08-Jul-2021 | Facts and Factors
According to a Facts and Factors report, the global quantum dot solar cells market was registered at approximately USD 758.1 Million in 2020 and is expected to generate revenue of almost USD 2,319.8 Million by the year 2026, growing at a CAGR of approximately 20.5% between 2021 and 2026.
A quantum dot solar cell (QDSC) is a type of solar cell that employs quantum dots as the photovoltaic material. It is used in place of bulky materials like silicon or copper indium gallium selenide.
The solar photovoltaic market is one of the world's fastest-growing energy markets. The solar power industry will grow by a factor of ten by 2030. In order for solar energy to succeed, a new technology that can provide superior efficiencies while also lowering costs below standard silicon PV panels is required. Quantum dot solar cells have the potential to be that technology.
Increasing preferences for environmentally friendly energy sources, growing applications in the medical sector as well as in harnessing devices, an increase in research and development activities, and an increase in the use of quantum dot in high bandwidth operations are some of the factors that will likely boost the growth of the quantum dot solar cell market during the forecast period of 2021-2026. Adoption of nanotechnology, on the other hand, will boost various opportunities, leading to the growth of the Quantum dot solar cell market during the forecast period.
Top Market Players
Major market players operative in the global quantum dot solar cell market are Plasmachem GmbH, Zhijing Nanotech Co. Ltd., Samsung Electronics, Avantama AG, Quantum Solutions LLC, Crystalplex Corporation, Osram Licht, Nanoco Group, Green Science Alliance Co. Ltd., Nanosys, Navillum Nanotechnologies, NN-Labs, and Ocean NanoTech amongst others.
Increase in the use of quantum dot in high bandwidth operations
Increasing preferences for environmentally friendly energy sources, growing applications in the medical sector as well as in harnessing devices, an increase in research and development activities, and an increase in the use of quantum dot in high bandwidth operations are some of the factors that will likely boost the growth of the quantum dot solar cell market during the forecast period of 2021-2026. Adoption of nanotechnology, on the other hand, will boost various opportunities, leading to the growth of the Quantum dot solar cell market during the forecast period. Strict cadmium usage regulations will act as a market restraint for quantum dot solar cells during the forecasted period.
Quantum dot solar cells have the potential for solar, or photovoltaic, cells that reduce wasteful heat while maximizing the amount of solar energy converted to electricity. This is significant in terms of making solar energy more cost-competitive with traditional power sources.
Existing solar cells have conversion efficiencies as high as 33%, but production solar cells installed on roofs have a much lower efficiency on average. As a result, if quantum dot solar cells could be mass-produced at a low cost, they would be at least three times more efficient than currently manufactured solar cells. Quantum dot-based solar cells could convert more than 65 percent of the sun's energy into electricity.
Technological advancements have resulted in the production of quantum dot solar cells with high power conversion efficiency (PCE) and modified band tuning via dipole, density, and orientation of the self-assembled monolayers (SAMs). During the forecast period, demand for such QDSCs is expected to rise. The growing demand for highly efficient and low-cost quantum dots in hybrid solar cells for a variety of applications is also expected to drive the overall QDSC market.
North America is anticipated to lead global quantum dot solar cell market growth
North America will dominate the quantum dot solar cell market due to the adoption of advanced technology in the United States and Canada, as well as rising research and development activities, whereas Asia-Pacific will grow in the forecast period of 2021-2026 due to rising demand for environmentally friendly sources of energy, as well as the prevalence of investment in research activities in the region.
Browse the full report “Quantum Dot Solar Cell Market by Product Type (Quantum Dot Solar Cells, Quantum Dot Hybrid Solar Cells, and Quantum Nanowire Solar Cells), By Material (Cadmium-Based and Cadmium-Free) and By End User (Consumer, Commercial, Healthcare, Defense, Telecommunications. and Others): Global and Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026” at https://www.fnfresearch.com/quantum-dot-solar-cell-market
The global quantum dot solar cell market is segmented as follows:
By Product Type:
By End user:
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