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| Thin Film Solar Cell Market |
Thin film solar cells find wide application in various end-use industries due to their advantages such as light-weight, flexibility, durability, and easy installation on varied surfaces. They are highly efficient in converting visible light into electricity and offer cost-effective alternative to traditional silicon-based solar panels.
The global
Thin Film Solar Cell Market is estimated to be valued at US$ 45.41 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Government initiatives towards renewable energy transition:
One of the major trends driving the growth of the thin film solar cell market
includes supportive initiatives and policies by governments across the globe to
accelerate transition towards renewable sources of energy. Nations have
introduced attractive incentive schemes andtargets to expand solar
installations. Subsidies andtax benefits offered on thin film technologies are
encouraging more adoption. Focus on achieving set renewable energy generation
targets within deadline is estimated to boost demand for thin film photovoltaic
panels during the forecast period.
Segment Analysis
Thin Film Solar Cell market is segmented based on technology into cadmium
telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film
silicon. Among these, the cadmium telluride (CdTe) segment currently dominates
the market and accounts for over 50% of the market share. This is because
CdTe-based thin film solar cells have high absorption coefficients and can
absorb most of the sunlight in thin layers of around 100 micrometers. This
makes CdTe solar cells lightweight and efficient to produce compared to
crystalline silicon solar cells.
Key Takeaways
The global Thin
Film Solar Cell Market Growth is expected to witness high growth during
the forecast period of 2024 to 2031. The market size for 2024 is estimated to
be US$ 45.41 Mn and is projected to grow at a CAGR of 4.8% during the forecast
period.
North America currently dominates the thin film solar cell market and accounted
for over 30% revenue share in 2024. This is attributed to the major presence of
thin film solar cell manufacturers and supportive government policies for
adoption of renewable energy in the region. Asia Pacific is projected to
witness the fastest growth during the forecast period with a CAGR of around 6%.
This growth can be attributed to the rising installations of thin film solar
power projects in emerging economies like India and China.
Key players operating in the Thin Film Solar Cell market are Teva Pharmaceutical
Industries Ltd., AstraZeneca, PARI Medical Holding, Beximco Pharmaceuticals
Ltd., OMRON Healthcare Europe, and Boehringer Ingelheim GmbH. Teva
Pharmaceutical Industries Ltd. and AstraZeneca are currently dominating the
market due to their strong product portfolios and global sales network.
For more insights, read- https://www.newsstatix.com/film-solar-cell-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
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