Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Graphene Solar Cell Market Outlook

The global graphene solar cell market size is estimated to grow at a CAGR of 11% in the forecast period of 2024-2032.

Global Graphene Solar Cell Market Report Summary Description Value
Base Year USD Million 2023
Historical Period USD Million 2018-2023
Forecast Period USD Million 2024-2032
Market Size 2023 USD Million XX
Market Size 2032 USD Million XX
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 11.0%
CAGR 2024-2032 - Market by Region Asia Pacific 12.3%
CAGR 2024-2032 - Market by Country India 13.4%
CAGR 2024-2032 - Market by Country Brazil 13.0%
CAGR 2024-2032 - Market by Type Monocrystalline 11.4%
CAGR 2024-2032 - Market by Application Commercial 11.5%
Market Share by Country 2023 Germany 7.8%

graphene solar cell market

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Rising Demand in the Utilities Sector to Propel the Market Growth of Graphene Solar Cell

Based on application, the growing demand for graphene solar cells in the utility sector, particularly in power generation, is driving the market growth. The rapid urbanisation and the increasing demand for electricity in digitally connected devices are leading to the expansion of renewable energy sources like solar cells. Graphene-based solar cells are one of the most affordable sources of electricity, which is bolstering their installation on a commercial scale. 

The properties of graphene, like high optical transparency, carrier mobility, zero-band gap, and high mechanical strength, are fuelling its use as a photovoltaic material in solar cells to create an electric current when exposed to sunlight. Various governments are utilising graphene solar cells owing to their self-cleaning properties for boosting their power-generating capacities, which is playing a critical role in the graphene solar cell market development. 

Market Segmentation

graphene solar cell market by segments

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Graphene, a one-atom-thick sheet of carbon, is used as a non-reflective covering on solar cells to increase energy absorption. Graphene solar cells are extremely strong, transparent, conductive, flexible, and cost-effective as they are made of carbon, an abundant material. They are widely used in residential, industrial, and commercial sectors, among others.

The graphene solar cell market by type is divided into:

  • Monocrystalline
  • Polycrystalline
  • Thin Film
CAGR 2024-2032 - Market by Type
Monocrystalline 11.4%
Thin Film 11.2%
Polycrystalline XX%

Based on application, the market is segmented into:

  • Residential
  • Commercial
  • Industrial
  • Utilities
CAGR 2024-2032 - Market by Application
Commercial 11.5%
Residential 11.2%
Industrial XX%
Utilities XX%

The regional markets for graphene solar cell can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

CAGR 2024-2032 - Market by Region
Asia Pacific 12.3%
North America 10.1%
Europe XX%
Latin America XX%
Middle East and Africa XX%
CAGR 2024-2032 - Market by Country
India 13.4%
Brazil 13.0%
China 12.1%
USA 9.9%
UK 9.4%
Canada XX%
Germany 9.1%
France XX%
Italy XX%
Japan XX%
Australia XX%
Saudi Arabia XX%
Mexico XX%
2023 Market Share by Country
Germany 7.8%
USA XX%
Canada XX%
UK XX%

Growing Dependency on Renewable Energy Sources to Drive the Market Growth of Graphene Solar Cell

The rising dependency on cost-effective and efficient renewable energy sources like solar cells for power generation is surging the application of graphene-based solar cells to reduce the reflectivity of solar rays and drive efficient absorption of energy. The growing eco-consciousness and the emerging shift towards clean and renewable sources amid the increasing energy needs are favouring the graphene solar cell market demand. 

Graphene possesses exceptional characteristics, such as remarkable electrical characteristics, lightweight, exceptional strength, durability, and transparency, due to which it is preferred as an alternative to conventional materials like indium tin oxide and silicon in solar cells. Additionally, graphene-based solar cells are cost-effective as they are made from inexpensive carbon, and their flexibility is enabling the production of a wide range of solar cells that can turn any surface into a source of electric power. 

Graphene-based organic solar cells also absorb the ultraviolet and infrared components of sunlight and transmit the visible part that the human eyes can detect. Their flexibility and lightweight also make their transportation to remote regions with no central power grid possible. Furthermore, the growing research and development activities to improve the efficiency of graphene-based organic solar cells are expected to augment the graphene solar cell market growth over the forecast period.

graphene solar cell market by region

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Key Players in the Global Market for Graphene Solar Cell

The report gives a detailed analysis of the following key players in the global graphene solar cell market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • ZNSHINE PV-TECH Co.,Ltd
  • Elcora Ltd.
  • Verditek PLC
  • GCL System Integration Technology Co. Ltd
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Application
  • Region
Breakup by Type
  • Monocrystalline
  • Polycrystalline
  • Thin Film
Breakup by Application
  • Residential
  • Commercial 
  • Industrial
  • Utilities
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ZNSHINE PV-TECH Co.,Ltd
  • Elcora Ltd.
  • Verditek PLC
  • GCL System Integration Technology Co. Ltd
  • Others

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market is assessed to grow at a CAGR of 11% between 2024 and 2032.

The major market drivers include the exceptional characteristics of graphene solar cells, the growing transportation of graphene solar cells in remote regions with no central power grid, and the surging installations of graphene solar cells by various governments.

The key market trends guiding the growth of the market include the rising use of renewable energy sources, the increasing demand for electricity, and surging research and development activities to improve the efficiency of graphene solar cells.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Graphene posits excellent stability, flexibility, charge carrier mobility, tensile strength, thermal stability, high electrical conductivity, and transparency, due to which graphene is increasingly used as an alternative to silicon and indium tin oxide in solar cells.

The significant types of graphene solar cells include monocrystalline, polycrystalline, and thin film.

The different applications of graphene solar cells include residential, commercial, industrial, and utilities.

The major players in the market are ZNSHINE PV-TECH Co.,Ltd, Elcora Ltd., Verditek PLC, and GCL System Integration Technology Co. Ltd, among others.

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