Demand-Supply Scenario of Thin Film Solar Cells Market to Remain Balanced During the Forecast Period 2018 - 2026
Market Scenario
Global Thin Film Solar Cells Market was valued US$ 16.3 Bn in 2017 and is projected to reach US$ 42.8 Bn by 2026 at a CAGR of 12.8 % during the forecast.
Global thin film solar cells market is segmented by product, by end use, and by region. Based on product, thin-film solar cells market is segmented into cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film silicon. Residential, commercial, and utility are end users of thin film solar cells market. Geographically, thin film solar cells market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Increase in awareness toward boosting green energy, a rise in energy consumption, rapid installation flexibility, and cost & performance efficiency of thin film solar cell drives global thin film solar cells market. Reducing renewable tariff subjected to increasing competitive demand may positively influence industry growth. Increasing electricity demand mainly from rural area among developing countries coupled with regulatory measures toward energy conservation will accelerate the thin film solar cells market. Reducing renewable tariff subjected to increasing competitive bidding may positively impact market growth. High initial manufacturing cost and technological complexity concerned with the use of thin-film solar cells are predicted to hamper the market growth.
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Global Thin Film Solar Cells Market
CIGS technology is gaining more popularity than other thin-film technologies. CIGS cells offer high efficiency and combined advantages of both c-Si, which claim potential advantages on cost, flexibility, weight, and manufacture ability and cheaper manufacturing process. A lot of venture capitalist firms are investing in CIGS technology, CIGS segment is expected to capture the maximum share in the thin film module market.
Commercial thin film solar cells dominated the market in 2017 and in term of a volume is anticipated to witness growth over 15% by 2026. Growing demand for uninterrupted power supply from rural or developing areas will favor the industry growth. There has been increased in production plant manufacturing commercial thin-film solar cells. Worldwide, about 34 companies are actively developing thin-film PV technologies.
In 2017, Europe dominated the thin film solar cell market, in terms of both value and volume. Middle East & Africa is expected to witness the highest growth rate during forecast, owing to the continual occurrence of solar radiation and high use of renewable energy due to the extensive use of hydropower.
Oxford Photovoltaics, Hankey Asia Ltd., Global Solar, Inc., Xunlight Kunshan Co. Ltd., Kaneka Corporation, First Solar, Ascent Solar Technologies Inc., MiaSole Hi-Tech Corp., Trony Solar, and Mitsubishi Electric US, Inc. are major players in thin film solar cell market.
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Scope of the Global Thin Film Solar Cell Market
Global Thin Film Solar Cell Market by Type:
• Cadmium Telluride
• Copper Indium Gallium Diselenide
• Amorphous Thin-film Silicone
Global Thin Film Solar Cell Market by End User:
• Residential
• Commercial
• Utility
Key Player analysed in Global Thin Film Solar Cell Market:
• Oxford Photovoltaics
• Hankey Asia Ltd.
• Global Solar, Inc.
• Xunlight Kunshan Co. Ltd.
• Kaneka Corporation
• First Solar
• Ascent Solar Technologies Inc.
• MiaSole Hi-Tech Corp.
• Trony Solar
• Mitsubishi Electric US, Inc.
• United Solar, Inc.
• Solar Frontier K.K.
• Solopower Systems
• General Electric
• Sharp Corporation
• XsunX Inc.