Thin-Film Solar PV Market Overview
Thin film photovoltaics market experience augmented demand owing to the surged demand for mass-production of energy. The prevailing thin film photovoltaic decreases the amount of material content within the film sheet. These films function with the objective of curtailing the carbon emissions, which has made way for high espousal of renewable energy in the electricity mix. As per the reports by Market Research Future the Thin-Film Solar PV Market is estimated to grow at 28.36% CAGR by 2023. With the rising instances of transition of conventional energy to renewable energy, urbanization, heightened demand for energy efficient services, collectively with the expanding energy significant markets. Emerging economies such as South Korea, India, and China are the key markets for renewable energy as these markets have been witnessing rapid industrialization coupled with spurring economic growth. These economies have been responsible for the highest rates of pollution that is caused by conventional fuel power plants.
Thin-Film Solar PV Market Segmentation
The reports published by Market Research Future has segmented the global thin film photovoltaic market based on type, material, region, and end-user.
Based on type, the market has been segmented as inorganic and organic, where organic segment accounts for the highest market share owing to the materials such as acceptor and donor semiconducting organic contained in a photoactive coating that produces photocurrents.
Based on material the market has been segmented into cadmium telluride and amorphous silicon. The amorphous silicon segment is dominating the global thin film photovoltaic market, owing to its worldwide commercial availability.
Based on end-user, the market has been segmented as industrial, commercial, and residential. Out of these, the commercial sector is likely to lead the global thin film photovoltaic market, owing to the incentives and modern governmental norms at support.
Based on regions, the market has been segmented into Europe, Asia Pacific, North America, and Middle East & Africa.
Regional Analysis
Asia Pacific represents one of the largest markets for solar inverter globally. The growing population coupled with the rapidly developing economies drive the thin film photovoltaic market in APAC. The sunlight-rich nations such as India and China are also responsible for accelerating the demand in the Asia Pacific market. The trend is likely to dominate the market over the forecast period.
Key Players
The global thin-film photovoltaics market has been dominated by key players such as United Solar Energy (U.S.), Siemens AG (Germany), Solarex MD (U.S.), Solar Cells Inc. (U.S.), ECD (U.S.), Suntech Power Holdings Co. Ltd (China), Kyocera Corporation (Japan), Mitsubishi Electric Corporation (Japan), Sharp Corporation (Japan), Panasonic Corporation (Japan), Jinko Solar (China), JA solar Co. Ltd (China), Kaneka Corporation (Japan), Trina Solar (China), and ReneSola Co. Ltd (China).
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