USD 1.78 Billion
Copper Indium Gallium Selenide (CIGS) Solar Cell Market Size, Share, Growth Analysis, By Application(Residential, Commercial & Industrial, Utilities), By End User(Utility, Aerospace & Defence, Automotive, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2037 |
Region:
Global |
Published Date: April, 2024
Pages:
182
|Tables:
64
|Figures:
77
Copper Indium Gallium Selenide (CIGS) Solar Cell Market Insights
Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market size was valued at USD 1.78 Billion in 2022 and is poised to grow from USD 2.09 Billion in 2023 to USD 7.43 Billion by 2031, at a CAGR of 17.2% during the forecast period (2024-2031).
Photovoltaic thin films include CIGS-based devices. Though other energies are driven by politics and social or economic changes in the society about CIGS development, solar panel market expansion is a step that leads to the profitable idea of solar panels power generation. Also, in comparison with similar technologies regarding the growth of the CIGS solar cell industry is primarily due to increases in CIGS solar cells efficiency and also rapid power generation time. Solar Frontier set a record anywhere with a 1 cm2 CIS solar cell of 23. This is the best-proved efficiency an individual cell can have thus far. The market is increasing in part due to the increased use of CIGS solar cells which have different applications for residential utilities, commercial establishments and substations in the industrial sector.
Thus, the building of smart cities and buildings together with the demand to have an off-grid power scenario is likely to inspire increased usage of CIGS solar cells. Superior growth spurred by the continuously increasing subscription of renewable sources of energy and demand for superior-perform technology across sun generation. CIGS solar cells which received popularity for their low movie manufacture have obvious advantages such as, lightweight style, flexibility and better overall performance in darkness-lit conditions. The marketplace has seen an influx of studies and improvement sports looking lower back to enhance the output and cost-saving traits of CIGS photovoltaic cells. Some of the driving forces for this marketplace include government efforts to promote readily available energy, enhancement in thin-film technologies, and increasing emphasis on renewable energy solutions.
US Copper Indium Gallium Selenide (CIGS) Solar Cell Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Commercial & Industrial
Growth Rate
17.2% CAGR
Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Copper Indium Gallium Selenide (CIGS) Solar Cell Market Segmental Analysis
Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market is segmented on the basis of application, end user and region. By application, the market is segmented into residential, commercial & industrial, utilities. By end user, the market is segmented into utility, aerospace & defense, automotive, others. By region, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market Analysis by End User
It is anticipated that during the predicted period it would expand at a CAGR of almost 10%. The automotive industry, which is predicted to have the fastest market growth due to rising demand for electric vehicles (EVs) and a growing interest in carbon emission reduction, is expanding in popularity. Since they are flexible and have a high efficiency compared to other solar cell types, CIGS solar cells are an excellent choice for EV integration.
During the projection period, it is anticipated to expand at a CAGR of about 15%. Due to the expanding use of unmanned aerial vehicles (UAVs) and the rising demand for flexible, lightweight solar cells for use in space applications, the aerospace and defence sector is also anticipated to experience substantial growth over the projection period.
Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market Analysis by Application
The dominant segment in the residential end-user segment is expected to be the single-family homes, which is expected to grow at a CAGR of around 11.3% during the forecast period. The residential end-user segment involves the installation of solar panels on residential rooftops to generate electricity for individual households. The increasing demand for sustainable energy solutions, along with the decreasing cost of solar panel installation, is expected to drive the growth of this segment.
The commercial and industrial end-user segment is expected to be the offices, which is expected to grow at a CAGR of around 10.5% during the forecast period. The commercial and industrial end-user segment involves the installation of solar panels on commercial and industrial buildings, such as offices, malls, and factories, to generate electricity. The increasing demand for sustainable energy solutions in commercial and industrial buildings, along with the decreasing cost of solar panel installation, is expected to drive the growth of this segment.
Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market By Application
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Copper Indium Gallium Selenide (CIGS) Solar Cell Market Regional Insights
The Asia-Pacific region is expected to hold the largest share of the CIGS solar cells market due to the presence of a large number of manufacturers and the increasing adoption of renewable energy in countries like China, Japan, and India. China is expected to dominate the market in this region due to its large population and the increasing demand for energy.
The European region is expected to hold a significant share in the CIGS solar cells market due to the increasing demand for sustainable energy solutions and the presence of government campaigns to encourage the usage of renewable energy. The key countries in this region include Germany, France, and the United Kingdom.
Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market By Region
- Largest
- Fastest
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Copper Indium Gallium Selenide (CIGS) Solar Cell Market Dynamics
Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market Drivers
Government Initiatives for Reserving Renewable Energy to Bolster Market Growth
- Governments around the world are promoting the use of renewable energy sources by offering incentives and subsidies to users of solar power. For instance, the U.S. government offers a 26% federal tax credit for homeowners who install solar panels, which has contributed to the growth of the CIGS solar cells market in the country.
- The growing awareness of the negative impact of fossil fuels on the environment has led to a global shift towards renewable energy sources. CIGS solar cells offer a sustainable and clean source of energy, which is driving the demand for CIGS solar cells.
Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market Restraints
Competition from Other Solar Technologies to Hinder Market Growth
- CIGS solar cells face competition from other solar technologies, such as crystalline silicon solar cells and thin-film solar cells. These technologies are more established in the market and have higher efficiencies, which can limit the growth of CIGS solar cells.
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Copper Indium Gallium Selenide (CIGS) Solar Cell Market Competitive Landscape
In addition to these major players, there are also several emerging players and startups that are working to develop innovative CIGS solar cell technologies and enter the market. The intense competition in the market is driving players to invest in research and development to stay ahead of the competition and maintain their market position.
Top Player’s Company Profiles in Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market
- Hanergy (China)
- Avancis (Germany)
- MiaSolé (United States)
- Solibro (Sweden)
- Global Solar Energy (United States)
- Ascent Solar (United States)
- Flisom (Switzerland)
- Manz AG (Germany)
- Solarion (Germany)
- Solar Frontier (Japan)
- NexPower Technology (Taiwan)
- Würth Solar (Germany)
- HelioVolt (United States)
- IFEVS (Italy)
- CNBM (China)
- Calyxo (Germany)
- QS Solar (China)
- Sunflare (United States)
- EPV Solar (United States)
- GSE Integration (United States)
- Sunpreme (United States)
- Enecom (Italy)
Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market Recent Developments
- In March 2024, Swedish PV manufacturer First Solar European Technology Center AB, a unit of US-based thin-film solar module producer First Solar, and Uppsala University presented a new solar cell based on CIGS technology. The new solar cell achieved a maximum power conversion efficiency of 23.75% and a certified efficiency of 23.64%, thus beating the previous world record of 23.35% achieved in 2019 by Japan's Solar Frontier.
- In December 2023, Swedish thin-film solar manufacturer Midsummer inked a deal with the European Union Innovation Fund grant to receive €32.3 million ($34.8 million) to pay for a third of the company’s soon-to-be-built copper indium gallium selenide (CIGS) solar module production facility in Sweden.
- In October 2023, German equipment supplier 4JET launched a new thin film system designed for P1, P2 and P3 laser scribing of perovskite, cadmium telluride (CdTe), and copper indium gallium selenide (CIGS) solar technologies.
Copper Indium Gallium Selenide (CIGS) Solar Cell Key Market Trends
- The integration of solar cells into building structures is becoming more popular, creating opportunities for the growth of the CIGS solar cells market. BIPV technology allows for the efficient use of space and can help reduce energy consumption in buildings.
Copper Indium Gallium Selenide (CIGS) Solar Cell Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global Copper Indium Gallium Selenide (CIGS) solar cells market is expected to grow significantly in the coming years, driven by factors such as increasing demand for renewable energy sources, government initiatives and subsidies, and the declining cost of solar energy. CIGS solar cells have several advantages over other types of solar cells, including high efficiency, flexibility, and low manufacturing costs. Asia-Pacific is expected to emerge as the fastest-growing region in the market, driven by factors such as increasing demand for energy, rising population, and government initiatives to promote renewable energy sources. There are many players working in the market, which is very competitive. These businesses engage in a variety of operations, including CIGS solar cell production, marketing, and distribution. The growing need for renewable energy sources and the benefits that CIGS solar cells provide over other types of solar cells are projected to cause a large increase in the global market for CIGS solar cells over the next few years. With a large number of competitors competing in the market and driving innovation and technological developments, the market is extremely competitive and dynamic.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.78 Billion |
| Market size value in 2031 | USD 7.43 Billion |
| Growth Rate | 17.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Copper Indium Gallium Selenide (CIGS) Solar Cell Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Copper Indium Gallium Selenide (CIGS) Solar Cell Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Copper Indium Gallium Selenide (CIGS) Solar Cell Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Copper Indium Gallium Selenide (CIGS) Solar Cell Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Copper Indium Gallium Selenide (CIGS) Solar Cell Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Copper Indium Gallium Selenide (CIGS) Solar Cell Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Copper Indium Gallium Selenide (CIGS) Solar Cell Market Report Snapshots
- Copper Indium Gallium Selenide (CIGS) Solar Cell Companies
- Copper Indium Gallium Selenide (CIGS) Solar Cell Market Size
- Copper Indium Gallium Selenide (CIGS) Solar Cell Market Analysis
- Copper Indium Gallium Selenide (CIGS) Solar Cell Geographic Analysis
- Copper Indium Gallium Selenide (CIGS) Solar Cell Market News
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