Thin Film Photovoltaic Market Highlights
The
global thin-film
photovoltaic market size 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.
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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