Global Thin Film PV cells market to witness a CAGR of 17.3% during 2018-2024

NEW YORK, March 28, 2019 (GLOBE NEWSWIRE) -- The global thin film PV cells market was valued at USD 13.5 billion in 2017, and is likely to expand to USD 41.2 billion by 2024, witnessing a CAGR of 17.3% over the forecast period. The growth can be primarily attributed to the various government initiatives to promote renewable energy along with the rising demand for energy across the globe. Moreover, thin film PV cells offer superior installation flexibility and excellent performance, which is further expected to propel the demand over the forecast period.

Thin film PV cells or modules are based on an extremely thin semiconducting absorber layer, which are laid onto a substrate. The origination of thin film PV cells dates back to the 1970s and their multiple light absorbing layers are almost 300 times smaller than traditional silicon solar panels. High end research and development activities around the world have led to the introduction of thin film solar cells that are mainly used in low voltage applications.

Key findings from the report:

• The global thin film PV cells market is likely to reach USD 41.2 billion by 2024

• Cadmium Telluride (CDTE) segment held the major share of the market in 2017, and is likely to witness a healthy CAGR during 2018 to 2024
• CIGS segment is expected to emerge as the fastest growing type over the forecast period
• Residential application accounted for a considerable share of the market in 2017, and the trend is likely to continue over the next seven years
• Europe dominated the global market in 2017, however Asia-Pacific is expected to grow at the fastest CAGR over the forecast period

• Some of the key companies operating in the industry include First Solar; Ascent Solar Technologies, Inc.; Sharp Corporation; Oxford PV; Hanergy Holding Group Ltd.; Bosch Solar Energy AG; Trony Solar Holdings Co. Ltd.; Kaneka Corporation; Mitsubishi Heavy Industries Ltd.; SoloPower Systems, Inc.; NanoPV Technologies;  Triton Solar LLC; Solar Frontier; NexPower Technology CORP.; Xunlight (Kunshan) Co., Ltd.; among others
• As of September 2018, Sharp Energy Solutions Corporation announced the completion of a mega solar plant in Zamyn Uud, Dornogovi Province, Mongolia. The project was a collaboration with Shigemitsu Shoji Co., Ltd and Mongolian energy company Solar Tech LLC. The new plant has an output of almost 16.5 MW-dc; with an annual power generation capacity estimated at 31,162 MWh/year and is expected to allow the avoidance of greenhouse gas emissions of 24,836 t-CO₂ per year.  

CIGS technology to drive the demand over the coming years

Copper Indium Gallium Diselenide (CIGS) technology is becoming more popular as compared to other thin film technologies primarily due to its reduced manufacturing costs and higher efficiency. The segment is expected to augment at the fastest CAGR over the forecast period. These cells do not contain toxic Cd and demonstrate excellent resistance to heating. Being the future market leader for thin film PV cells, the CIGS technology is attracting investments from venture capitalists.

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Thin film PV cells market - Regional insight

Europe dominated the global market for thin film PV cells in 2017, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to the increasing investments in research & development along with the growing demand for solar PV installations across the region. However, Asia-Pacific is expected to emerge at the fastest CAGR owing to the presence of key markets such as China, India and Japan coupled with the various regulatory measures for the reduction of carbon emissions in the region.          

The report segments thin film PV cells market on the basis of type, installation, application, and region.

By Type

• Amorphous Thin-Film Silicon
• Cadmium Telluride (CDTE)
• Copper Indium Gallium Diselenide (CIGS)

By Installation

• On-grid
• Off-grid

By Application

• Residential
• Commercial
• Utility

By Region

• North America
• Europe
• Asia-Pacific
• Central & South America (CSA)
• Middle East & Africa (MEA)

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