Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market

Copper Indium Gallium Selenide (CIGS) Solar Cell Market Size, Share, Growth Analysis, By Application(Residential, Commercial & Industrial), By End User(Utility, Aerospace & Defence) - Industry Forecast 2024-2031

Report ID: SQMIG55F2037 | Region: Global | Published Date: April, 2024
Pages: 182 | Tables: 64 | Figures: 77

Copper Indium Gallium Selenide (CIGS) Solar Cell Market News

  • In March 2024, Swedish PV manufacturer First Solar European Technology Center AB, a unit of US-based thin-film solar module producer First Solar, and Uppsala University presented a new solar cell based on CIGS technology. The new solar cell achieved a maximum power conversion efficiency of 23.75% and a certified efficiency of 23.64%, thus beating the previous world record of 23.35% achieved in 2019 by Japan's Solar Frontier. 
  • In December 2023, Swedish thin-film solar manufacturer Midsummer inked a deal with the European Union Innovation Fund grant to receive €32.3 million ($34.8 million) to pay for a third of the company’s soon-to-be-built copper indium gallium selenide (CIGS) solar module production facility in Sweden. 
  • In October 2023, German equipment supplier 4JET launched a new thin film system designed for P1, P2 and P3 laser scribing of perovskite, cadmium telluride (CdTe), and copper indium gallium selenide (CIGS) solar technologies.
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Copper Indium Gallium Selenide (CIGS) Solar Cell Market size was valued at USD 1.78 Billion in 2022 and is poised to grow from USD 2.09 Billion in 2023 to USD 7.43 Billion by 2031, at a CAGR of 17.2% during the forecast period (2024-2031). 

In addition to these major players, there are also several emerging players and startups that are working to develop innovative CIGS solar cell technologies and enter the market. The intense competition in the market is driving players to invest in research and development to stay ahead of the competition and maintain their market position. 'Hanergy (China)', 'Avancis (Germany)', 'MiaSolé (United States)', 'Solibro (Sweden)', 'Solar Energy (United States)', 'Ascent Solar (United States)', 'Flisom (Switzerland)', 'Manz AG (Germany)', 'Solarion (Germany)', 'Solar Frontier (Japan)', 'NexPower Technology (Taiwan)', 'Würth Solar (Germany)', 'HelioVolt (United States)', 'IFEVS (Italy)', 'CNBM (China)', 'Calyxo (Germany)', 'QS Solar (China)', 'Sunflare (United States)', 'EPV Solar (United States)', 'GSE Integration (United States)', 'Sunpreme (United States)', 'Enecom (Italy)'

Governments around the world are promoting the use of renewable energy sources by offering incentives and subsidies to users of solar power. For instance, the U.S. government offers a 26% federal tax credit for homeowners who install solar panels, which has contributed to the growth of the CIGS solar cells market in the country.

The integration of solar cells into building structures is becoming more popular, creating opportunities for the growth of the CIGS solar cells market. BIPV technology allows for the efficient use of space and can help reduce energy consumption in buildings.

The Asia-Pacific region is expected to hold the largest share of the CIGS solar cells market due to the presence of a large number of manufacturers and the increasing adoption of renewable energy in countries like China, Japan, and India. China is expected to dominate the market in this region due to its large population and the increasing demand for energy.

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Global Copper Indium Gallium Selenide (CIGS) Solar Cell Market

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