A thin-film solar cell is formed by the deposition of one or more thin layers of photovoltaic material on a substrate. These panels are made with electricity-producing layers which are thinner than those in traditional silicon panels. There are two major types of thin film solar PV modules: organic and inorganic PV.
The major factors contributing towards the growth of the Global Thin Film Solar PV Module market include the increasing demand for sustainable energy, decline in prices of solar components, stringent emission controls norms, and favourable government initiatives. The growing energy consumption, rising government efforts toward grid integration of renewable technologies is leading to the increasing demand for thin film solar PV modules across the globe. Moreover, the rapid industrialization and urbanization coupled with positive consumer outlook toward the consumption of clean energy are further propelling the growth of the market. Advancements in technology to enhance efficiency, achieve cost competency, minimize module pricing, and improve the operational life of thin-film solar cells will create new opportunities in the market. However, the requirement of a larger area for installation of thin film solar PV modules and the lack of awareness regarding these PV modules is likely to hamper the growth of the market.
Based on the type, the organic PV segment is expected to grow at a higher CAGR in the market during the forecast period owing to its lower cost of manufacturing driven by the easy availability of raw materials used to build organic solar cells. The organic PV module uses conductive organic polymers or small organic molecules to generate electricity.
Based on the Application, the residential segment is projected to grow at a higher CAGR in the market during the forecast period owing to the growing population coupled with a positive perspective of customers towards solar technology deployment. In addition to this, the changing lifestyle, along with increasing awareness about climate change and its impact, is also fuelling the growth of this segment during the forecast period.
Based on the Connectivity, the off-grid segment is expected to grow at a higher CAGR during the forecast period due to the increasing demand for uninterruptable and reliable power supply across the developing nations. Moreover, the growing integration of decentralized power generation sources across remote areas along with regulatory measures to enhance the electrification index are further boosting the growth of the market.
Based on the region, Asia-pacific is anticipated to lead the global Thin Film Solar PV Module market during the forecast period owing to the increasing deployment of solar PV modules across numerous applications such as residential and utilities and the increasing integration of renewable for off-grid projects coupled with stringent government to meet clean fuel targets across the Asian countries.
The major key players in the market include Ascent Solar Technologies, First Solar, MiaSole Hi-Tech Corp., Oxford Photovoltaics, Global Solar, Inc., Solar Frontier K.K., Trony Solar, SoloPower Systems, TSMC Solar, and Solibro GmbH among others.
- In 2017, First Solar launched the first functional Series 6 thin-film module with a power rating of 420-445 watts and conversion efficiency of over 17 percent. With this product launch, First Solar aims to expand its production facility in Vietnam.
The Global Thin Film Solar PV Module market has been segmented based on the Type, Applications, Connectivity, and region. Based on Type, the market is segmented into Organic PV and Inorganic PV. Based on Application, the market is segmented into Residential, Utility, and Others. Based on Connectivity, the market is segmented into off-grid and on-grid.
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