Thin Film Solar Cells Market to Grow at 16% CAGR From 2016 to 2024

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The Thin Film Solar Cells Market is set to grow from its current market value of more than $8 billion to over $30 billion by 2024; according to a new research report by Global Market Insights, Inc.

Strong concerns towards fossil fuel depletion with stringent regulations to reduce greenhouse gas emission will drive global thin film solar cells market share. Financial incentives including tax rebate, subsidies, net metering, FIT, low import duty and tax credit are set to favor the industry outlook.

Reducing renewable tariff subjected to increasing competitive bidding may positively influence industry growth. In December 2016, solar power tariff witnessed a new low of USD 4 cents per unit quoted by Amplus Energy Solutions. These tariffs are applicable for rooftop projects in Himachal Pradesh, Uttarakhand and Puducherry.

Increasing electricity demand mainly from rural area among developing countries coupled with regulatory measures toward energy conservation will stimulate the thin film solar cells market size in future. High initial cost may act as a restraint for industry in near terms.

U.S. Thin Film Solar Cell Market Size, by Component 2013-2024 (MW)
U.S. Thin Film Solar Cell Market Size, by Component 2013-2024 (MW)

U.S. thin film solar cells market share contributed over 90% of regional revenue in 2015 and is expected to exceed 15 GW by 2024. Extension of investment tax credit in commercial and residential application helps to reduce the payback period for PV system will drive the foster industry growth.

Key insights from the report include:

  • Cadmium telluride component is expected to exceed USD 20 billion by 2024 subject to its low manufacturing cost and high conversion efficiency. It has wide application in terrestrial power generation.
  • Chile contributed over 50% of total regional revenue share in 2015 and is expected to reach over 300 MW by 2024. Abundant availability of resources with huge untapped potential will propel the thin film solar cells market size in coming years.
  • UK thin film solar cells market share was over 25% of total revenue regional share in 2015 and in term of volume, is estimated to exceed 4GW by 2024. Government focus toward adoption of sustainable energy would favor the business.
  • Commercial thin film solar cells market share was valued over USD 1 billion in 2015 and in term of volume is anticipated to witness growth over 15% by 2024, growing demand for uninterrupted power supply will favor the industry growth.
  • China thin film solar cells market size contributed over 40% of total regional capacity in 2015 and in term of revenue is expected to witness a substantial growth over 15% from 2016 to 2024 owing to large implementation of PV projects. PV poverty allegation program of China has a target to install total 10GW of PV by 2020.
  • South Africa demand was over 20MW in 2015, growing demand for thin film panel primarily from small scale applications will drive the Middle East and Africa thin film solar cells market.
  • Major participants in the industry are Ascent Technologies Inc., Hankey Asia Ltd., MiaSole Hi-Tech Corp., First Solar, Global Solar, Inc., SOLAR FRONTIER K.K., Trony, Oxford Photovoltaics, Xunlight Kunshan Co. Ltd and others.

* Cover image credit: Wikimedia Commons

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