Press release
Thin Film Solar Cells Market Report Key Players: First Solar, Ascent Solar Technologies Inc, Oxford Photovoltaics, Hankey Asia Ltd., Global Solar, Inc., SOLAR FRONTIER K.K., Xunlight Kunshan Co. Ltd., MiaSole Hi-Tech Corp., Trony Solar
Thin Film Solar Cells Market
Major components of thin film solar cells include cadmium telluride, copper indium gallium diselenide, and amorphous silicon. Low manufacturing costs and extensive applications in power generation is anticipated to encourage/fuel the cadmium telluride thin film solar cells industry growth over the period of 2016-2024. Amorphous silicon thin film solar cells market is expected to witness a notable/ remarkable growth over the coming seven years, owing to its increasing use in electronic calculators, solar wristwatches, thin film transistors, and electronic calculators. Copper indium gallium diselenide industry size is forecast to hit USD 8 billion by 2024, driven by its ability to absorb more sunlight.
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US is one of the prominent regions which is actively involved in the market. Positive outlook toward relying more on renewable energy sources along with increasing installation of photo voltaic models is fueling U.S. thin film solar cells industry.
Asia Pacific is expected to hold a considerable industry share in terms of revenue with China prominently driving the regional demand. China thin film solar cells industry accounted for more than 40% of the regional market in 2015 and will register a massive double digit growth rate of 15% over the forecast span. The growth can be attributed to the huge investment in the PV projects in China.
UK thin film solar cells market covered more than 25% of the market share in 2015 and will cross 4GW power generation capacity by 2024, owing to the favorable government initiatives pertaining to sustainable energy production.
Middle East & Africa thin film solar cells market size is anticipated to witness a high surge over the period of 2016-2024, driven by the growing popularity of off-grid electricity. South Africa will contribute considerably towards the regional revenue.
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Market players are concentrating more on research activities to enhance the product quality along with improving the energy efficiency. However, lack of proper knowhow of the ongoing financial incentives related to non-conventional energy sources may act as a deterrent in the growth path of the industry. Prominent participants of thin film solar cells market include Hankey Asia Ltd., Ascent Technologies Inc., Hankey Asia Ltd., Global Solar, Inc., and First Solar.
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