Multi-Junction Solar Collector Market 2021 – 2022 | Drivers, Challenges, and Data on Country Wise Implementation, Yearly Funding and Growth Forecast

Multi-junction Solar Cell is one of the best technologies for achieving a high sunlight to electricity conversion ratio. Theoretically, an infinite-junction cell can obtain a maximum power conversion percentage of approximately 87 percent. Multi-junction solar cells consist of junctions which can be tunedto work with different wavelength bands in the solar spectrum. This increases the efficiency of sunlight absorption by these cells. In these cells, a semiconductor material with high bandgap is used to absorb even the short wavelength radiation along with the ones with a longer wavelength.

Researchers are trying to develop a semiconductor material system that can work with a wide range of bandgaps without compromising on crystalline quality.

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Multi-junction solar cells are used in Space PV and Terrestrial CPV applications. They find application in bandgap engineering for microclimates, electricity generation and are also used in Mars rover missions.

Market Dynamics
Photovoltaics industry is currently growing at a rate of more than 40% per year. High-efficiency multi-junction cell will make it grow even faster. Multi-junction solar cells rely on state-of-the-art technology to achieve high efficiency of solar absorption which makes it best fit for space market. It is currently expanding into terrestrial markets with increased production efficiency.

A close to 50 % efficiency of solar absorption is already achieved. High-quality, reliable and affordable Solar Multi-Junction Cell products have already started made inroads in the market. As soon as efficiency crosses 50% there will be a boom in the demand of these cells in the market.

With increasing pressure on state governments across the globe to take energy and climate change problems seriously and with countries across the globe setting goals for climate change, Concentrator photovoltaics’ like Multi-junction solar cell has the potential to gain a large market share.

Market Segmentation
The market for a Multi-junction solar cell is segmented into space and terrestrial markets. On the space front, these cells are employed in Mars Rover mission. On the terrestrial front, these multi-junction solar cells could soon be providing electricity on earth. The multi-junction solar cell has the potential to dominate the solar energy market in the future across all segments.

Regional/Geographic Analysis
Germany, China, Japan, United States, Italy, France, Spain, Australia, Belgium, South Korea are the biggest solar energy markets and the Multi-junction solar cell would soon be holding a dominant market share in these markets. India being a developing country may need to wait for this technology to become more affordable but interest for this technology is growing in India and future looks bright in India as well.

Opportunities
The market throws up several opportunities in domains of space technologies, bandgap engineering, electricity generation. Researching a holistic cost model that shows all aspects of cost reductions and projects end to end cost could potentially make this technology very appealing to many buyers who want to make most of the future boom in this technology.

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Key Players
Some of the major players in the market includeCanadian Solar Inc., First Solar Inc, Wuxi Suntech Power Co. Ltd, Juwi Solar Inc, SolarCity Corporation, Trina Solar Limited, Activ Solar GmbH,JinkoSolar Holding Co. Ltd, Yingli Solar Sharp Solar Energy Solutions Group.

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