Thin Film Photovoltaic Market Analysis:
The global Thin Film Photovoltaic Market is predicted to grow at a whopping 28.36% CAGR between 2018- 2023 states the recent Market Research Future (MRFR) analysis. Solar power has emerged as a highly favoured renewable energy industry. It is generated through concentrated solar panels and photovoltaics. Thin film photovoltaic is available in both inorganic and organic form and used widely in commercial, industrial, and residential sectors.
Prominent Players analyzed in the Thin Film Photovoltaic Market are:
Leading contenders profiled in the global thin film photovoltaic market report include Trina Solar (China), Kaneka Corporation (Japan), ReneSola Co. Ltd (China), Jinko Solar (China), JA Solar Co. Ltd (China), Sharp Corporation (Japan), Panasonic Corporation (Japan), Mitsubishi Electric Corporation (Japan), Suntech Power Holdings Co. Ltd (China), Kyocera Corporation (Japan), Solarex MD (U.S.), Solar Cells Inc. (U.S.), United Solar Energy (U.S.), and Siemens AG (Germany).
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Various factors are propelling the global thin film photovoltaic market growth. As per the current MRFR report, such factors include increased concerns about carbon footprint reduction, emerging solar market, growing demand for mass-production of energy owing to urbanization, the transition to renewable energy from conventional energy, growing demand for energy-efficient solutions, rising energy significant markets, increasing population, and advances in technology. Additional factors adding market growth include rising living standards, globalization, and newer applications of solar panels like for rooftops/facades, applications which demand more flexibility & low angle installations, and building integrated photovoltaic (BIPV).
On the contrary, high initial manufacturing investment, technological complexity associated with the use of thin-film solar cells, low conversion efficiency, multi-junction PV cells, poor installation, poor maintenance practices, and high capital costs are factors that may impede the global thin film photovoltaic market growth over the forecast period. Besides, the negative impact of the current COVID-19 pandemic resulting in disrupted supply chains is also affecting the market growth considerably.
Global Thin Film Photovoltaic Industry Segmentation:
The MRFR report provides an inclusive segmental analysis of the global thin film photovoltaic market based on end user, type, and material.
By material, the global thin film photovoltaic market is segmented into cadmium telluride and amorphous silicon. Of these, the amorphous silicon segment is predicted to lead the market over the forecast period. The global commercial availability of amorphous silicon is adding to the growth of the segment.
By type, the global thin film photovoltaic market is segmented into inorganic and organic. Of these, the organic segment will dominate the market over the forecast period for photoactive layers being made of donor & acceptor semiconducting organic material for generating photocurrents.
By end user, the global thin film photovoltaic market is segmented into commercial, industrial, and residential. Of these, the commercial segment will spearhead the market over the forecast period. Supporting incentives and policies offered by the government is adding to the growth of the segment.
Regional Analysis
Based on the region, the thin film photovoltaic market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA).
Of these, the APAC region is predicted to dominate the market over the forecast period. Growing population, rising disposable income, rapidly growing economies, and rising deployment of solar PV modules in residential and commercial applications & utility-scale are adding to the global thin film photovoltaic market growth in the region.
The global thin film photovoltaic market in Europe is predicted to hold the second-largest share over the forecast period. Increased demand for solar energy in Spain, Germany, and Italy is adding to the global thin film photovoltaic market growth in the region.
The global thin film photovoltaic market in North America is predicted to have healthy growth over the forecast period.
The global thin film photovoltaic market in the MEA is predicted to have sound growth over the forecast period.
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