Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market

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 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 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). 

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. 'Hanergy (China)', 'Avancis (Germany)', 'MiaSolé (United States)', 'Solibro (Sweden)', '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)'

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 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.

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.

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Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market

Report ID: SQMIG55F2037

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