Quantum Dot Solar Cell Market Size, Application Analysis and Competitive Strategies, 2015 to 2025
by Susan Hill Business Consultant7
September 2018, The Global Quantum
Dot Solar Cell Market
size is expected to witness substantial growth over the forecast period due to
surging demand for efficient and environment-friendly sources of energy.
Growing demand for the product in the medical sector and solar cell harnessing
devices is also expected to drive the market. Upswing in the demand for quantum
dot solar cell (QDSC) over the past few years can be attributed to its
increased efficiency and higher brightness. However, stringent regulations on
use of cadmium and other heavy metals used in manufacturing the product are
estimated to act as a restraining factor for the growth of the market.
Increasing
expenditure towards research and development activities for producing spray-on
solar cells and improved laser and weather satellites is poised to stoke the
growth of the market over the forecast period. Quantum dots have a wide tunable
range of operations due to their high bandwidth. Owing to this, they are widely
used in manufacturing single junction and multi-junction solar cells that are
used in bandgap engineering and satellite components. Furthermore, rising
emphasis on nanotechnology is projected to benefit the market during the
forecast period.
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Some
of the common product type of QDSC are quantum dot solar cells, quantum dot
hybrid solar cells, and quantum dot with nanowire in solar cells. Technological
advancements have resulted in production of quantum dot solar cells that
exhibit high power conversion efficiency (PCE) coupled with modified band
tuning using dipole, density, and orientation of the self-assembled monolayers
(SAMs). The demand for such QDSCs is slated to rise over the forecast period.
Increasing demand for highly efficient and low-cost quantum dots in hybrid
solar cells in various applications is also likely to propel the overall QDSC market.
Quantum
dot solar cells are primarily used in the residential and commercial sectors.
Increased power conversion ratio coupled with environment-friendly option for
electricity generation is boosting the dependence on the product across the residential
sector. Furthermore, technological advancements in development have enabled
companies to reduce the overall cost of the significantly, which led to an
increase in demand from medium to high-income households. It also finds use in
heat absorbing films for roof tiles, windows, walls, and heat sensors.
Furthermore,
small quantum dot photovoltaics can be used to recharge small batteries, which
are used in mobile phones, tablets, and wearable electronic. QDSCs are also
being employed in military applications such as off-grid stand-alone PV powered
solar cells and radar equipment. They absorb the whole spectrum of light i.e.
from ultra-violet to infrared, providing significantly high efficiency than
currently used silicon-based technology. As a result, they are widely used for
generation of electricity.
Stringent
environment regulations regarding power output and significant investments for
development of alternate environment-friendly source of energy are leading to
surge in the demand for the product in Europe. Increase in the demand for
quantum dot solar cells can also be attributed to use of environment-friendly
production techniques such as low-cost screen printing and inkjet instead of
using rare earth elements such as indium or high-cost silicon, further reducing
the price of the product. As a result, Europe is expected to witness high
growth in the quantum dot solar cell market over the coming years.
Increasing
demand for efficient and environment-friendly source of generation of
electricity is anticipated to stimulate the growth of the market in developing
countries such as India and China. Increasing government expenditure for
research and development activities to harness solar energy in India is
estimated to stir up the demand for QDSC in the region.
In
North America, advancements in technology are resulting in increase in usage of
solar energy devices in the U.S. and Canada. Moreover, widening scope of
applications of QSDC such as chromatic windows and heat proof tiles is likely
to augur well for the market in the region.
Companies
in the market emphasize on joint ventures and product development as a means of
consolidating their position in the arena. For instance, in January 2016,
Solterra Renewable Technologies, a subsidiary of Quantum Materials Corporation
(QMC), entered into a joint venture with Guanghui Technology Group to launch
quantum dot solar cells production in China. Apart from this, in August 2014,
QMC acquired five patents on QDSC technology from Bayer Technology Services to
expand its technology portfolio in production of the product.
Furthermore,
in Feb 2015, Natcore Technologies Inc. produced first germanium dot based solar
cells, which can be used in space applications. Key market players include
Quantum Material Corporation, Natcore Technologies, QDsolar, and Solterra
Renewable Technologies.
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Created on Sep 7th 2018 04:22. Viewed 396 times.