Thin-Film Solar PV Market - Overview
Thin film photovoltaics market experience augmented demand owing to the surged demand for mass-production of energy. The prevailing thin film photovoltaic decreases the amount of material content within the film sheet. These films function with the objective of curtailing the carbon emissions, which has made way for high espousal of renewable energy in the electricity mix. As per the reports by Market Research Future the Thin-Film Solar PV Market is estimated to grow at 28.36% CAGR by 2023. With the rising instances of transition of conventional energy to renewable energy, urbanization, heightened demand for energy efficient services, collectively with the expanding energy significant markets.
Emerging economies such as South Korea, India, and China are the key markets for renewable energy as these markets have been witnessing rapid industrialization coupled with spurring economic growth. These economies have been responsible for the highest rates of pollution that is caused by conventional fuel power plants. Amongst these countries, India has been planning to expand energy generation through renewables to 175 GW by 2022. 100 GW out of 175 GW has been strategized to be acquired with the incorporation of solar power sources. Solar power is supported by the government as it is offering wide range of incentives to solar plant setters and equipment providers.
China represents the largest solar energy producing country in the world. The reports by IEA states that China experiences half of worldwide solar PV demand and the Chinese organizations account for almost 60% of the yearly solar cell manufacturing volume. At present, solar power has witnessed the result of major opportunities on account of considerable geographical prospect followed by incentives, preference for clean energy generation, along with the annual production. It is expected to attain 100 GW approximately by the conclusion of 2017 which in turn is anticipated to drive the global thin film photovoltaic market at a rapid pace.
Thin-Film Solar PV Market Segmentation:
The reports published by Market Research Future has segmented the global thin-film solar PV market based on type, material, region, and end-user.
Based on type, the market has been segmented as inorganic and organic, where organic segment accounts for the highest market share owing to the materials such as acceptor and donor semiconducting organic contained in a photoactive coating that produces photocurrents. Hence, the organic photovoltaic has the ability to capture an enormous number of sunrays and transform it into electricity.
Based on material the market has been segmented into cadmium telluride and amorphous silicon. The amorphous silicon segment is dominating the global thin film photovoltaic market, owing to its worldwide commercial availability.
Based on end-user, the market has been segmented as industrial, commercial, and residential. Out of these, the commercial sector is likely to lead the global thin film photovoltaic market, owing to the incentives and modern governmental norms at support.
Based on regions, the market has been segmented into Europe, Asia Pacific, North America, and Middle East & Africa.
Regional Analysis
Asia Pacific represents one of the largest markets for solar inverter globally. The growing population coupled with the rapidly developing economies drive the thin film photovoltaic market in APAC. The sunlight-rich nations such as India and China are also responsible for accelerating the demand in the Asia Pacific market. The trend is likely to dominate the market over the forecast period.
Key Players
The thin-film solar PV market has been dominated by key players such as United Solar Energy (U.S.), Siemens AG (Germany), Solarex MD (U.S.), Solar Cells Inc. (U.S.), ECD (U.S.), Suntech Power Holdings Co. Ltd (China), Kyocera Corporation (Japan), Mitsubishi Electric Corporation (Japan), Sharp Corporation (Japan), Panasonic Corporation (Japan), Jinko Solar (China), JA solar Co. Ltd (China), Kaneka Corporation (Japan), Trina Solar (China), and ReneSola Co. Ltd (China).
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