Gallium Arsenide Germanium Solar Cell (Gaas) Global Market Report 2024

The gallium arsenide germanium solar cell (GaAs) belongs to the III-V semiconductor family and is renowned for its high electron mobility, direct bandgap, and exceptional heat resistance. These attributes make it ideal for applications requiring high-efficiency solar cells and operations in environments with elevated temperatures and radiation.

There are two primary types of gallium arsenide germanium solar cells (GaAs), liquid encapsulated czochralski (LEC) grown gallium arsenide (GaAs) and vertical gradient freeze (VGF) grown gallium arsenide (GaAs). Liquid encapsulated czochralski (LEC) growth involves the production of high-quality gallium arsenide single crystals using this method. GaAs finds extensive use in diverse applications such as radio frequency electronics, light emitting diodes, photovoltaic devices, photonic devices, wireless communication, optoelectronic devices, and other related fields.

The gallium arsenide germanium solar cell (Gaas) market research report is one of a series of new reports that provides gallium arsenide germanium solar cell (Gaas) market statistics, including gallium arsenide germanium solar cell (Gaas) industry global market size, regional shares, competitors with a gallium arsenide germanium solar cell (Gaas) market share, detailed gallium arsenide germanium solar cell (Gaas) market segments, market trends and opportunities, and any further data you may need to thrive in the gallium arsenide germanium solar cell (Gaas) industry. This gallium arsenide germanium solar cell (Gaas) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 the reduction in carbon emissions, heightened demand for renewable energy sources, the exceptional efficiency of multi-junction Gaas solar cells, increased utilization of Gaas solar cells in space exploration, and a growing emphasis 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 is expected to be driven by increased awareness of environmental impacts, expanded deployment of solar systems, rising consumer demand for electronics, growing applications in military and defense sectors, and improved efficiency and durability of Gaas solar cells. Key trends anticipated in the forecast period include a strong focus on sustainability, heightened demand for high-efficiency solar cells, ongoing advancements in solar panel technology, greater adoption of solar power, and increased demand for compact and efficient power solutions.

The increasing popularity of renewable energy sources is expected to drive the growth of the gallium arsenide germanium solar cell (GaAs) market in the future. Renewable energy sources are those that are naturally replenished on a human timescale and come from continuous natural processes. The growing demand for renewable energy sources is propelled by factors such as climate change and sustainability goals. Gallium arsenide solar cells, known for their high efficiency and reliability, are becoming crucial in meeting the rising demand for renewable energy sources. Their unique properties make them especially valuable for specialized applications, contributing to a more sustainable and resilient energy infrastructure. For instance, in March 2024, the European Environment Agency reported that 23% of the EU's energy consumption in 2022 came from renewable sources, up from 21.9% in 2021. Therefore, the increasing popularity of renewable sources is fueling the growth of the gallium arsenide germanium solar cell (GaAs) market.

Major companies in the gallium arsenide germanium solar cell (GaAs) market are innovating with technologies 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) uses semiconductor materials such as gallium arsenide (GaAs) and germanium (Ge) to convert sunlight into electricity. For example, in March 2023, Rocket Lab USA Inc., a US-based aerospace and defense company, launched a new space solar cell called IMM-β, currently the highest-efficiency space solar cell technology in high-volume production. IMM-β solar cells, using gallium arsenide germanium solar cells (GaAs) and materials such as indium gallium phosphide (InGaP), achieve high efficiencies with an average beginning of life (BOL) efficiency of 33.3%, surpassing the 32% efficiency of the IMM-α cell currently in production.

In November 2021, 5N Plus, a Canada-based company, acquired AZUR SPACE for USD 79.89 million (€74.6 million) to strengthen its position in critical materials and expand its specialty semiconductor product portfolio. AZUR SPACE, based in Germany, specializes in developing and producing gallium arsenide germanium solar cells (GaAs) for space PV and terrestrial concentrating photovoltaic (CPV) applications.

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.

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.

The countries covered in the gallium arsenide germanium solar cell (Gaas) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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