How much is the gallium arsenide germanium solar cell (gaas) market worth, and how is it expected to expand?
The gallium arsenide germanium solar cell (GaAs) market size has grown strongly in recent years. It will grow from $14.92 billion in 2024 to $16.22 billion in 2025 at a compound annual growth rate (CAGR) of 8.7%. 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 $22.45 billion in 2029 at a compound annual growth rate (CAGR) of 8.5%. 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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What are the top drivers to the rising demand in the gallium arsenide germanium solar cell (gaas) market?
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 January 2024, according to the International Energy Agency (IEA), a France-based intergovernmental organization, in 2023, the global addition of renewable energy capacity surged by 50%, reaching nearly 510 gigawatts more than in 2022. Therefore, the rise in popularity of renewable sources is driving the growth of the gallium arsenide germanium solar cell (Gaas) market.
How is the gallium arsenide germanium solar cell (gaas) market segmented?
The gallium arsenide germanium solar cell (GaAs) market covered in this report is segmented –
1) By Type: Liquid Encapsulated Czochralski (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, Photonic Devices, Wireless Communication, Optoelectronic Devices, Other Applications
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Who are the top competitors in the gallium arsenide germanium solar cell (gaas) market?
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
What significant trends should we anticipate in the gallium arsenide germanium solar cell (gaas) market over the forecast period?
Major companies operating in the gallium arsenide germanium solar cell (Gaas) market are developing innovative technology, such as space solar cell technology, to enhance energy efficiency and reliability for satellite and spacecraft applications. Space solar cell technology based on gallium arsenide and germanium (GaAs/Ge) utilizes semiconductor materials such as gallium arsenide (GaAs) and germanium (Ge) to convert sunlight into electricity. For instance, in March 2023, Rocket Lab USA Inc., a US-based aerospace and defense company, launched a new space solar cell called IMM-ß. This new cell is currently the highest-efficiency space solar cell technology in high-volume production. The technology behind IMM-ß solar cells involves the use of gallium arsenide germanium solar cells (GaAs) and other materials such as indium gallium phosphide (InGaP) to achieve high efficiencies. The IMM-ß solar cells have an average beginning of life (BOL) efficiency of 33.3%, which is higher than the 32% efficiency of the IMM-a cell that is currently in production.
Which regional trends are influencing the gallium arsenide germanium solar cell (gaas) market, and which area dominates the industry?
Asia-Pacific was the largest region in the gallium arsenide germanium solar cell (Gaas) market in 2024. 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.
What Does The Gallium Arsenide Germanium Solar Cell (Gaas) Market Report 2025 Offer?
The gallium arsenide germanium solar cell (gaas) market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Gallium arsenide germanium solar cell (Gaas) is a type of high-efficiency solar cell that combines materials from the III-V semiconductor family. GaAs are known for their high electron mobility, direct bandgap, and excellent heat-resistant properties. These properties make it particularly suitable for high-efficiency solar cells and applications where high temperatures and radiation are present.
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