Wasted Light Solar Panel Market: Current Analysis and Forecast (2023-2030)

Wasted light solar panels also known as low light solar panels or ambient light solar panels, are a type of photovoltaic panels specifically designed to generate electricity from various light sources, including low or indirect light conditions. These panels are engineered to capture and convert light energy into usable electrical power even in environments with reduced sunlight intensity or diffused lighting.

The Wasted Light Solar Panels Market is expected to grow at a strong CAGR of around 17.82% owing to the growing technological advancements in renewable resources for energy generation and an ambient light solar panels is one such innovation happening in the industry. The primary reason for the growing traction of the low light solar panels include low light solar panels are engineered to be more efficient and effective in harnessing energy from ambient light sources such as cloudy skies, shaded areas, and even indoor lighting. This makes them advantageous in regions with frequent cloud cover, shorter daylight hours, or locations where direct sunlight exposure isn't possible. Furthermore, the technology behind low light solar panels involves the use of advanced semiconductor materials, such as amorphous silicon or thin-film solar cells, which have higher sensitivity to a broader spectrum of light wavelengths. These materials allow the panels to capture and convert a wider range of the available light spectrum, including infrared and ultraviolet light, which are abundant even in low light conditions. Factors like this are contributing to the growth of the low light or ambient light solar panels in the market and due to factors like this an array of investments and product launches are happening in this space. For instance, on June 2023, Ambient Photonics announced an opening of its low light photo-voltaic cell factory in Scott Valley, South Silicon Valley.

Based on type, the market is segmented into indoor solar panels, low light solar panels, dye-sensitized solar cells (DSSC), building integrated photovoltaics (BIPV), and others ( energy harvesting tiles, smart windows with solar coatings, etc.). The dye-sensitized solar cells (DSSC) hold the majority of the low light solar panels market. The primary factor responsible for this domination include efficiency, where DSSCs have demonstrated high power conversion efficiency, which is comparable to conventional silicon-based solar cells. Furthermore, DSSCs can operate under various lighting conditions, including low-light and indoor environments. This versatility makes them suitable for a wide range of applications, such as portable electronics, building-integrated photovoltaics, and even clothing. Additionally, DSSCs offer the potential for large-scale production due to their relatively simple manufacturing processes. As the demand for renewable energy continues to grow, there are opportunities for scaling up production and reducing costs even further.

On the basis of end-user industry, the market is segmented into residential, commercial, and industrial. The residential segment generates the maximum demand for low-light solar panels. The primary factor responsible for this high demand for light solar panels from the residential segment includes limited roof space, where residential buildings often have limited roof space compared to commercial or industrial buildings. Low-light solar panels are designed to generate energy even in low-light conditions, making them suitable for smaller rooftop installations. Moreover, many residential areas have shading issues due to nearby buildings, trees, or other obstructions. Low-light solar panels are better at capturing and converting sunlight in shaded conditions, making them an ideal choice for residential rooftops where shading may be present. Furthermore, residential buildings often have consistent energy demand throughout the day, with higher energy consumption during mornings and evenings. Low-light solar panels are designed to produce electricity even during these times when sunlight may not be at its peak, allowing residents to meet their energy needs more effectively.

For a better understanding of the market adoption of 5G services, the market is analyzed based on its worldwide presence in countries such as North America (The U.S., Canada, and the Rest of North America), Europe (Germany, The U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia Pacific region has seen a surge in the adoption of low-light solar cells, with China leading the way. This growth is driven by a variety of factors, including government initiatives, where governments in the Asia Pacific region have been actively promoting the adoption of low-light solar cells. In China, the government has implemented a range of policies to encourage the development and use of renewable energy sources, including low-light solar cells. These policies include subsidies, tax incentives, and other measures to reduce the cost of solar energy. Furthermore, the Asia Pacific region has a robust manufacturing industry and a large pool of skilled labor. This has enabled the region to produce low-light solar cells at a lower cost than other regions. Moreover, growing urbanization is a major driver of the growth of low-light solar cells in the Asia Pacific region. As cities grow, the demand for energy increases, and solar energy is becoming an increasingly attractive option. Additionally, the decreasing cost of low-light solar panels, making them more affordable for consumers, is driven by factors, including government initiatives, technological advances, and economies of scale. As the cost of solar energy continues to decrease, more people in the Asia Pacific region are likely to adopt low-light solar cells.

Some of the major players operating in the market include: SunPower Corporation; First Solar; Ambient photonic; G24 Power Limited; Dracula Technologies; Perch Energy, Inc; Panasonic Corporation; SOLEMS S.A.; PowerFilm Solar, Inc.; and SHARP CORPORATION