According to a market report by Lucintel, the future of the global biohybrid solar cell market looks promising with opportunities in the battery storage, solar lighting, commercial, and military and aerospace markets. The global biohybrid solar cell market is expected to reach an estimated $2.3 billion by 2030 with a CAGR of 11.2% from 2024 to 2030. The major drivers for this market are developments in technology to lower the cost of producing biohybrid solar cells, increasing uses for residential rooftop solar power, declining carbon emissions, and growing demands for clean energy output.
In this market, silicon crystal, cadmium telluride, and gallium arsenide. are the major segments of biohybrid solar cell market by material.
Lucintel forecast that cadmium telluride is expected to witness highest growth over the forecast period because the thin-film solar cells have the quickest payback period and produce the least carbon emissions, as well as, it is widely adopted owing to low costs in comparison to other materials.
Within this market, battery storage will remain the largest segment because the most widely used type of solar cell for battery storage is the biohybrid variety, which has significantly higher efficiency in solar power conversion and storage.
North America is expected to witness highest growth over the forecast period because of the strong infrastructure, strict government laws governing carbon emissions, environmentally friendly developments, and a rising trend in the use of renewable energy sources.
Greatcell, Exeger Operations, Fujikura, G24 Power, Konica Minolta Sensing, Merck, Oxford, Sharp, and Sony are the major suppliers in the biohybrid solar cell market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]