-- Thin Film Photovoltaic Market to Rise at 28.36% CAGR due to Growing Demand for Solar Power
The global thin film photovoltaic market is expected to rise at a CAGR of 28.36% over the forecast period (2018-2023), according to a new research report from Market Research Future (MRFR). The report talks about the macroeconomic and microeconomic factors affecting the growth of the thin film photovoltaic market, in addition to the drivers and restraints determining the market’s growth trajectory and growth rate, and the market’s segmentation. This gives the reader a comprehensive idea of the global thin film photovoltaic market’s current conditions and likelihood of growth over the forecast period.
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The thin film photovoltaic market has grown by leaps and bounds over the last few years due to the growing demand for solar energy and other renewable energy sources in the face of constant depletion of conventional fuels such as fossil fuels. The global accessibility of solar power has seen it take top spot in the global renewable energy market, with several governments as well as private organizations pushing for widespread adoption of various means of harnessing solar energy. The thin film photovoltaic market has come to the fore on the back of its inherent benefits, such as lightness and the consequent ease of carrying and installation. Thin film solar panels have a light absorbent layer up to 350 times smaller than conventional silicon panels, which makes them much thinner and lighter in comparison. This is likely to be the major driver for the global thin film photovoltaic market over the forecast period.
On the other hand, the lower efficiency of thin film photovoltaic in comparison to conventional solar panels is likely to be a major restraint against the global thin film photovoltaic market. While the drive to install thin film photovoltaic is present across the world due to its benefits in terms of logistics, the technology behind it hasn’t yet caught up with it to make the solution efficient as well as more convenient. This could be a major research avenue for key players in the global thin film photovoltaic market over the forecast period.
Segmental Analysis:
The global thin film photovoltaic market is segmented on the basis of material, type, end use, and region.
By material, the global thin film photovoltaic market is bifurcated into amorphous silicon and cadmium telluride. The amorphous silicon segment is currently dominating the global thin film photovoltaic market due to its easy availability to commercial buyers.
By type, the global thin film photovoltaic market is segmented into organic and inorganic. Organic thin film photovoltaic is likely to dominate the global market over the forecast period due to its higher efficiency in converting sunlight into electricity.
By end use, the thin film photovoltaic industry is segmented into residential, commercial, and industrial. Commercial end use of thin film photovoltaic is likely to be the major end use segment of the global thin film photovoltaic market over the forecast period due to the easy availability of economic resources and governmental backing to widespread adoption of solar power initiatives in the commercial sector.
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Regional Analysis:
Geographically, the global thin film photovoltaic market is segmented into North America, Europe, Asia Pacific, and rest of the world. Asia Pacific is likely to be the major regional market for thin film photovoltaic over the forecast period, largely due to the growing demand for solar power initiatives from China. China is the largest solar power market in the world and is likely to hold a majority share in global solar energy production over the forecast period.
Competitive Analysis:
Leading players in the global thin film photovoltaic market include Siemens AG, Solar Cells Inc., Golden Photon Inc., Kyocera Corporation, Mitsubishi Electric Corporation, Sharp Corporation, Jinko Solar, Kaneka Corporation, Trina Solar, ReneSola Co. Ltd., JA Solar Co. Ltd., Panasonic Corporation, Suntech Power Holdings Co. Ltd., ECD, Solarex MD, and United Solar Energy.
Industry Updates:
Thin film photovoltaic is also gaining speed in other areas such as space exploration. In November 2018, Ascent Solar Technologies Inc. announced that its ultra-lightweight thin film PV solution has been selected by NASA’s Marshall Space Flight Center to participate in an experiment carried out aboard the NG CRS-10 mission.
Also in November 2018, Quantum Materials Corp. announced a joint venture in the Indian state of Assam that will build quantum dot semiconductors and thin film quantum dot solar cells using its technology.
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