Thin Film Photovoltaic Market Report 2020 Growth Analysis, CAGR Status by 2023

Posted by Anvi on March 25th, 2020

Thin Film Photovoltaic Market Highlights

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. The global Thin Film Photovoltaic Market Report is anticipated to grow at a phenomenal rate during the forecast period due to increased concerns towards carbon footprint reduction, and emerging solar market. Solar energy is seen as an efficient alternative to conventional fossil fuels. Thus, the market leaders in solar energy are focusing on advancements in technology to administer competition to conventional energy market.

Solar power is emerging, as a highly demanded form in the renewable energy industry. Solar power is generated with the help of photovoltaics and concentrated solar panels. The emphasis on cutting down the carbon emissions has led the countries to increase the share of renewable energy in the electricity generation mix. Solar power sees maximum opportunities due to huge geographic potential and incentives and policies from the governments to promote clean energy generation. Solar power has attained milestones in the last decade, with global generation reaching to approximately 100 GW, by the end of 2017. Solar photovoltaics are advantageous as they are quiet and are reliable for long term electricity generation without huge maintenance costs.

Key Players

The major player 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.

Thin Film Photovoltaic Market Segments Analysis

As per MRFR’s report, the global thin film photovoltaic market 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.

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 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.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Joined: October 25th, 2019
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