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Growth of the Thin Film PV market to be Expanded by Optimum Efficiency and Low Manufacturing Costs of PV cells

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The report titled Thin Film Photovoltaic Module Market: Global Demand Analysis & Opportunity Outlook 2019-2027delivers detailed overview of the global thin film PV market in terms of market segmentation by type (organic PV, inorganic PV); by component (thin film PV cells, crystalline silicon PV cells); by application (residential, utility, consumer, military and non-residential) and by regions.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The thin film PV module market is segmented by type (organic PV, inorganic PV); by component (thin film PV cells, crystalline silicon PV cells); by application (residential, utility, consumer, military and non-residential) and by regions.

Factors such as carbon offset, efficiency, roof space and installation cost distinguishes thin film from standard solar panels. In terms of carbon offset, the emissions required to create a thin film cell and panel are much lower than mono or polycrystalline panels. Efficiency has been the preventing factor for thin films from gaining a foothold in residential PV market. Standard silicon PV panels have efficiencies of 15-16%, while thin film panels is closer to 11-13%, which significantly impacts system’s size and output. Installation cost differ considerably between thin film and typical PV reason being thin film panels are very easy to install and require much less labor. Factors, such as increasing population, advances in technology, rapid industrialization in emerging markets (such as India and China), rising standard of living, and globalization are driving the global demand.

Thin film PV market is anticipated to mask a CAGR of 20% during the forecast period i.e. 2019-2027. North America and Europe are anticipated to be the global leaders in terms of demand. The region has incorporated some of the most advanced technologies and offers wide-scale technological adoption rate. European region is expected to be driven by countries such as Italy, Germany and Spain on account of growing demand for solar energy. With increasing demand for energy in Asia Pacific region, amidst rising disposable income and increasing adoption of semiconductors in the electronics industry, this region is anticipated to show significant growth.

Technological advancements and low manufacturing costs of PV cells

Owing to improvements in the technology, which has been made possible through the use of new materials at a reduced cost, manufacturing of thin film PV modules has scaled up. As a result of heavy funding and government support in the form of subsidies, the prices of solar energy have plummeted by over 60% over the last decade. In addition, next generation thin film PV technologies, such as dye sensitized solar cells (DSCs), organic PV, and perovskite PV, are being developed. These next generation technologies are anticipated to gain more importance in the long term as they are believed to be superior in terms of energy generation capacity as well as flexibility.

This report also provides the existing competitive scenario of some of the key players of the global thin film PV market which includes company profiling of First Solar Inc., Solo Power Systems, Inc., Sharp Solar Energy Solutions, Solar Frontier K.K., Hanergy Holding Group Ltd., Solibro GmbH, NexPower Technology Corp., Trony Solar Holding Co. Ltd., TSMC Solar Limited and Kaneka Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Thin film PV market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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