USD 13.42 billion
Report ID: SQMIG55F2021 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 65 | Figures: 76
Global Gallium Arsenide (GaAS) Solar Cells Market size was valued at USD 13.42 billion in 2021 and is poised to grow from USD 14.55 billion in 2022 to USD 25.68 billion by 2030, at a CAGR of 8.45% during the forecast period (2023-2030).
The Gallium Arsenide solar cells market is expected to grow significantly in the coming years, driven by factors such as the higher efficiency and lower manufacturing costs of GaAs solar cells compared to traditional silicon-based solar cells. Gallium Arsenide solar cells are typically used in applications that require higher efficiency, such as space applications and military applications, as well as in niche markets such as consumer electronics. In January 2021, Alta Devices announced that it had been awarded a contract by the US Air Force Research Laboratory to develop a lightweight, flexible solar cell for use in space applications. The contract was valued at $7.1 million. Solar cells made of gallium, arsenide, and germanium (Gaas) also have a zinc blended crystal structure. For the growth of other semiconductors, these elements are mostly used as a substrate material. For usage in high-efficiency and multijunction solar cells, gallium arsenide (GaAs) is regarded as the optimal material. For Instance, August 2021, Azur Space Solar Power announced that it had developed a new solar cell that achieved an efficiency of 30.3%, setting a new world record for a triple-junction GaAs solar cell.
Global Market Size
USD 13.42 billion
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Global Gallium Arsenide (GaAS) Solar Cells Market is segmented on the basis of application, type and region. By application, the market is segmented into satellites, military & defence, aerospace, consumer electronics, others. By type, market is segmented into single junction, double junction, triple junction and others. By region, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Gallium Arsenide (GaAS) Solar Cells Market Analysis by Application
The military and defence segment are expected to grow at a CAGR of over 10.2% during the forecast period. The military and defence segment is expected to be the fastest-growing segment for Gallium Arsenide solar cells. The high efficiency and durability of GaAs solar cells make them ideal for military applications, such as unmanned aerial vehicles, naval vessels, and military vehicles.
The aerospace segment includes applications such as high-altitude aircraft and balloons. Gallium Arsenide solar cells are used in these applications due to their high efficiency and ability to function in high-altitude environments. This segment is expected to grow at a moderate rate during the forecast period.
Gallium Arsenide (GaAS) Solar Cells Market Analysis by Type
This segment is expected to be the dominant segment in the GaAs solar cells market during the forecast period, with a CAGR of over 9.1%. Double-junction GaAs solar cells are more efficient than single-junction cells, making them ideal for applications that require high efficiency, such as satellites and military and defense.
Single-junction GaAs solar cells are the most common type of GaAs solar cells. They are used in a wide range of applications, including satellites, military and defense, and consumer electronics. This segment is expected to have a moderate growth rate during the forecast period.
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North America is expected to be the dominant segment in this region, with a CAGR of over 10%. North America is expected to be the dominant region in the GaAs solar cells market during the forecast period. The United States is the major contributor to the growth of the North American market, owing to the high demand for renewable energy sources and the presence of key market players in the region.
Asia-Pacific is expected to be the fastest-growing region in the GaAs solar cells market during the forecast period. The growth of this region can be attributed to the increasing demand for renewable energy sources, rapid industrialization, and the presence of key market players in countries such as China, Japan, and South Korea.
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Gallium Arsenide (GaAS) Solar Cells Market Drivers
Increasing demand for Renewable Energy Sources to Bolster market growth
Gallium Arsenide (GaAS) Solar Cells Market Restraints
Environment-Related Issues to Hinder market growth
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These companies are competing based on various factors such as product innovation, price, quality, distribution network, and marketing strategies. Additionally, partnerships, collaborations, and acquisitions are also key strategies being employed by players in the market to expand their product offerings and strengthen their market position.
Gallium Arsenide (GaAS) Solar Cells Market Top Player’s Company Profiles
Gallium Arsenide (GaAS) Solar Cells Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global Gallium Arsenide (GaAs) solar cells market is expected to witness significant growth in the coming years due to several factors such as increasing demand for renewable energy sources, technological advancements, and rising adoption of GaAs solar cells in space applications. The increasing demand for renewable energy sources such as solar energy has led to the adoption of GaAs solar cells, which are highly efficient and reliable. Furthermore, technological advancements in GaAs solar cells have led to improved efficiency and reduced costs, making them more affordable and accessible to a wider range of consumers. The increasing adoption of GaAs solar cells in space applications due to their high efficiency and reliability is further boosting the growth of the market. The demand for portable electronic devices such as smartphones, tablets, and laptops has also increased the demand for GaAs solar cells, which can be used to power these devices. The high cost of GaAs solar cells compared to conventional silicon-based solar cells and the limited availability of gallium are some of the factors that may restrain the growth of the market. The global Gallium Arsenide (GaAs) solar cells market is expected to witness significant growth in the coming years due to the increasing demand for renewable energy sources, technological advancements, and rising adoption of GaAs solar cells in space applications.
|Market size value in 2021
|USD 13.42 billion
|Market size value in 2030
|USD 14.55 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Gallium Arsenide (GaAS) Solar Cells Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Gallium Arsenide (GaAS) Solar Cells Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Gallium Arsenide (GaAS) Solar Cells Market:
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