The Global Thin Film Photovoltaic Cells Market is Projected to Reach US$32 Billion by 2024

Rising Significance of Solar Energy as a Renewable Alternative to Fossil Fuels to Drive Growth in the Global Thin Film Photovoltaic Cells Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Thin Film Photovoltaic Cells market. The global Thin Film Photovoltaic Cells market is projected to reach US$32 billion by 2024, driven by the growing focus on renewable energy alternatives to fossil fuel sources. The thin film cells market also stands to benefit from growing adoption in areas such as off-grid or remote electrification and BIPV applications.

Solar power, generated using photovoltaics (PV) and concentrated solar panels, is one of the most promising areas of the renewable energy industry. While crystalline silicon (c-Si) PV cells account for a major share of the global solar PV market, the technology is facing challenges due to the limited potential for cost reduction and efficiency enhancements. Consequently, the focus is shifting towards thin film PV cells, which are capable of addressing efficiency challenge since they are coated with thin film coatings featuring photosensitive chemicals that help in capturing the maximum amount of sun rays for conversion into electricity. A major advantage of thin film solar cells is the reduced amount of material used in every cell, which the enables creation of a compact panel.

Thin film technology has been gaining popularity over the past decade, substituting the traditional silicon technology in an increasing range of industries. Key factors driving growth in the market include the low cost production, low temperature co-efficient, and environmental friendly technology of thin films. The market for thin films is heavily dependent on solar industry, which has grown considerably over the past few years. The surging demand for electricity worldwide, the growing need to reduce reliance on fossil fuels, increasing emphasis on renewable energy resources, and the rising demand for energy efficient solutions are all fueling growth in the thin film PV cells market. Governments in several developing economies are also intensifying efforts to electrify rural areas and off-grid locations through unconventional and renewable energy resources. The intensifying efforts to electrify such off-grid locations will augur well for the thin film solar cells market. The thin film solar cells market is also being driven by the emergence of new applications of solar panels such as rooftops/facades and BIPV (building integrated photovoltaics), along with facades and rooftop applications requiring  low angle installations and greater level of flexibility. The market is also witnessing advancements in terms of materials being used and manufacturing technology being employed.

With regulatory agencies adopting initiatives to encourage adoption of clean energy solutions, the market for thin film solar cells is positioned for growth. Several governments have introduced tax credits, net metering, feed-in-tariffs, subsidies and financial assistance to promote solar energy sector, benefiting the thin film solar cells market. Demand for renewable energy including solar power is in particular increasing from high-growth economies such as China and India, which are witnessing increasing urbanization and rapid pace of industrialization. Since such countries are also among the leading air pollution-causing nations through traditional power plants, the shift towards renewable energy sources such as solar power is high on the agenda for the governments.

As stated by the new market research report on Thin Film Photovoltaic Cells, Asia-Pacific represents the largest regional market, worldwide. Asia-Pacific is also forecast to register the fastest CAGR of 25.4% over the analysis period. The escalating demand for energy in high growth economies specifically India and China is driving focus onto to solar power generation, thus aiding growth in the region’s thin film solar cells market. China is a leading regional market for thin film PV cells market, with growth led by the increasing deployments of solar PV projects. Rapidly increasing demand for electricity and the supportive policies in place for developing distributed power generation systems are spurring growth in the country’s thin film solar cells market.

Major players in the market include Ascent Solar Technologies Inc., Astronergy/Chint Solar, AVANCIS GmbH & Co. KG, First Solar Inc., Hanergy Holding Group Ltd., Global Solar Energy Inc., MiaSolé, Solibro GmbH, Kaneka Corporation, NexPower Technology Corp., Sharp Solar Energy Solutions Group, Solar Frontier K.K, SoloPower Systems Inc., Trony Solar Holdings Co. Ltd., and TSMC Solar Limited, among others.

The research report titled “Thin Film Photovoltaic Cells: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America and Rest of World. The market is analyzed by the Material - a-Si, CdTe, and CIGS/CIS.

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