THIN FILM SOLAR CELL MARKET ANALYSIS

Market Challenges And Opportunities

Global Thin Film Solar Cell Market Drivers:

Rise in demand for energy worldwide to augment thin film solar cell market

According to International Energy Agency, increase in demand for energy in Asia-Pacific is driven by rapid growth in population and increase in standards of living in many developing countries, particularly India and China, with consumption in the region increasing five-fold over four decades. Additionally, strong growth renewables energy market, due to high investment, and new capacity is further boosting growth of the market.

Shifting preferences towards renewable energy to propel market growth

The primary benefits of renewable technologies are that they do not contribute to the greenhouse gas emissions associated with conventional fossil fuels and therefore have a positive impact on climate change. They also provide cost-competitive electricity at an affordable price to consumers. Solar and wind power are the most renowned renewable resources, though hydropower is quickly catching up. Hence, growing preferences towards renewable source of energy is propelling market growth.

Global Thin Film Solar Cell Market Opportunities:

Growing awareness regarding the advantage of thin film solar cells is expected to provide significant growth opportunities. One of the most important advantages of thin-film solar cells is that they can be manufactured in a much shorter time than crystalline silicon cells. This makes them ideal for small commercial and residential applications. They are also more flexible than crystalline solar panels and can be easily installed. These cells are made with a main photovoltaic material, which is then layered onto a layer of conductive materials and a glass or plastic substrate. These layers are then able to create electricity by sensitizing the PV material with light.

Rising popularity of cadmium telluride (CdTe) to bring market opportunities. The most common type of thin-film solar cell is cadmium telluride (CdTe), which holds over 50 percent of the market share today. This type of solar cell is the most efficient and durable. They have a lot of potential to grow in the future, and they are gaining more market share each year as research continues.

Global Thin Film Solar Cell Market Restraints:

Technological complexity and reduced efficiency to restrict market growth

The main disadvantage of thin-film solar cells is their limited durability. They may break or malfunction easily, especially if they are exposed to harsh weather conditions such as rain. Also, they are less efficient, they require more coverage to generate the same amount of power as standard solar panels. For instance, for using thin-film solar panels with an efficiency rating of 10%, it should have 50% more roof space to achieve the same energy output as a standard system with a 20% efficiency rating.

High initial costs and low productivity of thin-film solar cell to hamper market growth

The global market is projected to suffer from some challenges such as high initial costs and low productivity of thin-film solar cells compared to other alternatives. Nevertheless, government initiatives and the emergence of new players are expected to help the market grow over the coming years. The companies in the thin film solar cell market are also incorporating strategic partnerships and product range expansions to gain a competitive edge in the industry.