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Thin Film Solar Cells Market: Regional Growth Drivers, Opportunities, Trends, and Forecasts to 2024

Author : Ronak Bora | Published Date : 2020-09-14 

UK thin film solar cells market in term of volume, is estimated to exceed 4GW by 2024. Government focus toward adoption of sustainable energy would favor the business.

Commercial thin film solar cells market share was valued over USD 1 billion in 2015 and in term of volume is anticipated to witness growth over 15% by 2024, growing demand for uninterrupted power supply will favor the industry growth.

China thin film solar cells market size contributed over 40% of total regional capacity in 2015 and in term of revenue is expected to witness a substantial growth over 15% from 2016 to 2024 owing to large implementation of PV projects. PV poverty allegation program of China has a target to install total 10GW of PV by 2020.

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South Africa demand was over 20MW in 2015, growing demand for thin film panel primarily from small scale applications will drive the Middle East and Africa thin film solar cells market.

Global thin film solar cells market is expected to increase its revenue fourfold by surpassing USD 30 billion by 2024. Technological progressions along with a large number of promising energy conservation programs that have been initiated worldwide have resulted in a decline in overall component cost. These adopted initiations will act as a catalyzer for the overall growth of the market. In this regard, India is already a step ahead. In 2016, the country has launched a target of deploying 20 GW grid connected solar power projects in half a decade, which will finally result in cost reduction of solar power generation of the country.

The solar technology is witnessing a continuous evolution with technological progression. Three types of thin film cells that are predominant in the market are cadmium telluride thin film cells, amorphous silicon cells, and copper indium gallium diselenide (CIGD)solar cells. Amorphous silicon thin film solar cells market accounted for more than 13% of the total volume in 2015 and is expected to observe a surge due to increasing demand for solar wristwatches, garden lights, and electronic calculators. Cadmium telluride solar cells are largely adopted for generating terrestrial solar power in residential sector owing to the product’s cost effectiveness and high-level conversion efficiency. This second-generation thin film solar cells industry is estimated to grow stupendously at a CAGR of 17% over the period of 2016-2024.  Copper indium gallium diselenide based film solar cells are the top performing cells till date, with an upper hand due to absorption of more sunlight than the other products. CIGD thin film solar cells market is anticipated to generate a revenue of USD 8 billion by 2024.

Cadmium telluride component is expected to exceed USD 20 billion by 2024 subject to its low manufacturing cost and high conversion efficiency. It has wide application in terrestrial power generation.

Chile contributed over 50% of total regional revenue share in 2015 and is expected to reach over 300 MW by 2024. Abundant availability of resources with huge untapped potential will propel the thin film solar cells market size in coming years.

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Major participants in the industry are Ascent Technologies Inc., Hankey Asia Ltd., MiaSole Hi-Tech Corp., First Solar, Global Solar, Inc., SOLAR FRONTIER K.K., Trony, Oxford Photovoltaics, Xunlight Kunshan Co. Ltd and others.

Table of Contents (ToC) of the report:

Chapter 3     Thin Film Solar Cells Market Insights

3.1    Industry segmentation

3.2    Industry Size and forecast, 2013 – 2024

3.3    Thin film solar cells industry ecosystem analysis

3.4    Vendor matrix

3.5    Innovation & sustainability

3.6    Regulatory framework

3.6.1    U.S.

3.6.2    India

3.6.3    Europe

3.6.4    China

3.7    Price trend analysis

3.8    Thin film solar cells industry impact forces

3.8.1    Growth drivers

3.8.1.1   Growing demand for sustainable energy

3.8.1.2   Decreasing solar component price

3.8.1.3   Favorable government initiatives

3.8.1.4   stringent emission control norms

3.8.2    Industry pitfalls & challenges

3.8.2.1   Lack of awareness

3.9    Growth potential analysis

3.10  Porter’s analysis

3.11  Competitive landscape, 2015

3.11.1    Strategy dashboard

3.12  PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/thin-film-solar-cells-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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