Designing solar cells based on geographical markets not only yields more electrical energy but also is a more resource-efficient and more sustainable practice for a clean energy transition.
Further, the report captures the market trends covering solar infrastructure and electricity access rates in ISA Member countries. Global investment in renewables reached USD 0.5 Tn in 2022 due to the global rise in solar PV installations. Solar PV dominated investment in 2022, accounting for 64% of the renewable energy investment.
Silicon-based solar cells are still dominating the commercial market share and continue to play a crucial role in the solar energy landscape. Photovoltaic (PV) installations have increased exponentially and continue to increase. The compound annual growth rate (CAGR) of cumulative PV installations was 30% between 2011 and 2021 .
What is needed to enable this potential is to reach a consensus over the outdoor test conditions (OTCs) that are representative of the atmospheric conditions of different regions of the world, so that the PV cell designs can be optimized based on their location of installation.
This, in turn, affects the solar cells’ properties, particularly their efficiency and performance. The current laboratory record efficiencies for monocrystalline and multicrystalline silicon solar cells are 26.7% and 24.4%, respectively .
Governments need to turn their attention to ensuring the security of solar PV supplies as an integral part of clean energy transition. One of the key trends in the solar PV industry in 2023 is the continued decline in the cost of components required for solar panel installations, such as solar cells and inverters.