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
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.