Thin Film Solar Cells Market Size By Component (Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide), By Connectivity (On-Grid, Off Grid), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, Spain, France, China, India, Japan, Australia, UAE, South Africa, Brazil, Chile, Argentina), Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: December 2016 | 117 Pages | Report ID: GMI1092 Report Format: PDF
Thin Film Solar Cells Market size was over USD 8 billion in 2015 with over 16% growth forecast from 2016 to 2024.
U.S. Thin Film Solar Cell Market size, by component 2013-2024 (MW)
Increasing awareness to maintain sustainability of fossil fuel resources coupled with stringent regulation to reduce carbon footprint will drive industry growth from 2016 to 2024. Regulatory initiatives to develop and promote the adoption of clean energy technologies will stimulate the global thin film solar cells market share. Low import duty, financial assistance, tax credit, subsidy, net metering and feed in tariff are some of the initiatives introduced by the respective government.
Jawaharlal Nehru national solar mission has set target to deploy 20GW of grid connected solar power by 2022. In January 2016, the Government of India announced to allocate approx. USD743 million budget to install 5 GW of grid connected PV project by 2020. Decreasing solar tariff subject to increasing competitive bidding will positively influence thin film solar cells market size. Technology advancement with increasing energy efficiency has witnessed a decline in overall components price which may further complement the industry growth in future.
Increasing demand for clean fuel electricity from off grid areas will augment the penetration of the renewable energy in future, offering a positive push to the thin film solar cells market. Globally, over 1 billion of global population are living without or lack of electricity access. Measures toward off-grid electrification will boost the demand for renewable energy.
Cadmium Telluride thin film solar cells market size was valued over 7 GW in 2015 and in term of revenue is expected to grow over 17% by 2024. High energy conversion efficiency and low production cost make it favorable for terrestrial solar power generation.
Amorphous silicon has contributed over 13% of global thin film solar cells market revenue share in 2015.It is available in various shapes and sizes which make it favorable to use in various application such as solar wristwatches, electronic calculators, and garden lights.
Thin film solar cells market share from copper indium gallium diselenide is expected to exceed USD 8 billion by 2024 owing to its high absorption coefficient features. This features enables cells to absorb more sunlight as compared to other alternatives.
Government schemes such as renewable energy certificates, tax subsidy and feed in tariff will positively encourage the on grid thin film solar cells market size growth. Increasing demand for uninterruptable and reliable energy supply in developing countries is expected to drive off-grid connectivity industry growth during forecast period. It is anticipated to reach over 15 GW by 2024.
Residential thin film solar cells market was valued over 2 GW in 2015.
low maintenance cost coupled with increasing rooftop installation will complement the industry growth. Utility applications is expected to exceed 60GW by 2024 subject to ongoing government projects to meet their renewable target.
Commercial application has contributed around 19% of global revenue source in 2015. Growing demand for the reliable and sustainable electricity coupled with increasing electrification program will stimulate the thin film solar cells market growth from 2016 to 2024.
Rising demand for photovoltaic installation in residential sector coupled with increasing government incentives to promote adoption of renewable energy will drive U.S. thin film solar cells market size growth during forecast period. Extension of 30% of federal tax credit for solar panel installation in residential and commercial application for next five years will reduce the payback period. These initiatives may further complement the industry growth in this region.
South African thin film solar cells market was valued over 20 MW in 2015 and is expected to grow during forecast period owing to escalating off grid electricity demand.
Ongoing execution of utility and large scale commercial project may favor the business growth. Chile thin film solar cells market is witness to surpass 300MW by 2024.
Installation of photovoltaic project by promoting the development of distributed power generation systems coupled with rising electricity demand will favor the growth of China thin film solar cells market from 2016 to 2024. According to national energy administration, solar power installed capacity is anticipated to reach over 150GW by 2020.
Regulatory measures towards carbon emission and increasing demand for ground mounted photovoltaic system installation will drive the Europe thin film solar cells market during forecast period.
Competitive Market Share
The key players in global thin film solar cells market are First Solar, Ascent Solar Technologies Inc., Oxford Photovoltaics, Global Solar, Inc., Hankey Asia Ltd., SOLAR FRONTIER K.K., Xunlight Kunshan Co. Ltd., MiaSole Hi-Tech Corp., Trony Solar, Ascent Solar Technologies and others.
Thin film is used to convert solar rays into electrical energy by application of photovoltaic effect. It consists of one or more thin layer of PV material on substrate such as metal, plastic and glass. Increasing electricity demand mainly in remote and rural area will stimulate the thin film solar cells market during forecast period. Increasing investment in R & D sector to improve energy efficiency will further complement the industry growth. Lack of awareness on available financial incentives and thin film cell benefit may hamper growth of this industry.
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