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

Global 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). 

Photovoltaic thin films include CIGS-based devices. Though other energies are driven by politics and social or economic changes in the society about CIGS development, solar panel market expansion is a step that leads to the profitable idea of solar panels power generation. Also, in comparison with similar technologies regarding the growth of the CIGS solar cell industry is primarily due to increases in CIGS solar cells efficiency and also rapid power generation time. Solar Frontier set a record anywhere with a 1 cm2 CIS solar cell of 23. This is the best-proved efficiency an individual cell can have thus far. The market is increasing in part due to the increased use of CIGS solar cells which have different applications for residential utilities, commercial establishments and substations in the industrial sector. 

Thus, the building of smart cities and buildings together with the demand to have an off-grid power scenario is likely to inspire increased usage of CIGS solar cells. Superior growth spurred by the continuously increasing subscription of renewable sources of energy and demand for superior-perform technology across sun generation. CIGS solar cells which received popularity for their low movie manufacture have obvious advantages such as, lightweight style, flexibility and better overall performance in darkness-lit conditions. The marketplace has seen an influx of studies and improvement sports looking lower back to enhance the output and cost-saving traits of CIGS photovoltaic cells. Some of the driving forces for this marketplace include government efforts to promote readily available energy, enhancement in thin-film technologies, and increasing emphasis on renewable energy solutions.

US Copper Indium Gallium Selenide (CIGS) Solar Cell Market is poised to grow at a sustainable CAGR for the next forecast year.