Global Multi-Junction Solar Cell (Mj) Market, By Product (Space PV, Terrestrial CPV), Application (Bandgap Engineering for Microclimates, Electricity Generation, Mars Rover Missions) - Industry Trends and Forecast to 2029
Market Analysis and Size
Multi-junction solar cells (Mj) have been in focus across the energy sector as these cells are capable of absorbing different wavelengths of incoming sunlight. They use different layers, making them more efficient at converting sunlight into electricity.
Multi-junction solar cell (Mj) is being considered many times more efficient than traditional solar cells. Global Multi-Junction Solar Cell (Mj) Market was valued at USD 1.74 billion in 2021 and is expected to reach USD 5.05 billion by 2029, registering a CAGR of 11.70% during the forecast period of 2022-2029. Electricity Generation is expected to witness high growth in the application segment owing to the high efficiency of these cells in converting sunlight into electricity. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Multi-junction solar cells (Mj) refers to a tandem solar cell possessing more than one p-n junction. It consists of multiple layers of different semiconductor materials that produce electric currents in response to various wavelengths of light. These cells convert more sunlight that hits them to electricity than single-junction cells.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Space PV, Terrestrial CPV), Application (Bandgap Engineering for Microclimates, Electricity Generation, Mars Rover Missions)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Canadian Solar. (Canada), Wuxi Suntech Power Co. Ltd. (China), juwi AG (Germany), Trina Solar (China), Jinko Solar (China), SHARP CORPORATION (Japan), AZUR SPACE Solar Power GmbH (Germany), and Umicore (Belgium), among others
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Market Opportunities
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Multi-Junction Solar Cell (Mj) Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increase in Demand for Solar Cells
The rise in demand for solar cells due to their flexibility and light weight power acts as one of the major factors driving the multi-junction solar cells (Mj) market. Also, increase in the number of applications in various industries has a positive impact on the market.
- Modern Energy Services
The rise in economic growth and energy security accelerate the market growth. Also, increase in the need for reducing poverty and improving the quality of life with the help of modern energy services has assist in the expansion of the market.
- Technological Advancements
The rise in the adoption of improvised and advanced technology across the globe further influence the market. The growth of semiconductor industry and energy sector also aids in the growth of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the multi-junction solar cells (Mj) market.
Opportunities
Furthermore, increase in energy demand in the residential, commercial and public services extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, surge in investments will further expand the market.
Restraints/Challenges
On the other hand, high cost associated with the production restricting the commercialization is expected to obstruct market growth. Also, fluctuations in the raw materials are projected to challenge the multi-junction solar cells (Mj) market in the forecast period of 2022-2029.
This multi-junction solar cells (Mj) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on multi-junction solar cells (Mj) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Multi-Junction Solar Cell (Mj) Market
The COVID-19 had a negative impact on the multi-junction solar cells (Mj) market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand multi-junction solar cells (Mj) technology. The supply chain got hampered during the pandemic along with delay logistics activities. However, the multi-junction solar cells (Mj) market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Global Multi-Junction Solar Cell (Mj) Market Scope and Market Size
The multi-junction solar cells (Mj) market is segmented on the basis of product, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Space PV
- Terrestrial CPV
Application
- Bandgap Engineering for Microclimates
- Electricity Generation
- Mars Rover Missions
Perovskite Solar Cell Market Regional Analysis/Insights
The multi-junction solar cells (Mj) market is analysed and market size insights and trends are provided by country, product, and application as referred above.
The countries covered in the multi-junction solar cells (Mj) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the multi-junction solar cells (Mj) market because of the adoption of advanced and innovative technology within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the surge in investments in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Multi-Junction Solar Cell (Mj) Market
The multi-junction solar cells (Mj) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to multi-junction solar cells (Mj) market.
Some of the major players operating in multi-junction solar cells (Mj) market are
- Canadian Solar. (Canada)
- Wuxi Suntech Power Co. Ltd. (China)
- juwi AG (Germany)
- Trina Solar (China)
- Jinko Solar (China)
- SHARP CORPORATION (Japan)
- AZUR SPACE Solar Power GmbH (Germany)
- Umicore (Belgium)
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