Global Thin Films Photovoltaic Market Report, published by Variant Market Research, forecast that the global market is expected to reach $240 billion by 2024 from $26 billion in 2016; growing at a CAGR of 32.3% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 38.8% and 34.1%, respectively, during the forecast period.
Rise in energy cost, low manufacturing cost of PV cells, and silicon shortage are the major factors driving the global thin films photovoltaic market. Moreover, increase in environment temperature due to climate change has also moved consumers towards the adoption of photovoltaic (PV) technologies. However, high cost of photovoltaic technologies may hamper the market growth. Technological advancement would provide several growth opportunities for the market in the coming years.
The global thin films photovoltaic market is bifurcated by type, component, and application. The segment by type includes organic and inorganic photovoltaic. The component segment is further categorized into thin film PV cells, crystalline silicon PV cells, Tracker, Modules, and Optics. By application, the thin film photovoltaic market is segmented into residential, utility, consumer, military, and non-residential sectors. By component, the thin film PV cells accounted for the largest market share in 2016. Geographically, the market is categorized into North America, Europe, Asia-Pacific and Rest of the World (RoW).
North America accounted for the largest market share,i.e., 43.1% in 2016; owing to early adoption and technological advancement in photovoltaic technologies. Europe was the second largest market with a total market share of 39.6%. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 38.8% during the forecast period 2016-2024. The growth would be primarily driven by increaseing adoption of semiconductors in emerging countries such as China and India.
Key players have used various strategies such as partnerships, agreements, contracts, and collaborations to gain competition in the market. The major players in the market include SoloPower Systems Inc., JA solar Co. Ltd., Jinko Solar, Suntech Power Holdings Co. Ltd., Yingli Green Trina Solar, Sharp Corporation, Kyocera Corporation, Panasonic Corporation, Mitsubishi Electric Corporation, Kaneka Corporation and others.