Market Overview: -
Thin film solar cells utilize a microscopically thin semiconductor layer, typically deposited on glass, plastic or metal foil, to generate electricity from sunlight through the photovoltaic effect. The advantages of thin film solar cells include light weight, flexibility, ability to cover large areas, and potentially lower costs as materials usage is low. Thin film solar cells are an integral part of harnessing renewable sources of energy and reducing dependence on conventional fossil fuels.
Market key trends: -
One of the key trends in the thin film solar cell market is continuous technology advancements focused on improving energy conversion efficiencies. Significant R&D investments are being made to develop new materials, deposition techniques and cell designs with the goal of achieving efficiencies comparable or better than traditional silicon-based solar cells. Additionally, governments worldwide are introducing supportive policy initiatives and incentives such as tax benefits and feed-in-tariffs to promote adoption of solar energy. This is creating a conducive business environment and bolstering demand for thin film solar cell technology.
Porter's Analysis: -
- Threat of new entrants: - The high costs involved in setting up manufacturing units pose significant barriers for new players to enter the market.
- Bargaining power of buyers: - The presence of several established players makes buyers spoiled for choice, enhancing their bargaining power.
- Bargaining power of suppliers: - Suppliers have moderate bargaining power due to availability of alternate raw material suppliers and technological advancements reducing dependency on few suppliers.
- Threat of new substitutes: - Continuous R&D for more efficient solar cell technologies like organic photovoltaics poses threat of substitution.
- Competitive rivalry: - Intense competition exists among the established players to gain higher market share.
Key Takeaways: -
The Global Thin Film Solar Cell Market Size is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing government targets and policies to promote renewable energy sources.
Regional analysis: -
Asia Pacific region dominates the market and is expected to continue its dominance over the forecast period, owing to presence of emerging economies like India and China with strong government initiatives for adoption of renewable energy. China accounts for around half of the global thin film solar cell production.
Key player’s analysis: -
Key players operating in the thin film solar cell market are Ascent Solar Technologies, Inc., FIRST SOLAR, Kaneka Corporation, MiaSolé Hi-Tech Corp., and Oxford Photovoltaics. FIRST SOLAR is the global market leader in thin film solar cell technology with manufacturing facilities in the US, Malaysia and Vietnam. The company has pioneered cadmium telluride (CdTe) thin film solar technology.
Read More - https://www.trendingwebwire.com/thin-film-solar-cell-market-share-and-demand-analysis/
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