Thin Film Solar Panels Market : Cost-Effective & Efficient Way To Transform Sunlight Into Electricity

Thin film is used to convert solar rays into electrical energy by application of photovoltaic effect. It consists of one or more thin layer of photovoltaic material on substrate such as metal, plastic and glass. The thickness of these cells varies from few nanometers to micrometers and are relatively lightweight and flexible. These cells are ideal for variety of applications, owing to their non-penetrating peel and flexibility; and hence are widely employed for residential, commercial, and utility purposes. Thin film solar cells are cost-effective and is an efficient way to transform sunlight into electricity.

Increasing electricity consumption is the prime reason that will drive the thin film solar cells market during forecast period. However, the raising R & D activities to improve energy efficiency will further propel the growth of this market. In addition, the factors accounting to the increasing consumer awareness about green energy, proper installation flexibility, and performance efficiency of thin film solar cell also propagate the growth of this market. Lack of awareness on available financial incentives and complex product design coupled with high initial setup may hamper the growth of this industry.

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Globally, Europe dominates thin film solar panels market and Latin America is expected a high growth rate during the forecast years, owing to the upsurge investment in wind and solar sector in Brazil. On the basis of type, copper indium gallium diselenide (CIGS) is the leading this market, followed by cadmium telluride (CdTe), owing to its high performance activity and high absorption coefficient.

The global thin film solar panels market can be segmented on the basis of type, end-user, installations and region. On the basis of type, the global thin film solar panels market can be segmented into cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film silicon. On the basis of end-user, the global thin film solar panels market can be segmented into residential, commercial, and utility. On the basis of installations, the global thin film solar panels market can be segmented into on-grid and off-grid. On the basis of region, the global thin film solar panels market can be segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and Latin America.

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Some of the key players in the global thin film solar panels market include Ascent Solar Technologies Inc., First Solar, Global Solar, Inc., Hankey Asia Ltd., Kaneka Corporation, MiaSole Hi-Tech Corp., Mitsubishi Electric US, Inc., Oxford Photovoltaics, Trony Solar and Xunlight Kunshan Co. Ltd.

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