USD 14.55 billion
Global Gallium Arsenide (GaAS) Solar Cells Market Size, Share, Growth Analysis, By Application(Satellites, Military & Defence), By Type(Single Junction, Double Junction) - Industry Forecast 2024-2031
Report ID:
SQMIG55F2021 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|
Tables:
65 |
Figures:
76
Global Gallium Arsenide (GaAS) Solar Cells Market Insights
Global Gallium Arsenide (GaAS) Solar Cells Market size was valued at USD 14.55 billion in 2022 and is poised to grow from USD 15.78 billion in 2023 to USD 30.19 billion by 2031, at a CAGR of 8.45% during the forecast period (2024-2031).
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 $7.1 million. Solar cells made of gallium, arsenide, and germanium (Gaas) also have a zinc blended crystal structure. For the growth of other semiconductors, these elements are mostly used as a substrate material. For usage in high-efficiency and multijunction solar cells, gallium arsenide (GaAs) is regarded as the optimal material. For Instance, August 2021, Azur Space Solar Power announced that it had developed a new solar cell that achieved an efficiency of 30.3%, setting a new world record for a triple-junction GaAs solar cell.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Single Junction
Fastest Growth
Single Junction
Growth Rate
8.45% CAGR
Global Gallium Arsenide Solar Cells Market 2021-2030 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Gallium Arsenide Solar Cells Market Size By Type 2021-2030 ($ Bn)
Global Gallium Arsenide Solar Cells Market Size By Type 2021-2030 (%)
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Global Gallium Arsenide (GaAS) Solar Cells Market Segmental Analysis
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.
Global Gallium Arsenide Solar Cells Market Size By Type 2021(%), 2023 (%)
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Global Gallium Arsenide (GaAS) Solar Cells Market Regional Insights
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.
Global Gallium Arsenide Solar Cells Market Size By Geography, 2021-2030, 2024-2031
- Largest
- Fastest
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Global Gallium Arsenide (GaAS) Solar Cells Market Dynamics
Gallium Arsenide (GaAS) Solar Cells Market Drivers
Increasing demand for Renewable Energy Sources to Bolster market growth
- The growing awareness about the harmful effects of non-renewable energy sources on the environment has led to an increasing demand for renewable energy sources, including solar energy. This has led to the adoption of Gallium Arsenide (GaAs) solar cells, which are highly efficient and reliable.
- GaAs solar cells are highly efficient and reliable, which makes them ideal for use in space applications. The increasing demand for satellite communication and other space applications has led to an increase in the demand for GaAs solar cells.
Gallium Arsenide (GaAS) Solar Cells Market Restraints
Environment-Related Issues to Hinder market growth
- Although GaAs solar cells are considered to be environmentally friendly, the production of gallium arsenide has certain environmental concerns, such as the release of toxic substances during the manufacturing process.
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Global Gallium Arsenide (GaAS) Solar Cells Market Competitive Landscape
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
- AltaTerra Research LLC (United States)
- MicroLink Devices, Inc. (United States)
- OPEL Technologies Inc. (Canada)
- Solar Junction Corporation (United States)
- Alta Devices Japan KK (Japan)
- AXT Inc. (United States)
- Intelligent Energy Limited (United Kingdom)
- Crystal Solar (United States)
- JDS Uniphase Corporation (United States)
- JENOPTIK AG (Germany)
- IQE PLC (United Kingdom)
- Nichia Corporation (Japan)
- NREL (United States)
- SolarReserve, LLC (United States)
- Spectrolab, Inc. (United States)
- SunPower Corporation (United States)
- Suncore Photovoltaic Technology Company Limited (China)
- Tata Power Solar Systems Limited (India)
Gallium Arsenide (GaAS) Solar Cells Market Recent Developments
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In January 2024, Caltech's Space Solar Power Project reached a significant milestone. SSPD-1 conducted tests on wireless power transmission, evaluated the durability of solar cells in space, and tested the deployment of lightweight structures crucial for space solar power. Despite encountering some deployment obstacles, the mission yielded valuable insights for the future design and development of space solar power systems. This project, backed by philanthropist Donald Bren and supported by Northrop Grumman Corporation, represents a significant stride toward harnessing the potential of space-based solar energy.
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In March 2024, an article reported that China had selected gallium as its preferred tool for weaponizing critical minerals.
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In October 2023, Flexwave, a Taiwanese company specializing in PV solutions for indoor and outdoor applications, unveiled a solar PV unit designed to deliver 10 years of autonomous solar power to remote small-scale electronic devices. These devices include wildfire detectors, gas monitors, and Internet of Things (IoT) applications.
Global Gallium Arsenide (GaAS) Solar Cells Key Market Trends
- GaAs solar cells are highly efficient and reliable, which makes them ideal for use in space applications. The increasing demand for satellite communication and other space applications has led to an increase in the adoption of GaAs solar cells in this segment.
Global Gallium Arsenide (GaAS) Solar Cells Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 14.55 billion |
| Market size value in 2031 | USD 30.19 billion |
| Growth Rate | 8.45% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Gallium Arsenide (GaAS) Solar Cells Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Gallium Arsenide (GaAS) Solar Cells Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
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:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Gallium Arsenide (GaAS) Solar Cells Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Gallium Arsenide (GaAS) Solar Cells Market Report Snapshots
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