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.
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.
Access Complete Report at: https://www.marketresearchfuture.com/reports/thin-film-photovoltaic-market-1345
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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