Global Thin Film Solar Cell Market Size worth $30bn by 2024
Published Date: August 7, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Thin Film Solar Cell Market size is set to reach USD 30 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Rising demand for continuous electricity supply in order to effectively execute various industrial operations will drive the market dynamics. In addition, regulatory efforts to mitigate demand supply mismatch with optimal resource utilization will raise technology demand. Favorable reforms comprising tax rebates, subsidies, and investment tax credits will further stimulate the solar based product adoption over the forecast period.
The off grid thin film solar cell market is anticipated to witness growth of over 23% in terms of annual installation by 2024. Surging demand for continuous power owing is anticipated to augment the product deployment in the coming years. Growing integration of micro grid power generation sources across rural areas coupled with regulatory norms to suffice energy demand will further complement business outlook.
Rising integration of advanced technologies comprising IoT, big data along with enhanced forecasting technologies will proliferate the industry size. In addition, rising research and development activities to scale down the cost of battery storage technology will further stimulate the industry share.
Growing industry efforts to improve the efficiency by integrating various semiconductor element will boost the product penetration. Furthermore, the industry is set to witness growth on account of increasing demand for insulating material to enhance the life of solar panel installation.
Browse key industry insights spread across 115 pages with 368 market data tables & 11 figures & charts from the report, “Thin Film Solar Cell 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” in detail along with the table of contents:
Thin film solar cell market across commercial segment had witnessed an annual installation of over 2 GW in 2015. Rapid commercialization to upscale the overall economic growth supported by foreign direct investment (FDI) schemes to support solar panel adoption will augment the product demand. Ongoing digitalization across the industrial peripheral in line with rising electricity demand from data centers & communication base stations will further complement the business outlook over the coming years.
Production flexibility associated with bulk production, low impact of high temperatures and shading when compared to other technologies are some of the prime factors positively contributing toward thin film solar cells demand. Furthermore, capability to reduce time requirement to produce electricity as compared to its counterpart technologies will further drive the industry landscape.
Positive federal outlook toward replacement of existing technology to meet peak load demand along with rising efforts to ensure grid stability will stimulate North America thin film solar cell market over the forecast timeline. The regional industry is further projected to expand on the account of paradigm shift toward integration of renewable technologies along with government efforts to minimize dependence on the fossil fuels. According to Solar Energy Industries Association (SEIA), in 2018, the solar industry witnessed investment of USD 17 billion across the U.S.
Leading players across global market include Global Solar, First Solar, Oxford Photovoltaics, Hankey Asia, Solar Frontier K.K., MiaSole Hi-Tech., Xunlight Kunshan, Trony Solar, and Ascent Solar Technologies among others.
The thin film solar cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and volume in MW from 2013 to 2024, for the following segments:
- Cadmium Telluride
- Amorphous Silicon
- Copper Indium Gallium Diselenide
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Africa
- Latin America