|
- Product Innovations In The Solar Cell Paste
Industry.
- Supportive Government Policies And
Initiatives Toward Usage Of Solar Cell Technology.
- Increasing Demand For Clean And Green Energy
Sources.
|
Opportunities
|
- Adoption Of Solar Electricity, Reduced Price
And Presence Of Abundant Renewable Source
- Upsurge In Demand For Renewable Energy
|
Restraint
|
- Technological Barriers And Precisive
Production Of Solar Cell Paste
|
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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