Market World Thin Film Photovoltaics Market | Page 2

There was a growing need for thin film PV advanced technologies to constantly increase its productivity. This
led to high energy production and lower system costs. 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. Based
on its application, thin film PV market is segmented into utility, military, consumer, residential and non-
residential 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.
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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,