Hairy Solar Panels: Introduction
- Hairy solar panels are produced with the help of nanotechnology by using light absorbing nanowires on carbon-nanotube fabrics. These nanowires have a cylindrical structure with a diameter of about a 10000thÂ of a human hair.
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- These light absorbing nanowires can absorb more energy from the sun than silicon cells. Hairy solar panels provide a more direct path for electrons collected at the face of a panel to reach an electrode. This significantly improves efficiency of the system, thus allowing for more efficient energy harvesting from the sun.
- Flexibility is a key advantage of hairy solar panels, as flexible structure allows these panels to be manufactured using roll-to-roll processes. This helps lower production costs compared to non-flexible solar panels.
- Hairy solar panels can absorb up to 96% of the solar light reaching the panels. This makes solar energy more flexible as well as more affordable for residential and industrial sectors.
Key Drivers of Global Hairy Solar Panels Market
- Growth in transition toward electric vehicles is likely to provide immense opportunities to manufacturers of hairy solar panels. These solar panels can be useful to add solar-generating capacity to vehicles. This, in turn, is likely to drive the global hairy solar panels market during the forecast period.
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- Hairy solar panels can be used to increase and enhance the efficiency of the existing solar setups. Users of solar panels installed on roofs of their houses can create an additional energy source by replacing conventional solar panelsÂ with hairy solar panels, as the latter are more affordable.
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- Government subsidies and initiatives for solar power across the world are projected to provide lucrative opportunities to the global hairy solar panels market during the forecast period
- Exploration to find sustainable and clean sources of energy is required, as the world tries to limit emissions and reach net zero carbon emissions
- Large monuments and structures (such as buildings, bridges, stadiums, and even roads) can be converted into a base for generating clean electricity by using hairy solar panels
Restraints of Global Hairy Solar Panels Market
- Hairy solar panels are still in the development stage. This is one of the major limitations of the hairy solar panels market. However, if developed on a commercial scale, these solar panels can significantly increase the efficiency of solar panels. This is estimated to hamper the global hairy solar panels market during the forecast period.
- The durability of Perovskite solar cells is low. They are not as strong or long-lasting as the conventional silicon solar cells. This is another key limitation of hairy solar panels.
Europe to Hold Major Share of Global Hairy Solar Panels Market
- Based on region, the global hairy solar panels market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Europe is likely to dominate the global hairy solar panels market during the forecast period. High investments, especially by governments of countries such as Germany; and technological advancements are projected to drive the market in the region from 2020 to 2030.
- The European Union (EU) aims to achieve 20% share of energy from renewable energy sources (RESs) in theÂ final energy consumptionÂ by the end of 2020. This is expected to drive the market in the region during the forecast period.
- On the other hand, the size of the renewable energy industry in the U.S. is anticipated to double by the end of the forecast period. Renewable energy projects in the country are likely to benefit from multi-year federal tax incentives and several state-level policies promoting the use of solar energy in the next few years. This is anticipated to drive the hairy solar panels market in North America.
- Asia Pacific is estimated to be a high potential region of the global hairy solar panels market during the forecast period, led by rise in concerns about air pollution and carbon emissions in India and China
Key Players Operating in Global Market
- Hairy solar panels are under development