Thin Film Solar Cells Market size worth over $30bn by 2024
Published Date: December 16, 2016 Author: Global Market Insights, Inc.
Thin Film Solar Cells Market size is likely to exceed USD 30 billion by 2024, as per the latest research report by Global Market Insights, Inc.
Strong concerns towards fossil fuel depletion with stringent regulations to reduce greenhouse gas emission will drive global thin film solar cells market share. Financial incentives including tax rebate, subsidies, net metering, FIT, low import duty and tax credit are set to favor the industry outlook.
Reducing renewable tariff subjected to increasing competitive bidding may positively influence industry growth. In December 2016, solar power tariff witnessed a new low of USD 4 cents per unit quoted by Amplus Energy Solutions. These tariffs are applicable for rooftop projects in Himachal Pradesh, Uttarakhand and Puducherry.
Increasing electricity demand mainly from rural area among developing countries coupled with regulatory measures toward energy conservation will stimulate the thin film solar cells market size in future. High initial cost may act as a restraint for industry in near terms.
U.S. thin film solar cells market share contributed over 90% of regional revenue in 2015 and is expected to exceed 15 GW by 2024. Extension of investment tax credit in commercial and residential application helps to reduce the payback period for PV system will drive the foster industry growth.
Browse key industry insights spread across 117 pages with 368 market data tables & 11 figures & charts from the report, “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” in detail along with the table of contents:
Key insights from the report include:
- Cadmium telluride component is expected to exceed USD 20 billion by 2024 subject to its low manufacturing cost and high conversion efficiency. It has wide application in terrestrial power generation.
- Chile contributed over 50% of total regional revenue share in 2015 and is expected to reach over 300 MW by 2024. Abundant availability of resources with huge untapped potential will propel the thin film solar cells market size in coming years.
- UK thin film solar cells market share was over 25% of total revenue regional share in 2015 and in term of volume, is estimated to exceed 4GW by 2024. Government focus toward adoption of sustainable energy would favor the business.
- Commercial thin film solar cells market share was valued over USD 1 billion in 2015 and in term of volume is anticipated to witness growth over 15% by 2024, growing demand for uninterrupted power supply will favor the industry growth.
- China thin film solar cells market size contributed over 40% of total regional capacity in 2015 and in term of revenue is expected to witness a substantial growth over 15% from 2016 to 2024 owing to large implementation of PV projects. PV poverty allegation program of China has a target to install total 10GW of PV by 2020.
- South Africa demand was over 20MW in 2015, growing demand for thin film panel primarily from small scale applications will drive the Middle East and Africa thin film solar cells market.
- Major participants in the industry are Ascent Technologies Inc., Hankey Asia Ltd., MiaSole Hi-Tech Corp., First Solar, Global Solar, Inc., SOLAR FRONTIER K.K., Trony, Oxford Photovoltaics, Xunlight Kunshan Co. Ltd and others.
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:
Global Thin Film Solar Cells Market by Component
- Cadmium Telluride
- Amorphous Silicon
- Copper Indium Gallium Diselenide
Global Thin Film Solar Cells Market by Connectivity
Global Thin Film Solar Cells Market by Application
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Africa
- Latin America