- CIGS technology is gaining more popularity than other thin-film technologies.
- Reducing renewable tariffs creates increasing competitive demand, which may positively influence industry growth.
- High initial manufacturing cost and technological complexity concerned with the use of thin-film solar cells are predicted to hamper the market growth.
An increase in awareness toward boosting green energy, a rise in energy consumption, rapid installation flexibility, and cost & performance efficiency of thin film solar cell drives the global thin film solar cells market. The Global Thin Film Solar Cells Market was valued $16.3 Bn in 2017 and is projected to reach $42.8 Bn by 2026 at a CAGR of 12.8 % during the forecast.
The global thin film solar cells market is segmented by product, by end use, and by region. Based on product, thin-film solar cells market is segmented into cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film silicon. Residential, commercial, and utility are end users of thin film solar cells market. Geographically, thin film solar cells market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Reducing renewable tariffs creates increasing competitive demand, which may positively influence industry growth. Increasing electricity demand mainly from rural areas among developing countries, coupled with regulatory measures toward energy conservation, will accelerate the thin film solar cells market. High initial manufacturing cost and technological complexity concerned with the use of thin-film solar cells are predicted to hamper the market growth.
Global Thin Film Solar Cells Market
CIGS technology is gaining more popularity than other thin-film technologies. CIGS cells offer high efficiency and combined advantages of both c-Si, which claim potential advantages on cost, flexibility, weight, and manufacture ability and cheaper manufacturing process. A lot of venture capitalist firms are investing in CIGS technology, CIGS segment is expected to capture the maximum share in the thin film module market.
- I Will Write Branded SEO Blog Articles to Grow Your Business
- Professional Editor and Proofreader
- Advanced SEO Audit and Keyword Research
- I will give you 21 million ebooks plr articles and digital products
- Promote your Blog Post, Content Product, Affiliate link, Services, eCommerce Store or Shopify to Go Viral
Commercial thin film solar cells dominated the market in 2017 and in term of a volume is anticipated to witness growth over 15% by 2026. Growing demand for uninterrupted power supply from rural or developing areas will favor the industry growth. There has been increased in production plant manufacturing commercial thin-film solar cells. Worldwide, about 34 companies are actively developing thin-film PV technologies.
In 2017, Europe dominated the thin film solar cell market, in terms of both value and volume. Middle East & Africa is expected to witness the highest growth rate during forecast, due to the continual occurrence of solar radiation and high use of renewable energy due to the extensive use of hydropower.
Oxford Photovoltaics, Hankey Asia Ltd., Global Solar Inc., Xunlight Kunshan Co. Ltd., Kaneka Corporation, First Solar, Ascent Solar Technologies Inc., MiaSole Hi-Tech Corp., Trony Solar, and Mitsubishi Electric US Inc. are major players in thin film solar cell market.