Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSOctober 2017: Heraeus Holding has introduced a new front-side silver paste at PV Taiwan International Photovoltaic Exhibition. The paste is designed for diamond-wire cut multicrystalline solar cells.
November 2017: DuPont have granted a one-way, non-exclusive license to Giga Solar and its affiliates for certain global solar conductive paste related patents which were owned by DuPont.
Introduction To Solar Cell Paste
Solar cell paste is referred to all those pastes which are applied as a conductive material on a solar wafer. The materials in the paste consists of organic and inorganic elements, which are scattered evenly to form a viscous paste. Organic component present in the paste acts as a carrier, which after evaporation leaves behind a layer of inorganic based inks on the surface of the solar cell.
On the other hand, the inorganic components present in the paste functions in different ways. Silver (Ag) is one such type of inorganic component which is added to the paste in the form of powder so as to increase the rate of conductivity of solar cells. Customization of solar cell paste enhances the features of the paste, such as, greater adhesion strength, better line conductivity, and others.
Technically, application of solar cell paste raises the efficiency of the solar cell panel in a range of around 0.2%-0.4% for standard monocrystalline silicon solar cells. Other thin film solar cells, such as, copper indium gallium selenide (CIGS) and cadmium telluride (CdTe), are known to have low efficiency when compared to monocrystalline solar cells.
Market Size and Forecast
The global solar cell paste market is observing vibrant growth owing to the rapid expansion of global solar cell market, which is anticipated to reach 1,080 GW (installed capacity) with a CAGR of 25.0% over the forecast period 2015-2021. Additionally, growing need for solar PV generation so as to reach the levels envisioned in the Sustainable Development Scenario (SDS) of the International Energy Agency (IEA). According to the IEA, solar PV generation increased 31% in the year 2018 from its previous year, and also represented the largest absolute generation growth of around +136TWh of all renewable technologies.
The market is anticipated to record robust CAGR throughout the forecast period, i.e. 2019-2027. The global solar cell paste market is segmented by application into monocrystalline and polycrystalline solar cell, out of which, polycrystalline solar cell is anticipated to hold largest market share. Polycrystalline solar panels have lower efficiency as compared to monocrystalline solar panels. Additionally, sales of polycrystalline solar panels are more than monocrystalline solar panels owing to lower price of the former. Solar cell paste is known to increase the efficiency of solar panels, which is anticipated to raise the demand for greater utilization in polycrystalline solar cells. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
Escalating Demand for Clean and Environmental Friendly Energy Sources
According to the United Nations (UN) Sustainable Development Goals, envisioned for 2030, goal 7 states to ensure access to affordable, reliable, sustainable and modern energy for all.
Growing concerns for depletion of natural resources by exploitation in numerous ways by the population of the world, is raising the demand amongst nations of the world to focus on renewable resources of energy. Shifting trend towards production of electricity from traditional techniques to solar PV and solar thermal, and by the expansion of solar grids around the world, is raising the demand for deployment of solar panels around the globe and thereby follow the SDS goals envisioned by IEA. Solar panel manufacturers are therefore increasing their production to mitigate these demand, which is anticipated to raise the demand for solar cell paste market over the forecast period.
Growing Need For Increasing Efficiency Of Photovoltaic (PV) Cells
According to a statistical report by the International Energy Association, wafer based crystalline silicon modules have commercial efficiencies between 17 and 22.7%.
With the growing demand for deployment of solar panels worldwide, there is a growing need for improving the efficiency levels of solar cell panels. Growing interest for R&D in the sector is helping to raise the efficiency levels of the solar panels. Solar cell paste functions as a conducting paste between the solar wafers printed into the solar panel. Additionally, these pastes are also known to increase the adhesive life of the printed solar wafer with the solar panel mesh frame. The need for increasing efficiency of solar panels coupled with the need for extension of life of the solar panels, is anticipated to raise the demand for solar cell paste market throughout the forecast period.
Restraints
High Manufacturing Cost of Solar Cell Pastes
The manufacturing of solar cell paste is often very high owing to availability of raw materials and the rapid change if rice of raw materials. Furthermore, implementation of solar cell paste raises the costs of solar panels, which might hamper the sales of solar cell pastes. All of these factors are anticipated to act as a barrier to the growth of the solar cell paste market.
Market Segmentation
Our in-depth analysis of the solar cell paste market includes the following segments:
By Type:
By Application
By region
On the basis of regional analysis, the solar cell paste market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia-Pacific is expected to hold significant market share on the back of rising solar PV generation by nations, such as China, which is anticipated to raise the demand for manufacturing of more number of solar panels, raising the demand for solar cell paste market over the forecast period. According to the U.S. Energy Information Administration (EIA), China is known to be the country with highest solar electricity generation in the world. In the year 2016, the nation generated solar electricity of 75.3 billion kilowatthours. Additionally, presence of numerous solar panel manufacturers in the region is also anticipated to raise the demand for solar cell paste market over the forecast period.
The solar cell paste market is further classified on the basis of region as follows:
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