Spray-on Solar Cells Market

Spray-on Solar Cells Market Highlights

The global spray-on solar cells market is expected to cross a value of USD 3108 million by the end of 2032. The market was valued at USD 257 million in 2023 and is expected to expand at a CAGR of 72.1% between 2024-2032.

• Over the mid-term, the rapid demand for renewable energy is the primary factor anticipated to drive the global spray-on solar cells market.
• The challenges associated with the efficiency and performance of spray-on solar cells is a major factor to challenge the market growth.
• The Europe spray-on solar cells market is projected to dominate the global market.

Spray-on Solar Cells Market Outlook

The solar cell technology that enables the direct deposition of photovoltaic (PV) materials onto various surfaces using a spray application method is known as spray-on solar cells. Also known as spray-on photovoltaics or spray-on solar panels, this innovative approach allows for the creation of flexible, lightweight, and conformable solar panels that can be applied to a wide range of substrates, including glass, plastic, metal, and even fabric.

Our researchers at KD Market Insights have analyzed that the market growth of spray-on solar cells would primarily be as a result of the rapid demand for renewable energy globally. The growing global demand for renewable energy sources, driven by concerns about climate change, energy security, and sustainability, is fueling the adoption of solar power technologies, including spray-on solar cells. The International Energy Agency (IEA) have reported that renewable electricity capacity from solar PVs have reached 374.9 GW in the year 2023, up from 83.3 GW in the year 2016. It also estimated that this capacity would increase to 672.6 GW by the end of 2028. As governments, businesses, and consumers seek to reduce their carbon footprint and transition to clean energy sources, the demand for innovative solar solutions is expected to continue rising. SunSpray Technologies, SolarCoat Innovations, and SunMist Solar Solutions are some of the significant parties in the global market for spray-on solar cells.

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Spray-on Solar Cells Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global spray-on solar cells market are:

• Growing Focus on Building-integrated Photovoltaics (BIPV): With the increasing focus of government of nations globally on smart city initiatives, the integration of solar energy systems into building materials, known as building-integrated photovoltaics (BIPV), is gaining traction among architects, developers, and homeowners. Spray-on solar cells offer a versatile and visually appealing environmentally friendly energy solution for integrating solar power generation into various building surfaces, such as windows, facades, and roofs. Such a factor is therefore expected to create a skyrocketing demand for spray-on solar cells.
• Surge in Applications of Spray-on Solar Cells in Consumer Electronic Products: The miniaturization and flexibility of spray-on solar cells make them well-suited for powering small-scale electronic devices and wearable technologies, such as smartphones, smartwatches, and fitness trackers. As the demand for portable and self-sustaining electronics grows, particularly in industries like consumer electronics, healthcare, and outdoor recreation, the market for spray-on solar cells is expected to expand significantly.

Which Probable Factors Could Hamper the Growing Spray-on Solar Cells Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of spray-on solar cells are:

• Challenges with Efficiency and Performance of These Solar Cells: The concern for lower efficiency and performance of spray-on solar cells as compared to conventional silicon-based solar panels is one of the primary factors predicted to limit the market growth.
• Cost Competitiveness: While spray-on solar cells offer potential cost savings in terms of materials and manufacturing compared to traditional solar panels, achieving cost competitiveness on a per-watt basis remains a challenge. Such a factor is therefore projected to hinder the market growth.

How is the Global Spray-on Solar Cells Market Segmented?

Our experts at KD Market Insights have segmented the global spray-on solar cells market as:

What are the Probable Factors Influencing the Europe Spray-on Solar Cells Market Forecast?

The Europe spray-on solar cells market is majorly driven by a strong supportive regulatory environment for the adoption of renewable energy along with the rise in focus on developing sustainable energy solutions. Europe has been at the forefront of renewable energy adoption, with robust policy frameworks and ambitious sustainability targets driving the transition to clean energy sources. For instance, the European Union, in May 2022, announced the EU solar energy strategy as part of the REPowerEU plan, aiming to deliver over 320 GW of solar photovoltaic by 2025 and close to 600 GW by 2030. Supportive regulations, incentives, and subsidies for solar energy deployment, including spray-on solar cells, create a favorable market environment for manufacturers, developers, and investors in the region.

 As per our analysts at KD Market Insights, the following five players lead the Europe spray-on solar cells market growth:

• SolarSpray Europe
• SunCoat Innovations
• EuroSolar Coatings
• SolarMist Europe
• SunGuardian Technologies

Which Key Players Top the Global Spray-on Solar Cells Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global spray-on solar cells market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with spray-on solar cells market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global spray-on solar cells market share:

• SunSpray Technologies
• SolarCoat Innovations
• SunMist Solar Solutions
• SolarEase Coatings
• PhotonSpray Energy
• SunBlast Coatings
• SolarMist Systems
• SunShower Solar Coatings
• SolarVue Spray-On Cells
• SunStream Energy Coatings
• SolarMist Technologies
• SunGuard Spray-On Solar

What are the Recent Developments Observed in the Spray-on Solar Cells Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global spray-on solar cells market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Oxford PV shared that it has received first-in-a-series of equipment orders from Meyer Burger for a turnkey 100-MW silicon heterojunction solar cell line.

Further, a research team at the University of Central Florida used machine learning and artificial intelligence to optimize materials used to manufacture perovskite solar cells (PSCs).