Rising Government Investments In Solar Energy Drives Demand For Thin Film Photovoltaic Cells, According To New Report By Global Industry Analysts, Inc
GIA announces the release of a comprehensive global report on Thin Film Photovoltaic Cells. Global market for Thin Film Photovoltaic Cells is projected to reach US$22.8 billion by 2020, driven by growing focus on solar power amidst depleting fossil fuel reserves and rising greenhouse gas emissions, and increasing investments from governments.
San Jose, CA (PRWEB) - Follow us on LinkedIn - Rising concerns over depletion of fossil fuel reserves and the relentless pursuit of developing renewable energy represent two of the major factors driving demand for solar power. Emphasis on solar energy generation is fuelling demand for thin films used in photovoltaic cells. Despite its widespread use in other applications such as in electronic devices, the market for thin films is heavily dependent on the solar industry, which grew considerably over the past few years. Thin film technology gained huge popularity over the past decade, substituting the traditional silicon technology, and resulting in growing adoption in a range of industries. Earlier, solar photovoltaic (PV) was based on silicon. But with advancements in technology as well as the shortage of raw silicon, new PV devices are now being manufactured with other materials such as thin films. Thin films are witnessing growing adoption in multiple applications due to the benefits offered in terms of cost, aesthetics, performance and environmental friendly features. A major factor contributing significantly to the use of thin-film technology is its ability to considerably reduce the cost of solar energy.
The solar energy industry, which is the cornerstone of growth of thin film photovoltaics, is driven by growing interest among governments worldwide to invest in clean energy technology. The trend is encouraging a healthy influx of companies in the thin film photovoltaic market, which in turn is driving advancements in thin film technology. Countries such as China, Japan, and the United States offer tremendous support for solar energy generation through subsidies and incentives. Thin films provide a low-cost alternative to crystalline silicon cells, which enables their use in large scale energy generation.
Despite the advantages offered by thin film PV, a key challenge is the lower energy conversion efficiency as compared to crystalline silicon. Nevertheless, latest advancements in material science are allowing producers to gradually overcome this challenge. New materials such as CIGS (Cadmium Indium Gallium Selenide) andcadmium-telluride (CdTe) have been studied to exhibit high levels of efficiency on par with silicon. CIGS (Copper Indium Gallium Selenide) technology, especially has been gaining significant popularity over the past few years compared to other thin film technologies, largely due to its low manufacturing cost and high efficiency. Growing popularity of CIGS technology has led to huge investments by venture capitalist firms to capitalize on growth prospects. CIGS technology is expected to drive the thin film solar PV market in the coming years as the technology offers collective advantage of both thin film PV technology and c-Si technology, which provides high efficiency and flexibility.
As stated by the new market research report on Thin Film Photovoltaic Cells, Europe represents the largest market worldwide. The region has been at the forefront of investments in clean energy, particularly solar energy. Rising environmental cost of electricity generated from fossil fuels and continued emphasis on addressing pollution issues are some of the factors driving growth in the market. Asia-Pacific led by China is forecast to emerge as the fastest growing market for solar power, driven by the growing demand for clean energy. With developing countries in Asia turning to alternative sources of power, solar power is fast gaining prominence. Growth in Asia-Pacific is forecast to grow at the highest CAGR of 34.1% over the analysis period.
Major players covered in the report include First Solar Inc., Hanergy Holding Group Ltd., Global Solar Energy Inc., Sharp Solar Energy Solutions Group, Solar Frontier K.K, and Trony Solar Holdings Co. Ltd., among others.
The research report titled "Thin Film Photovoltaic Cells: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America and Rest of World. The report also analyzes the global market for Thin Film Photovoltaic Cells by technology segments such as a-Si, CdTe, and CIGS/CIS.
For more details about this comprehensive market research report, please visithttp://www.strategyr.com/Thin_Film_Photovoltaic_Cells_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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