Thin film solar cells market: High demand for efficient power supply to drive the industry growth over 2016-2024
Publisher : Fractovia | Published Date : 2017-02-17Request Sample
Strict guidelines for increasing energy efficiency plus growing need for electricity across remote regions will propel thin film solar cells market over the next few years. Furthermore, enhanced use of clean energy technologies coupled with intensified (worldwide) efforts to curb GHG emissions are expected to promote the industry trends. According to Global Market Insights, Inc. report, “Thin film solar cells market value is estimated to surpass USD 30 billion by 2024.” Diminishing component costs as a result of introduction of new technologies will nurture the market growth over the coming timeframe. Increasing number of R&D activities carried out across the globe to reduce energy consumption will further push thin film solar cells industry growth.
Thin film solar cells market is experiencing a heavy demand across commercial, utility, and residential sectors. Escalating need for sustainable and incessant power supply along with rise in the number of electrification programs will boost the industry size in the commercial sector. Thin film solar cells industry revenue in the residential sector is projected to grow significantly over the coming seven years, driven by rise in rooftop deployments. Growing government investments in renewable energy projects is forecast to foster the industry growth in utility sector in the near future.
U.S. Thin Film Solar Cell Market size, by component 2013-2024 (MW)
Major components of thin film solar cells include cadmium telluride, copper indium gallium diselenide, and amorphous silicon. Low manufacturing costs and extensive applications in power generation is anticipated to encourage/fuel the cadmium telluride thin film solar cells industry growth over the period of 2016-2024. Amorphous silicon thin film solar cells market is expected to witness a notable/ remarkable growth over the coming seven years, owing to its increasing use in electronic calculators, solar wristwatches, thin film transistors, and electronic calculators. Copper indium gallium diselenide industry size is forecast to hit USD 8 billion by 2024, driven by its ability to absorb more sunlight.
Below are the regional trends influencing thin film solar cells market over 2016-2024
- Rising trend of ground mounted PV systems deployments and tough regulatory checks to maintain green environment are projected to be the key growth drivers of Europe thin film solar cells industry. UK is expected to drive the regional share.
- Middle East & Africa thin film solar cells market size is anticipated to witness a high surge over the period of 2016-2024, driven by the growing popularity of off-grid electricity. South Africa will contribute considerably towards the regional revenue.
- Ample availability of unexplored resources will boost LATAM thin film solar cells industry over the next few years. Chile is predicted to be the regional revenue contributor.
- High requirement of electric supply coupled with large-scale execution of PV projects will promote Asia Pacific thin film solar cells industry size over the next few years. China is likely to be a major revenue contributor of the region.
- North America thin film solar cells market is forecast to experience a considerable growth over the coming timeframe, driven by the government initiatives encouraging the use of renewable energy along with high requirement of PV systems in residential sector. U.S. is expected to account for a major chunk of regional revenue over the coming seven years.
Key industry participants include Ascent Solar Technologies Inc., Trony Solar Holdings Company Limited, Global Solar Incorporation, SOLAR FRONTIER K.K., Oxford Photovoltaics Limited, Hankey Asia Limited, Xunlight (Kunshan) Company Limited, and MiaSole Hi-Tech Corporation.
