Thin Film Photovoltaics Market Overview Price and Profit Forecast To 2022
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<strong>Thin</strong> <strong>Film</strong> <strong>Photovoltaics</strong> <strong>Market</strong> <strong>Overview</strong> | <strong>Price</strong> <strong>and</strong> <strong>Profit</strong> |<br />
<strong>Forecast</strong> <strong>To</strong> <strong>2022</strong><br />
“Global <strong>Thin</strong> <strong>Film</strong> <strong>Photovoltaics</strong> <strong>Market</strong> report includes in-depth analysis of<br />
industry by recent technologies, trends, opportunities, challenges, key players<br />
<strong>and</strong> business strategies considering types, segment <strong>and</strong> future outlook.”<br />
Global <strong>Thin</strong> <strong>Film</strong> <strong>Photovoltaics</strong> (PV) market is expected to grow significantly over the forecast<br />
period owing to the speedy advancements in thin film technology. The most common types of<br />
PV cells used worldwide are thin film PV cells <strong>and</strong> crystalline silicon. Formerly, market was ruled<br />
by crystalline silicon PV cells. However, thin film has gained popularity in the recent past. <strong>Thin</strong><br />
film PV primarily consists of copper-indium diselenide (CIS), amorphous silicon (a-Si), cadmium<br />
telluride (CdTe) <strong>and</strong> copper indium gallium diselenide (CIGS).<br />
<strong>Photovoltaics</strong> are also known as solar cells. They are electronic devices which directly converts<br />
sunlight into electricity. <strong>Thin</strong> film photovoltaics are made by putting one or more thin layers of<br />
photovoltaic (PV) material on a substrate such as plastic, metal or glass. Thickness of the film<br />
can range from few nanometers to micrometers. This is relatively thinner than its competitor’s<br />
crystalline silicon solar cells technology which uses wafers up to 200 micrometers. This permits<br />
thin film cells to be lower in weight, flexible <strong>and</strong> have less friction or drag. It can be used as a<br />
semi-transparent photovoltaic glazing material that can be plastic-coated on the windows.<br />
<strong>Photovoltaics</strong> incur relatively less operating costs <strong>and</strong> are reliable, safe <strong>and</strong> can be easily<br />
installed.<br />
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The quest for economical technology for generating electricity attracted major investors <strong>and</strong><br />
corporations towards thin film PV – advanced technologies industry. The industry witnessed<br />
over 100 companies entering into the market. There was a growing need for thin film PV<br />
advanced technologies to constantly increase its productivity. This led to high energy production<br />
<strong>and</strong> lower system costs. Manufacturing costs must also be pulled down to attain competitive<br />
pricing. The growth of global thin film photovoltaics – advanced technologies market is driven<br />
by optimal efficiency <strong>and</strong> low manufacturing costs of PV cells.<br />
There has been an increased alarm about change in climate <strong>and</strong> alternative sources of energy,<br />
which is expected to augment the dem<strong>and</strong> for thin film PV – advanced technologies. Higher<br />
yields of thin film photovoltaic for shadow, weak lighting conditions <strong>and</strong> installation options that<br />
are visually attractive are expected to drive the industry. <strong>Market</strong> is poised for growth owing to<br />
the incentives <strong>and</strong> funding provided by the government for adopting solar energy so as to<br />
generate electricity. Factors such as low consumption of silicon, building mounted systems,<br />
initiatives by the government <strong>and</strong> the ground emergence may favorably impact the market<br />
growth. The year 2015 saw installations of around 52 gigawatts (GW) of new capacities all over<br />
the world.<br />
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https://www.millioninsights.com/industry-reports/thin-film-photovoltaics-pv-market<br />
However, multi junction PV cells <strong>and</strong> low conversion efficiency are anticipated to restrain<br />
market growth. Few other factors such as high costs of capital, poor maintenance <strong>and</strong> poor<br />
installation are expected to create major hindrance for thin film PV – advanced technologies<br />
dem<strong>and</strong> in the market. Global thin film PV – advanced technologies market is segmented based<br />
on its type which includes organic <strong>and</strong> inorganic photovoltaics. Based on its application, thin film<br />
PV market is segmented into utility, military, consumer, residential <strong>and</strong> non-residential sectors.<br />
Furthermore, the utility sector is sub-characterized into power plant application, industrial<br />
applications, military <strong>and</strong> defense applications. Power supply connected to the line grid is<br />
anticipated to be the market leader of thin film PV over the forecast period.<br />
The European region has been leading the market of thin film photovoltaics over the past few<br />
years. Countries such as Italy, Spain <strong>and</strong> Germany majorly witnessed an increased dem<strong>and</strong> of<br />
solar energy making Europe the market leader. North America <strong>and</strong> Europe have been projected<br />
to witness a very high growth rate over the forecast period owing to early adoption of<br />
advancements in the technology. Asia Pacific is also expected to follow North America <strong>and</strong>
Europe as there has been an increased adoption of semiconductors by the electronics industry.<br />
Emerging economies such as India, China, Africa <strong>and</strong> Brazil are projected to show their presence<br />
in the market over the next seven years.<br />
Key industry participants are coming up with innovative techniques to cater to the existing<br />
hindrances in the market. Major industry participants in the thin film PV – advanced<br />
technologies market include Kaneka Corporation, Unisolar, First Solar, Bosh Solar, Kyocera<br />
Corporation, Mitsubishi Electric Corporation, Panasonic Corporation ReneSola Co. Ltd., Jinko<br />
Solar, Yingli Green Treena Solar, Kaneka corporation, Sharp Corporation, JA Solar Co. Ltd. <strong>and</strong><br />
Suntech Power Holdings Co. Ltd. In due course, global thin film photovoltaics –advanced<br />
technologies market is expected to outshine the dominating conventional solar photovoltaic<br />
technology. This will enable the long coveted objective of grid parity.<br />
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