Thin Film Solar Cell Market briefs 2021 : Global Key Players, Trends, Share, Size, Growth, Sales- Forecast to 2023

The factors that drive the global thin film solar cell market are increase in energy consumption globally, performance efficiency of thin film solar cell, more installation flexibility of thin films, and increase in awareness toward boosting green energy. However, technological complexity associated with the manufacturing and use of thin film solar cell is expected to hamper the market growth. Furthermore, increase in research activities in the field of thin film solar cells is expected to provide a substantial growth opportunity in the near future.

The on-grid installation segment dominated the global thin film solar cell market, with nearly five-sixths of the total market share, in 2016. On-grid installation are usually cheaper, simpler to install, and require lower equipment costs. It offers 100% efficient batteries that are capable of absorbing surplus energy and generate the excess power, which are conserved for later use.

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In 2016, Europe dominated the global thin film solar cell market, owing to the regulatory measures for the reduction of carbon emission and increase in demand for solar system installation in this region. In addition, government support to develop innovative business model to increase the availability of electricity to meet the demand by energy-intensive industries drives the market growth in this region. Asia-Pacific is the second leading region, which is expected to register a CAGR of 19.7%, in terms of revenue, from 2017 to 2023.

The key companies profiled in the report include Oxford Photovoltaics, Hankey Asia Ltd., Global Solar, Inc., Xunlight Kunshan Co. Ltd., Kaneka Corporation, First Solar, Ascent Solar Technologies Inc., MiaSole Hi-Tech Corp., Trony Solar, and Mitsubishi Electric US, Inc.

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Key Findings of the Thin Film Solar Cell Market:

In 2016, Europe dominated the global market, with more than one-third share, in terms of both revenue and volume.

The copper indium gallium diselenide (CIGS) segment is estimated to grow at the highest CAGR of 19.8% from 2017 to 2023.

In 2016, Germany dominated the European thin film solar cell market, with more than one-third of the share, in terms of both revenue and volume.

LAMEA is estimated to grow at the highest growth rate, in terms of revenue, registering a CAGR of 20.9% from 2017 to 2023.

The commercial end-user segment is projected to grow at the highest CAGR of 20.4% from 2017 to 2023.

The off-grid installation segment accounted for one-sixth of the global market in 2016 and is anticipated to grow at a highest CAGR of 20.6% from 2017 to 2023.

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