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Increasing Prominence of Renewable Energy Sources to Boost Global Thin Film Photovoltaic Market

One or more layers of thin photovoltaic material are deposited on a substrate to create a thin-film photovoltaic cell. One of the major factors likely to fuel expansion of the global thin film photovoltaic market is the growing influence of renewable energy sources. Market opportunities are being created as a result of venture capital financing and research projects.

Minimal production costs, low silicon usage, government subsidies, and the development of green jobs are just a few of the major drivers likely to propel the global thin film photovoltaic market in the years to come. Low conservation efficiency, on the other hand, is one of the major reasons that is likely to impede expansion of the thin-film photovoltaic market. Due to increasing government efforts for the deployment of renewable energy systems and huge subsidies granted by governments of various countries such as India for solar energy, Asia Pacific is predicted to expand at a high growth rate.

Favorable Government Initiatives to Push the Use of PV Cells to Drive Growth of the Market

PV cells made of thin films and crystalline silicon are the most widely utilized in the industry. Presently, crystalline silicon PV cells are expected to lead the global thin film photovoltaic market, but thin film PV cells have begun to gain traction in the market. Currently, crystalline silicon PV cells have over 80% of the market share, but this is likely to decrease due to a scarcity of silicon and due to its high cost of manufacturing. Mono-crystalline silicon, ribbon silicon, and poly-crystalline silicon are the most common crystalline silicon PV cells, whereas amorphous silicon (a-Si), copper-indium gallium diselenide (CIGS), copper-indium diselenide (CIS), cadmium-telluride (CdTe), and others are thin film PV cells.

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Thin film PV technologies need to continue to improve their efficiency, resulting in reduced system costs and higher production of energy. With the growing use of thin film PVcells in the form of standalone power sources in space and military applications, consumer electronics, and other applications, the global thin film photovoltaic market is also expected to observe considerable growth. Grid-connected power supply applications are predicted to play a prominent role in the global market in the future years, with CIS/CIGS cells being the most widely utilized thin film cell. As almost every major country’s government are pushing for the use of PV cells via a variety of programs and incentive programs such as feed-in tariffs, investment on the establishment of new plant setups, and so on, thin-film PV cells are likely to replace traditional and heavy silicon PV cells in the years to come.

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