Efforts to reduce fossil fuel depletion along with strict legislations to maintain green environment will accelerate Thin film solar cell market expansion over the coming years. Furthermore, escalating requirement for electricity across the rural areas in emerging economies is expected to drive the market trends over the years to come.
According to Global Market Insights, Inc., “Thin film solar cell market size is anticipated to hit USD 30 billion by 2024.” Technological breakthroughs along with growing energy conservation will result in decrease of component costs, thereby benefitting the industry expansion. In addition to this, growing need for uninterrupted power supply from off grid regions will elevate the demand for renewable energy which will further accelerate the product demand.
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Based on the component trends, Thin film solar cell industry is segmented into cadmium telluride, copper indium gallium diselenide, and amorphous silicon. Cadmium telluride Thin film solar cell industry revenue is anticipated to hit USD 20 billion by 2024, driven by its extensive use across terrestrial power generation plus its high rate of conversion as well as low manufacturing costs. Amorphous silicon Thin film solar cell industry is projected to display a considerable growth over the span of few years, owing to its extensive applications across solar wristwatches, garden lights, and electronic calculators.
Thin film solar cell are highly popular across utility, residential, and commercial sectors. Commercial application, which accounted over 19% of the overall revenue in 2015, is anticipated to witness a considerable expansion over the coming period of 2016 to 2024. High demand for sustainable power supply and rise in the number of electrification programs is projected to drive the revenue. Thin film solar cell market share across the residential sector is expected to grow noticeably over years to come, due to the increase in the rooftop installations.
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Below are the regional trends of Thin film solar cell market over 2016-2024
- Large scale availability of natural resources with unexplored potential is anticipated to boost Chile Thin film solar cell market value over the years to come.
- UK Thin film solar cell market share is expected to witness a high surge over the coming timeline, driven by high government focus toward acceptance of sustainable energy.
- Growing need for PV installations across the residential sector along with favorable rules to encourage the use of renewable energy will stimulate U.S. Thin film solar cell industry growth.
Key industry players include Ascent Technology Inc., MiaSole Hi-Tech Corporation, First Solar, Hankey Asia Ltd, Oxford PV, and Xunlight Kunshan Co. Ltd.
Browse key industry insights spread across 117 pages with 368 market data tables & 11 figures & charts from the report Thin Film Solar Cells Market in detail along with the table of contents:
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
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