Thin Film Solar Cells Market anticipated to witness several growth opportunities by 2024
Date: 2018-09-03   Author: Ronak Bora  Category: #industry

Thin Film Solar Cells Market anticipated to witness several growth opportunities by 2024

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, Global Thin Film Solar Cells Market is projected to witness growth over 16% and exceed USD 30 billion by 2024. Strict government regulations to reduce carbon footprint will enhance the industry outlook. Financial incentives including net metering, tax rebate, FIT, subsidies, tax credit and low import duty will positively impact the business landscape.

Growing environment concerns coupled with rising measures for sustainable energy generation for building envelope will augment the thin film solar cells market. In 2015, then U.S. president issued an Executive Order 13693 regarding planning for federal sustainability for the next 10 years. The policy mandates the building to consume 30% of the total energy consumed by renewable sources and simultaneously reduce GHG emissions by 30% from 2014 reference levels by the end of 2025.

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Regulatory measures toward energy conservation among developing economies along with growing electricity demand from rural area will further stimulate the thin film solar cells market growth. In 2016, the National Bureau of Statistics of China reported that the total electricity consumption in rural areas was above 2.35 trillion kwh in 2015 varying over 69 billion kwh from 2014.

U.S. contributed over 90% of regional thin film solar cells market share in 2015 and is anticipated to surpass 15 GW by 2024. Favorable government renewable portfolio standards along with extension of investment tax credit in residential and commercial sector will complement industry landscape.

Cadmium telluride thin film solar cells Market is projected to withstand dominant share by 2024 owing to its high conversion efficiency and low manufacturing cost. Widespread applications in terrestrial power generation of CdTe modules will further enhance the product demand.

Chile thin film solar cells market share accounted for over half of the total regional revenue share in 2015 and is projected to exceed 300 MW by 2024. Huge untapped potential coupled with increasing investments in renewable generation will augment the industry landscape. In 2015, the government of Chile introduced 2050 Energy Agenda with an objective to generate 70% of the national electricity from renewable sources.

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UK thin film solar cells market share in 2015 accounted for over 25% of the regional share in terms of revenue and is projected to exceed 4 GW by 2024. Favorable government subsidies including feed-in tariff schemes along with government focus for sustainable energy adoptions will positively influence the business outlook.

South Africa thin film solar cells market  in 2015 was valued for above 20 MW and is projected to witness substantial growth owing to developing off grid technology. The South African Department of Energy targets to install up to 8.4GW of solar photovoltaic capacity by 2030.

Key participants in the industry are Oxford Photovoltaics Ascent Technologies, MiaSole Hi-Tech, SOLAR FRONTIER K.K., Hankey Asia., Xunlight Kunshan, First Solar, Global Solar and Trony.

  



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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