The gallium arsenide germanium solar cell (Gaas) market consists of sales of space-specified solar cells and hybrid solar cells. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The gallium arsenide germanium solar cell (Gaas) market size has grown strongly in recent years. It will grow from $13.75 billion in 2023 to $14.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to reduced carbon emissions, increased demand for renewable energy sources, high efficiency of multi-junction Gaas solar cells, rise in the use of Gaas solar cells in space exploration, and increased focus on energy security.
The gallium arsenide germanium solar cell (Gaas) market size is expected to see strong growth in the next few years. It will grow to $20.72 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to the surge in awareness regarding the adverse impact on the environment, rise in the installation of solar systems, growing demand for electronics among consumers, rising military and defense applications, and higher efficiency and durability of Gaas solar cells. Major trends in the forecast period include a focus on sustainability, demand for high-efficiency solar cells, advancements in solar panel technology, adoption of solar power, and demand for compact and efficient power supplies.
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Segmentation & Regional Insights
The gallium arsenide germanium solar cell (Gaas) market covered in this report is segmented –
1) By Type: Liquid Encapsulated Czochralsky (LEC) Grown Gallium Arsenide (GaAs), VGF (Vertical Gradient Freeze) Grown Gallium Arsenide (GaAs)
2) By Channel: Direct Sales, Other Distribution Channel
3) By Application: Radio Frequency Electronics, Light Emitting Diodes, Photovoltaic Devices, Phototonic Devices, Wireless Communication, Optoelectronic Devices, Other Applications
Asia-Pacific was the largest region in the gallium arsenide germanium solar cell (Gaas) market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the gallium arsenide germanium solar cell (Gaas) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in popularity of renewable energy sources is expected to propel the growth of the gallium arsenide germanium solar cell (Gaas) market going forward. Renewable energy sources are energy sources that are naturally replenished on a human timescale and derived from natural processes that are continuously replenished. The increasing demand for renewable energy sources is driven by several factors, such as climate change and sustainability goals. Gallium arsenide solar cells are highly efficient and reliable, making them a valuable component in the increasing demand for renewable energy sources. Their unique properties make them particularly valuable for specialized applications, contributing to a more sustainable and resilient energy infrastructure. For instance, in March 2024, according to the European Environment Agency, a Denmark-based government agency, 23% of the energy consumed in the EU was generated from renewable sources in 2022, up from 21.9% in 2021. Therefore, the rise in popularity of renewable sources is driving the growth of the gallium arsenide germanium solar cell (Gaas) market.
Key Industry Players
Major companies operating in the gallium arsenide germanium solar cell (Gaas) market are Emcore Corporation, Spectrolab Inc., AXT Inc., Anadigics Inc., Alta Devices Inc., Kopin Corporation, MicroLink Devices Inc., Azur Space Solar Power GmbH, JDS Uniphase Corporation, Xiamen Powerway Advanced Material Co. Ltd., Sumitomo Electric Industries Ltd., Advanced Wireless Semiconductor Company, MTI Corporation, Ibsen Photonics, Freiberger Compound Materials GmbH, Semiconductor Wafer Inc., Hanergy Holding Group Limited, Azur Space Solar Power GmbH , DOWA Electronics Materials Co. Ltd. , Vital Materials Co. Limited
The gallium arsenide germanium solar cell (gaas) market report table of contents includes:
1. Executive Summary
- Gallium Arsenide Germanium Solar Cell (Gaas) Market Characteristics
- Gallium Arsenide Germanium Solar Cell (Gaas) Market Trends And Strategies
- Gallium Arsenide Germanium Solar Cell (Gaas) Market – Macro Economic Scenario
- Global Gallium Arsenide Germanium Solar Cell (Gaas) Market Size and Growth
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32. Global Gallium Arsenide Germanium Solar Cell (Gaas) Market Competitive Benchmarking
- Global Gallium Arsenide Germanium Solar Cell (Gaas) Market Competitive Dashboard
- Key Mergers And Acquisitions In The Gallium Arsenide Germanium Solar Cell (Gaas) Market
- Gallium Arsenide Germanium Solar Cell (Gaas) Market Future Outlook and Potential Analysis
- Appendix
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