The global thin-film photovoltaic market is set to grow from its current market value to expand by a CAGR of 28.36% by 2023, according to a new research report by Market Research Future.

Strong concerns towards the emergence of solar power and high demand from the renewable energy industry will drive global thin film photovoltaic market share. The existing thin film photovoltaic reduces the amount of material present in the film sheet. The emphasis of these films is cutting down the carbon emissions, which has led to high adoption of renewable energy in the electricity mix.

In recent times, solar power has witnessed the outcome of maximum opportunities on account of substantial geographical potential followed by stringent government policies, incentives, and promotion of clean energy generation.

With the annual generation estimated to reach approximately 100 GW by 2017 end, the global thin film photovoltaic market is expected to be the fastest growing market.

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Top Factors Driving Global Thin Film PV Market

The thin film photovoltaic technology witnessed minimal research activities since the 1980s. Post this period, it witnessed the constant advancement, in terms of manufacturing technology and materials used in the process. The success of solar photovoltaic has set advantageous gains as it is reliable for long-term electricity generation without any high maintenance costs.

Increased demand for mass-production of energy owing to rapid urbanization and transition of conventional power to renewable energy may positively influence the market growth. On the same time, increasing electricity demand mainly from rural area among developing countries coupled with regulatory measures toward energy conservation will stimulate the thin film solar photovoltaic market size in the future. The developed countries, such as China, India, and South Korea are the significant requisitioners for the new energy growth due to substantial economic wealth and industrialization.

The main concern regarding the high demand for solar power is the initial cost of photovoltaic cells. This cost incurred is a one-time investment as solar panels have a very negligible maintenance cost. Other concerns highlighting solar power is that it is an intermittent energy source, where a kind of distraction can be addressed by installing a battery storage system along with solar plants.

The growth of such technologies is also being driven by newer applications of solar panels, such as for building integrated photovoltaic, rooftops/facades, and other low angle installations. As the demand for thin film photovoltaic continues to rise at a steady pace, the future of the global thin film photovoltaic market is optimistic. The future of photovoltaic technology is encouraging as a lot of venture capitalist firms are investing in this technology and supporting incredibly to the growth of thin film photovoltaic market.

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Segmentation

As per MRFR’s report, the global thin film photovoltaic market is segmented based on material, type, end-user, and region.

The material segment in the market includes amorphous silicon, and cadmium telluride, where amorphous silicon segment is leading in the global thin film photovoltaic market, owing to its global commercial availability.

The type-based segment in the market is fragmented as organic and inorganic, where organic segment accounts for the largest market share on account of materials such as donor and acceptor semiconducting organic composed in a photoactive layer that generates photocurrents. Thus, the organic photovoltaic has the capability to capture a massive amount of sunrays and convert it into electricity.

Based on end-user, the market of thin film photovoltaic has segments as residential, industrial, and commercial. Of these, the commercial sector is expected to lead the global thin film photovoltaic market, owing to the latest governmental policies and incentives at support.

Key Players

The major players operating in the market of global thin-film photovoltaics are Siemens AG (Germany), United Solar Energy (U.S.), Solar Cells Inc. (U.S.), Solarex MD (U.S.), Golden Photon Inc. (U.S.), ECD (U.S.), Kyocera Corporation (Japan), and Suntech Power Holdings Co. Ltd (China). Mitsubishi Electric Corporation (Japan), Panasonic Corporation (Japan), Sharp Corporation (Japan), JA solar Co. Ltd (China), Jinko Solar (China), ReneSola Co. Ltd (China),Kaneka Corporation (Japan) , and Trina Solar (China) are among others.

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