Thin
Film Photovoltaic Market Highlights
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.
The global thin-film photovoltaic market is anticipated to grow at a phenomenal
rate during the forecast period due to increased concerns towards carbon
footprint reduction, and emerging solar market. Solar energy is seen as an
efficient alternative to conventional fossil fuels. Thus, the market leaders in
solar energy are focusing on advancements in technology to administer
competition to conventional energy market.
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Solar power is emerging, as a
highly demanded form in the renewable energy industry. Solar power is generated
with the help of photovoltaics and concentrated solar panels. The emphasis on
cutting down the carbon emissions has led the countries to increase the share
of renewable energy in the electricity generation mix. Solar power sees maximum
opportunities due to huge geographic potential and incentives and policies from
the governments to promote clean energy generation. Solar power has attained
milestones in the last decade, with global generation reaching to approximately
100 GW, by the end of 2017. Solar photovoltaics are advantageous as they are
quiet and are reliable for long term electricity generation without huge
maintenance costs.
Key
Players
The major player 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.
Thin
Film Photovoltaic Market Segments Analysis
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.
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.
Regional
Outlook
As reported in MRFR, the global
thin film photovoltaic market has covered the regions of North America, Europe,
Asia Pacific, and Middle East & Africa.
Of these, Asia Pacific is one of
the largest markets for solar inverter in the world so; there is an increased
demand for energy due to the growing population in the region. Moreover, the
rapidly growing economies in South Asian countries such as China, India, are
considered as sunlight-rich countries, as China has average sunshine of more
than 3500 hours per year, hence driving the market for thin-film photovoltaic
with definite pull and it is projected to grow at an exceptionally high rate by
2023.
Besides China, India has plans to
increase the energy generation through renewable to 175 GW up to 2022. Out of
these, 100 GW is to be achieved through the solar power source. The government
is supporting solar power through various incentives to equipment providers and
solar plant setters.
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