Manufacturing costs must also be pulled down to attain competitive pricing . The growth of global thin film photovoltaics – advanced technologies market is driven by optimal efficiency and low manufacturing costs of PV cells .
There has been an increased alarm about change in climate and alternative sources of energy , which is expected to augment the demand for thin film PV – advanced technologies . Higher yields of thin film photovoltaic for shadow , weak lighting conditions and installation options that are visually attractive are expected to drive the industry . Market is poised for growth owing to the incentives and funding provided by the government for adopting solar energy so as to generate electricity . Factors such as low consumption of silicon , building mounted systems , initiatives by the government and the ground emergence may favorably impact the market growth . The year 2015 saw installations of around 52 gigawatts ( GW ) of new capacities all over the world .
However , multi junction PV cells and low conversion efficiency are anticipated to restrain market growth . Few other factors such as high costs of capital , poor maintenance and poor installation are expected to create major hindrance for thin film PV – advanced technologies demand in the market . Global thin film PV – advanced technologies market is segmented based on its type which includes organic and inorganic photovoltaics .
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Based on its application , thin film PV market is segmented into utility , military , consumer , residential and nonresidential sectors . Furthermore , the utility sector is sub-characterized into power plant application , industrial applications , military and defense applications . Power supply connected to the line grid is anticipated to be the market leader of thin film PV over the forecast period .
The European region has been leading the market of thin film photovoltaics over the past few years . Countries such as Italy , Spain and Germany majorly witnessed an increased demand of solar energy making Europe the market leader . North America and Europe have been projected to witness a very high growth rate over the forecast period owing to early adoption of advancements in the technology . Asia Pacific is also expected to follow North America and Europe as there has been an increased adoption of semiconductors by the electronics industry . Emerging economies such as India , China , Africa and Brazil are projected to show their presence in the market over the next seven years .
Key industry participants are coming up with innovative techniques to cater to the existing hindrances in the market . Major industry participants in the thin film PV – advanced technologies market include Kaneka Corporation , Unisolar , First Solar , Bosh Solar , Kyocera Corporation , Mitsubishi Electric Corporation , Panasonic Corporation ReneSola Co . Ltd ., Jinko Solar , Yingli Green Treena Solar , Kaneka corporation , Sharp Corporation ,