Thin Film Photovoltaic Market Summary
Market Research Future (MRFR), in its research report, emphasizes that the global Thin Film Photovoltaic Market 2020 is slated to grow exponentially over the review period, ensuring substantial market valuation and a healthy CAGR over the review period.
Competitive Analysis
The major market players operating in the global market as identified by MRFR are United Solar Energy (U.S.), Siemens AG (Germany), Solar Cells Inc. (U.S.), Solarex MD (U.S.), Golden Photon Inc. (U.S.), Kyocera Corporation (Japan), Kaneka Corporation (Japan), ECD (U.S.), and Suntech Power Holdings Co. Ltd (China). Panasonic Corporation (Japan), Mitsubishi Electric Corporation (Japan), Sharp Corporation (Japan), JA solar Co. Ltd (China), ReneSola Co. Ltd (China), Jinko Solar (China), and Trina Solar (China) are among others.
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Drivers and Restraints
The market for thin film photovoltaics is expected to have a huge number of advances over the forecast period due to constant developments in the end-use sector coupled with rising demand from end-use industries. It is also expected that multinationals and well-established corporations will have strong expansion activities in the sector. Due to increased concerns about carbon footprint reduction and emerging solar market, the global thin-film photovoltaic market is slated to grow at a phenomenal rate during the forecast period. Although demand for solar energy has gradually increased across the globe, market players are concentrating on optimizing their product offering in terms of efficiency and production, so that one day the choice between renewable and traditional energy sources is at the same level. Thin-film photovoltaic market development has been steady with improvements in thin-film technology , leading to a more economical pricing. The price factor has always played an essential role in any market ‘s growth, and that is true in this case as well. Most of the photovoltaic thin-film solar panels are made from Cadmium Telluride ( CdTe), the most commonly used thin-film technology. Approximately half of the thin-film solar panels are produced through the CdTe cycle. The application of such panels in utility-scale and commercial installations such as solar panel farms are currently the market’s main drivers, with market players strategizing to tap into mainstream demand in the years ahead.
Segmental Analysis
The thin film photovoltaics market is analyzed on the basis of type, material, end-use, and region.
on the basis of material segment, the market is bifurcated as amorphous silicon, and cadmium telluride.
Amorphous silicon segments is leading the global thin-film photovoltaics market due to its global commercial accessibility.
On the basis of type, the market is divided as organic and inorganic. Organic segment accounts for substantial market share due to photoactive layers consisting of donor and acceptor semi-conducting organic materials to produce photocurrents and organic photovoltaics are capable of catching huge quantities of sun rays and turning them into electricity.
The demand for thin film photovoltaics is segmented as residential, industrial, and commercial, based on end-user. The commercial sector is expected to dominate the market, owing to the Government’s support for policies and incentives.
Regional Assessment
The global market geographic overview was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Asia Pacific is one of the world’s most important solar inverter markets. Due to the increasing population and rising disposable income in the area there is increased demand for energy. In addition, the fast-growing economies in that region are also the world’s top polluters. South Asian countries like China, India, are country rich in sunlight. For example, the province of Qinghai in China has an average sunshine of over 3500 hours per year. These factors drive the Asia Pacific region ‘s demand for thin film photovoltaics, and thus are projected to rise at an exceptionally high pace by 2023.
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