Thin Film Photovoltaic Market is expected to expand at ~28.36% CAGR during the forecast period

Global Thin film photovoltaics Market

The global thin-film photovoltaic market 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. Asia Pacific is one of the largest markets for solar inverter in the world.

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There is an increased demand for energy due to the growing population and rising disposable income in the region. Moreover, the rapidly growing economies in this region are also the top polluters in the world. South Asian countries such as China, India, are sunlight-rich countries. For an instance, Qinghai province in China, has an average sunshine of more than 3500 hours per year. These factors are driving the market for thin film photovoltaics from Asia Pacific region and hence it is projected to grow at an exceptional high rate by 2023.

Market Scenario
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.

Solar photovoltaics face an issue of low efficiency as the sytems not able to convert sun rays into power efficiently. This is due to the demand to thin film photovoltaics that are coated with effective thin film coatings with particular chemicals that are photosensitive, which helps capture maximum sun rays and the convertion of solar light to electricity by solar inverters. Thin film photovoltaics are, thus, an energy efficient solution over traditional photovoltaics.

The demand for thin film photovoltaics is heightened by the increased demand for mass-production of energy due to the urbanization and transition of conventional energy to renewable energy, growing energy significant markets, and increasing demand for energy efficient solutions. Nations such as China, India, and South korea are the major requisitioners for renewable energy due to growing economic wealth and industrialization from the nations. Besides, these nations are also the top air polluters through conventional fuel power plants. India has plans to increase the energy generation through renewables to 175 GW up to 2022. Out of these 100 GW is planned to be achieved through solar power source. The government is supporting solar power through various incentives to equipment providers and solar plant setters. China has evolved as the largest solar energy producing nation in the world. According to IEA, China represents half of global solar PV demand and Chinese companies account for 60% of total annual solar cell manufacturing capacity.

The thin film photovoltaics market is segmented on the basis of material, type, end-use and region. Based on the material segment, the market is classified as amorphous silicon, and cadmium telluride. Amorphous silicon segments is dominating the global thin-film photovoltaics market due to its global commercial availability. On the basis of type, the market is fragmented as 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 thus organic photovoltaics have capability to capture huge amount of sun rays and convert them to electricity. . Based on end-user, the thin film photovoltaics market is segmented as residential, industrial, and commercial. Commercial sector is expected to dominate the market, owing to supporting policies and incentives that are provided by the governments.

Thin film photovoltaics market is expected to have a huge number of advancements over the forecast period owing to continuous developments in end-use industry coupled with rising demand from industries in the end-use sector. Multinationals and well-established companies in the market are also expected to have high expansion activities.

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The global thin film photovoltaics market is expected to expand at ~28.36% CAGR during the forecast period.

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