Thin film photovoltaic (PV) cells are in high demand in the renewable energy industry owing to its quiet nature and efforts by countries for slashing carbon emissions. The growing scope for solar energy and investments in renewable energy schemes can push the need for thin film PV cells. The global thin film photovoltaic market report by Market Research Future (MRFR) contains drivers, challenges, trends, and opportunities for the industry for the forecast period (2020-2027). The COVID-19 impact on the production and supply chain are explained in heavy detail.
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Market Scope
The global thin film photovoltaic market is estimated to exhibit 28.36% CAGR over the forecast period. The market demand is accelerated owing to advantages over solar PVs. Thin film PVs are coated with thin film coatings for capturing sunlight and converting it into electricity. Initiatives by governments for achieving solar energy capacity owing to supportive incentives and subsidies can support the market growth. Rapid industrialization in South Korea, China, and India as well as plans to transition from fossil fuels can work in the market’s favor. For instance, the Korea Institute of Energy Research has improved the efficiency of copper indium gallium selenide (CIGS) to be mounted on glass or plastic substrates.
Dipping prices of PV modules and technological advances in PV films’ efficiency can bolster the global market demand. Expansion plans of key players and continuous developments in PV modules can be opportune for the market. The COVID-19 pandemic has negatively affected the industry with new plans and projects coming to a standstill. Efforts to focus on the healthcare sector for curbing the spread of the virus can be detrimental to the market.
Segmentation
Based on the material segment, the market is classified as amorphous silicon, and cadmium telluride. Amorphous silicon segment is dominating the global thin film photovoltaic market due to its global commercial availability. Low cost of deposition on a material as well as its use on large solar panels can drive the segment demand. On the other hand, the cadmium telluride segment also possesses high potential owing to ready availability of cadmium. High efficiency of CdTe as well as its advocation by the National Renewable Energy Laboratory for electricity generation can bode well for the thin film photovoltaic market.
On the basis of type, the market is divided into organic and inorganic. Organic segment accounts for the largest market share owing to photoactive layers composed of donor and acceptor semiconducting organic materials to generate photocurrents.
Based on end-user, the thin film photovoltaics market is segmented into residential, industrial, and commercial. The commercial sector is expected to dominate the market owing to supporting policies and incentives provided by governments.
Regional Analysis
The Middle East Africa (MEA), Asia-Pacific (APAC), Europe, and North America are major regions considered in the assessment of the global thin film photovoltaic market.
APAC is slated to showcase a tremendous growth rate during the forecast period owing to installations of thin film PV modules in commercial and residential applications. China and India are expected to account for maximum regional demand due to utility projects. Renewable energy targets couple with sustainable development goals for powering future applications can drive the demand for thin film photovoltaics.
North America is estimated to be lucrative for the thin film photovoltaic market owing to tariffs on imported solar cells. The U.S. is likely to contribute the most to the market due to high efficiency noted by cadmium telluride PV modules.
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Competitive Landscape
ECD, Suntech Power Holdings Co. Ltd, Solarex MD, Golden Photon Inc., Kyocera Corporation, United Solar Energy, Solar Cells Inc., and Siemens AG are key players of the global thin film photovoltaic market. The market is set for consolidation with acquisitions and mergers being rampant. Consumer awareness and energy conservation schemes are likely to be capitalized by players to gain the edge in the market.
Industry News
Power Roll, a U.K. thin film PV manufacturer, has commenced the production of a new thin film with tiny microgrooves embossed on the material. Flexible thin film PV modules can manufacture solar modules and capacitors.
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