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Thin and Ultra-thin Films Market Predicts remarkable growth 2024
Thin and Ultra-thin Films Market
As per the numerical analysis presented in the TMR report, the global thin and ultra-thin films market could rake in an impressive US$115.41 bn by 2024. In 2015, the market had been worth an only US$32.78 bn. This substantial rise of the market has been anticipated to be on the back of a 15.1% CAGR expected to take shape between 2016 and 2024.
By end-user segmentation, thin film electronics could draw a significant share of 64.9% by the end of the forecast timeframe. The dominance of this end-user market for thin and ultra-thin films has been predicted to be retained from 2015. According to the report’s geographical analysis, Asia Pacific could be a frontrunner in the global market while being poised to secure a 24.1% share by the concluding forecast year.
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Growing Miniaturization Trend in Semiconductors and Electronics Inflates Adoption
The demand for thin and ultra-thin films could be supported by increased adoption across concerned industries. For instance, the semiconductors and electronics sector has been envisaged to provide a good momentum to the world thin and ultra-thin films market by augmenting the level of uptake on account of several advantages of the products. Moreover, the surging trend of miniaturization in this sector could considerably boost the growth of the market.
Other sectors such as aerospace and defense could also further the growth of thin and ultra-thin films. According to the authors of the report, such sectors could exhibit a keen interest in using thin and ultra-thin films for the reason that they offer reduced weight and enhanced speed, efficiency, and power. Furthermore, the development of nanotechnology has been forecasted to bring in some favorable prospects for market players.
Poor Conversion Efficiency of Thin Film Solar Cells Poses Challenge
Companies dealing with thin and ultra-thin films have been projected to face challenges that could likely cost the growth of the international market in the foreseeable future. The substandard level of conversion efficiency of thin film solar cells could be one of the principal hindrances in market growth. The complex structure of their construction has been foreseen to persuade users not to invest in thin and ultra-thin films. In addition, flexible thin film solar cells may not be viable enough, considering the unavailability of sophisticated installation skills required.
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Nevertheless, market players have been prophesied to be pampered by some reliable business opportunities birthing from different promising factors. The elevating adoption of solar energy could offer a strong boost to the demand in the international thin and ultra-thin films market. This could show face against the backdrop of the snowballing pressure to curtail carbon footprint.
Thin and ultra-thin films could also find application in the production of photovoltaic (PV) cells, which could be used for gaining control over solar energy. In the coming years, the demand for thin film PV has been prognosticated to increase due to tight regulations enforced by environmental organizations such as the Department of Energy Resources (DOER), U.S. Environmental Protection Agency (EPA), and Greenpeace.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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