Gallium Arsenide (GaAS) Solar Cells Market Size, Share, Growth Analysis, By Application(Satellites, Military & Defence, Aerospace, Consumer Electronics), By Type(Single Junction, Double Junction, Triple Junction and Others), By Region - Industry Forecast 2024-2031

Global Gallium Arsenide (GaAS) Solar Cells Market size was valued at USD 14.55 billion in 2022 and is poised to grow from USD 15.78 billion in 2023 to USD 30.19 billion by 2031, at a CAGR of 8.45% during the forecast period (2024-2031).

The Gallium Arsenide solar cells market is expected to grow significantly in the coming years, driven by factors such as the higher efficiency and lower manufacturing costs of GaAs solar cells compared to traditional silicon-based solar cells. Gallium Arsenide solar cells are typically used in applications that require higher efficiency, such as space applications and military applications, as well as in niche markets such as consumer electronics. In January 2021, Alta Devices announced that it had been awarded a contract by the US Air Force Research Laboratory to develop a lightweight, flexible solar cell for use in space applications. The contract was valued at $7.1 million. Solar cells made of gallium, arsenide, and germanium (Gaas) also have a zinc blended crystal structure. For the growth of other semiconductors, these elements are mostly used as a substrate material. For usage in high-efficiency and multijunction solar cells, gallium arsenide (GaAs) is regarded as the optimal material. For Instance, August 2021, Azur Space Solar Power announced that it had developed a new solar cell that achieved an efficiency of 30.3%, setting a new world record for a triple-junction GaAs solar cell.