Research Firm Predicts Thin Film Solar Cell Market To Reach $25.3 Billion by 2030
- While effectiveness of thin film solar cells is lower than conventional mono or bifacial cells, they do provide benefits in maintainance and also installment, besides even more flexibility.
Research company Allied Market Research has signified brilliant times for thin film solar manufacturers with a CAGR (Compounded Annual development rate) of 8.4% predicted through upto 2030.
Increasing electricity costs, reduced reliance on international oil as well as fossil fuels, and the storage as well as later use of power will drive the development of the global thin film solar cell market. Nevertheless, the outbreak of the COVID-19 pandemic brought about global lockdown as well as short-term closure of manufacturing of thin-film solar cell, thus influencing the overall growth of the international thin film solar cell market.
According to the report published by Allied Market Research, the international thin film solar cell market produced $11.3 billion in 2020, and also is predicted to reach $25.3 billion by 2030, experiencing a CAGR of 8.4% from 2021 to 2030. The report offers a comprehensive analysis of transforming market characteristics, top sections, value chain, key investment pockets, local scenario, and also affordable landscape.
Thin film solar has actually been constrained by high upfront expenses of solar power and also reduced energy conversion rate till now. On the other hand, rise in electrical power demand in remote locations as well as rise in clean and renewable resource resources existing new chances in the upcoming years
Based upon setup, the on-grid sector held the highest market share in 2020, holding around three-fourths of the total market share, and also is anticipated to continue its management status throughout the forecast duration. In addition, the very same segment is approximated to sign up the highest possible CAGR of 8.5% from 2021 to 2030.
Based upon end user, the utility segment held the largest market share in 2020, holding majority of the total market share, and also is anticipated to proceed its management status during the forecast duration. Nevertheless, the commercial section is predicted to register the highest CAGR of 8.6% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest possible share in terms of revenue in 2020, holding greater than two-fifths of the total market share, as well as is approximated to continue its leading share by 2030. Additionally, LAMEA is projected to materialize the fastest CAGR of 8.7% throughout the forecast duration.
Leading gamers of the global thin film solar cell market analyzed in the research include Ascent Solar Technologies, Filsom AG, First Solar, Hanergy mobile energy, Kaneka corporation, Miasole, Mitsubishi Heavy Industries, Shunfeng International Clean Energy, SUNQ, as well as Trony Solar.
Among these, in India, First Solar is the only gamer with a production strategy, while Waaree Energies additionally has some capacity for thin film solar manufacturing.
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