global thin film solar cell market is expected to reach $39,512 million by 2023, from $11,421 million in 2016, with a CAGR of 19.4% from 2017 to 2023. Thin film solar is particularly made by placing one or more layers of photovoltaic material on a surface, such as plastic, glass, or metal. These solar cells are relatively less expensive as compared to older silicon wafer cells. These are easier, more flexible to handle, and are less susceptible to damage. Thin film material own the property of bandgap and requires ten times lesser quantity of substrate material to absorb light as compared to other solar cells. These are employed in wide range of applications, such as commercial, residential, transportation, and utility. Earlier, the first generation thin-film solar cell was developed using amorphous silicon, which delivered low power output. Later, the next generation thin-film solar cell was introduced in the market fabricated using copper-indium-gallium-selenide (CIGS), which offered improved flexibility, lightweight, and higher power efficiency.
In 2016, Europe and Asia-Pacific were the leading regions, in terms of both value and volume. Europe is the leading region, owing to the government support to develop innovative business model for increasing the availability of electricity to meet the demand by energy-intensive industries. The growth of thin film solar cell in Asia-Pacific is driven by the rapid expansion of renewable systems due to the increase in number of residential and industrial electricity consumers. The factors that drive the global thin film solar cell market are increase in awareness toward boosting green energy, rise in worldwide energy consumption, more installation flexibility of thin films, and cost & performance efficiency of thin film solar cell. However, high initial manufacturing cost and technological complexity associated with the use thin film solar cells are expected to hamper the market growth.
The global thin film solar cell market is segmented based on type, end-user, and installation. On the basis of type, it is categorized into cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film silicon. On the basis of end user, it divided into residential, commercial, and utility. On the basis of installation, it is bifurcated into on-grid and off-grid. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In November 2016, Oxford Photovoltaics announced the acquisition of thin film development production site, which was earlier operated by Bosch Solar CISTech GmbH. The company is expected to scale-up its perovskite technology to industry standard wafer size for improving the manufacturing processes necessary for commercial deployment.
The major market players are as follows
Hankey Asia Ltd.
Global Solar, Inc.
Xunlight Kunshan Co. Ltd.
Ascent Solar Technologies Inc.
MiaSole Hi-Tech Corp.
Mitsubishi Electric US, Inc.
KEY MARKET BENEFITS FOR STAKEHOLDERS
This report provides an extensive analysis of the current & emerging market trends and dynamics of the global thin film solar cell market.
In-depth analysis of all regions is conducted by constructing the market estimations for key segments from 2017 to 2023 to identify the prevailing opportunities.
The report assists to understand the strategies adopted by the companies for market expansion.
This study evaluates the competitive landscape to understand the market scenario across various regions.
Extensive analysis is conducted by following the key player positioning and monitoring the top competitors within the market framework.
KEY MARKET SEGMENTS
Cadmium Telluride (CdTe)
Copper Indium Gallium Diselenide (CIGS)
Amorphous Thin-film Silicon
By End User
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
The other major players in the industry include the following
The United Solar, Inc.
Solar Frontier K.K.
*The above list of companies is not profiled in the report, but can be added based on interest.