Thin Film Solar Cells Market size valued at USD 8 Billion in 2015 and is anticipated to witness growth of over 16% from 2016 to 2024.
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Government efforts toward grid integration of renewable technologies with increasing energy usage will drive the thin film solar cells market across the globe. Rapid urbanization, ongoing industrialization coupled with surging investments across real estate sector will complement the industry dynamics over the forecast timeframe. In 2017, according to International Renewable Energy Agency (IRENA), solar panel installed capacity accounted for 93.7 GW when compared to 73.4 GW in 2016 across globe. Surging efforts to enhance energy security in conjunction with positive consumer outlook toward clean energy usage will significantly stimulate the industry growth.
Continuous decline in solar prices in conjunction with restructuring of investment flow and trade policies will stimulate the thin film solar cells market demand over the forecast period. In addition, positive economic performance, improved living standard and growing fund flow across emerging countries will complement the business landscape. Furthermore, depleting fossil fuel reserves along with favorable government reforms for panel manufacturers will further boost the product adoption over the forecast timeline.
|Market Size in 2015:||8 Billion (USD)|
|Forecast Period:||2016 to 2024|
|Forecast Period 2016 to 2024 CAGR:||16%|
|2024 Value Projection:||30 Billion (USD)|
|Historical Data for:||2013 to 2015|
|No. of Pages:||115|
|Tables, Charts & Figures:||379|
|Segments covered:||Component, Connectivity, Application and Region|
|Pitfalls & Challenges:|
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Technological advancement in designing of system to achieve cost competency, enhancing efficiency, reducing panel pricing and increasing operational life will augment the industry outlook. Ongoing investments toward establishment of new manufacturing facilities will further propel the product penetration. For instance, in 2017, as per International Energy Agency (IEA) PV module manufacturing capacity increased to 133 GW in comparison to 106 GW in 2016. Growing demand for continuous electricity supply along with regulatory efforts including subsidies, tax rebates, investment tax credits and Feed-in Tariff influence the product application.
Cadmium Telluride thin film solar cells market size in is anticipated to expand over 20% by 2024 in terms of annual installation. Ease of manufacturing, low production cost, and high conversion efficiency are some of the key parameters making its adoption favorable for solar power generation.
Amorphous will witness considerable upsurge on account of lightweight, low silicon requirement, and capability to integrate several layers of film to enhance efficiency by 6% to 8%. The product finds application in various size and shape across various solar power generation systems.
Surging demand for reliable and uninterruptable electricity supply across emerging nations is anticipated to stimulate off-grid connectivity industry share during forecast timeline. Rising integration of decentralized power generation sources across remote areas along with regulatory measures to increase electrification index will further drive the off-grid thin film solar cells market share.
On-grid thin film solar cells market is anticipated to reach over 60 GW by 2024. Expanding electricity transmission and distribution network pertaining to effective integration of electricity produced by renewable sources to the grid along with numerous privileges comprising net metering, FiT leading to rapid adoption of solar panels will positively influence the business scenario.
Residential application segment will witness growth on account of rising population in line with positive consumer outlook toward deployment of solar technology. Growing lifestyle along with rising awareness about climate change across consumers will positively drive the industry scenario. Furthermore, installation proximity associated with thin films pertaining to adequate roof space for attaining economies of scale will complement the business dynamics.
Utility based thin film solar cells market contributed for over USD 4.5 billion in 2015. Rising installation of large-scale projects along with growing research and development expenditure to reduce installation and maintenance cost will stimulate the industry dynamics. In addition, regulatory measures to reduce dependency on conventional energy source in line with integration of smart monitoring and control systems which work in tandem with renewable technologies will proliferate the business landscape.
Asia Pacific region will witness growth owing to bulk solar manufacturing capability, increasing renewable integration for off grid projects coupled with strict government reforms to meet clean fuel targets. In 2017, as per China Photovoltaic Industry Association, China exported 37.9 GW of solar panel which represents 37% of global solar installation and increased by 78% in comparison to 2016.
Rising government efforts to replace the existing electricity sources coupled with integration of storage technologies will boost the Europe thin film solar cells market share significantly. For instance, in December 2018, EU revised its Renewable Energy Directive comprising solar, wind, hydro, ocean, geothermal and biomass which require member countries to cater at least 32% of total energy needs with renewable sources by 2030.
The major players across thin film solar cells market comprise of Ascent Solar Technologies, First Solar, MiaSole Hi-Tech Corp., Oxford Photovoltaics, Global Solar, Solar Frontier K.K., Hankey Asia, Xunlight Kunshan, and Trony Solar amongst others.
Increasing investment in R&D activities to reduce cost associated with the technology along with merger and acquisitions across the industry are few of the key strategic implementations adopted by leading industry participants.
Thin film solar cells capture solar rays and convert into electrical energy owing to photovoltaic effect. The panels consist of one or more thin layer of photovoltaic material on substrate comprising glass, metal, and plastic. Increasing electricity demand mainly in remote and rural area will stimulate the business landscape during forecast period.