With the escalating pollution levels and depletion of fossil fuels, the demand for solar energy and other types of clean energy is rising sharply. Moreover, the falling manufacturing costs of ultra-thin solar cells are further boosting their sales across the globe. Although the levelized cost of energy (LCoE) of PV panels is less than that of other renewable energy sources, it is still significantly higher than that of fossil fuels.
As per the International Energy Agency (IEA), the LCoE for coal will be $55.7 per Megawatt-hour (MWh) and around $66 per MWh for PV cells by 2020. The organization estimates that the LCoE for coal and PV cells will be equal by 2024 and $57.3 per MWh and $40.0 per MWh, respectively, by 2040. The decline in the prices of PV cells will be majorly driven by the increasing research and development (R&D) activities that are being conducted in these cells for improving their efficiency and reducing their cost.
Get More Insights: Ultra-Thin Solar Cells Market Revenue Estimation and Growth Forecast Report
Moreover, the other technologies are still in the initial development stage and thus, find applications in test projects and laboratories. Geographically, the demand for ultra-thin solar cells will boom in the Asia-Pacific (APAC) region in the coming years. This will be because of the surging number of R&D projects that are being launched by various ultra-thin solar cell manufacturing companies in the region. These projects, which are primarily aimed at enhancing the power production capacity of these photovoltaic (PV) cells and reducing their purchasing cost, have resulted in the development of ultra-thin solar cells, which are being increasingly used in the automotive industry in the region.
Hence, it can be safely said that the sales of ultra-thin solar cells will shoot up in the forthcoming years, mainly because of their falling manufacturing costs and the rising popularity of solar energy across the world.
Comments
0 comment