Thin Film Photovoltaic Market Report
The global thin-film photovoltaic market is set to grow from its current market value to expand by a CAGR of 28.36% by 2023, according to a new research report by Market Research Future.
Strong concerns towards the emergence of solar power and high demand from the renewable energy industry will drive global thin film photovoltaic market share. The existing thin film photovoltaic reduces the amount of material present in the film sheet. The emphasis of these films is cutting down the carbon emissions, which has led to high adoption of renewable energy in the electricity mix.
In recent times, solar power has witnessed the outcome of maximum opportunities on account of substantial geographical potential followed by stringent government policies, incentives, and promotion of clean energy generation.
With the annual generation estimated to reach approximately 100 GW by 2017 end, the global thin film photovoltaic market is expected to be the fastest growing market.
Thin Film Photovoltaic Market Report Segmentation
As per MRFR’s report, the Thin Film Photovoltaic Market Report is segmented based on material, type, end-user, and region.
The material segment in the market includes amorphous silicon, and cadmium telluride, where amorphous silicon segment is leading in the global thin film photovoltaic market, owing to its global commercial availability.
The type-based segment in the market is fragmented as organic and inorganic, where organic segment accounts for the largest market share on account of materials such as donor and acceptor semiconducting organic composed in a photoactive layer that generates photocurrents. Thus, the organic photovoltaic has the capability to capture a massive amount of sunrays and convert it into electricity.
Based on end-user, the market of thin film photovoltaic has segments as residential, industrial, and commercial. Of these, the commercial sector is expected to lead the global thin film photovoltaic market, owing to the latest governmental policies and incentives at support.
Regional Outlook
As reported in MRFR, the global thin film photovoltaic market reports has covered the regions of North America, Europe, Asia Pacific, and Middle East & Africa.
Of these, Asia Pacific is one of the largest markets for solar inverter in the world so; there is an increased demand for energy due to the growing population in the region. Moreover, the rapidly growing economies in South Asian countries such as China, India, are considered as sunlight-rich countries, as China has average sunshine of more than 3500 hours per year, hence driving the market for thin-film photovoltaic with definite pull and it is projected to grow at an exceptionally high rate by 2023.
Besides China, India has plans to increase the energy generation through renewable to 175 GW up to 2022. Out of these, 100 GW is to be achieved through the solar power source. The government is supporting solar power through various incentives to equipment providers and solar plant setters.
Key Players
The major players operating in the market of global thin-film photovoltaics are Siemens AG (Germany), United Solar Energy (U.S.), Solar Cells Inc. (U.S.), Solarex MD (U.S.), Golden Photon Inc. (U.S.), ECD (U.S.), Kyocera Corporation (Japan), and Suntech Power Holdings Co. Ltd (China). Mitsubishi Electric Corporation (Japan), Panasonic Corporation (Japan), Sharp Corporation (Japan), JA solar Co. Ltd (China), Jinko Solar (China), ReneSola Co. Ltd (China),Kaneka Corporation (Japan) , and Trina Solar (China) are among others.
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