Transparency Market Research has released a new market report titled Solar Cell Films Market, by Type (Amorphous Silicon, Cadmium Telluride, and Copper Indium Gallium Selenide) and by End-use (Residential, Commercial, and Industrial) – Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2015 – 2023. According to this report, the global solar cell films market stood at 9,393.78 USD Million in 2014 and is expected to reach 20,995.66 USD Million by 2023 growing at a CAGR of 9.4% from 2015 to 2023.
Rising demand for electricity worldwide has boosted the demand for solar energy at a significant rate. Numerous benefits associated with solar energy, such as zero pollution and zero carbon emissions, has augmented the market growth for solar energy across the globe. Solar power products are used in various forms such as solar modules, solar panels, and solar cell films for the generation of electricity. Solar cell films are flexible and easy to use solar power products. They can be easily installed on walls, windows, and rooftops. Research and development activities gained momentum over the past few decades, so as to increase the efficiency of solar cell films, by enhancing their energy absorption power. Longer life span, good aesthetics, and low manufacturing costs coupled with less emission released during production have reinforced the market growth for solar cell films.
Presently, Europe dominates the global solar cell film market in 2014. Europe has witnessed a substantial installations of solar cell films in countries namely Germany, Russia, France, the U.K., and Spain. With the strong support from the European government and active participation of prominent industry players, demand for solar cell films is expected to increase at a significant rate in the near future. Financial incentives and subsidies for the promotion of solar cell films from the government of various countries has fuelled the demand for thin film solar cells. High efficiency coupled with longer life span are some of the key drivers of the solar cell films market. Generally, amorphous silicon (a-Si), cadmium telluride (CdTe) and copper indium gallium selenide (CIGS) are the commonly used solar cell films for generating electricity. Research and development activities, supplemented by aesthetics and color options make solar cell films a preferred source for electricity generation over conventional energy resources.
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High demand for solar cell films has been witnessed in developing economies of Asia Pacific such as China and India. Increasing population and rapid industrialization are some of the key drivers of the solar cell films market in Asia Pacific. Stringent environmental norms and government supportive schemes were mainly deployed for promoting the utility of solar cell films in order to reduce the emissions released by the conventional power plants have in turn boosted the demand for solar cell films. Electricity generated through solar cell films helps bridge the demand-supply deficit in Asia Pacific countries up to a certain extent. Conventional energy resources, such as natural gas and coal, produce a large amount of carbon emissions and increase air pollution. Hence, in order to curtail the emission levels, general awareness programs were upheld by the respective government that in turn has bolstered high demand for solar cell films as an alternative source of energy. Government of various countries in Asia Pacific are providing attractive feed-in tariff rates for solar cell film installations in the residential sector. This, in turn, creates a win-win situation for both the government and citizens as the former gets electricity, whereas the latter receive money for supplying electricity to the grid.
North America is also a potential market for solar cell films owing to the high demand for electricity in the U.S and Canada. The U.S. is considered as a leading energy consuming country in the world. Increasing demand for electricity from conventional energy resources such as coal and natural gas increases pollution level across the globe. Thus, NGOs and environmental bodies such as Greenpeace and Environmental Protection Agency (EPA) are promoting the use of solar cell films for generating electricity. High demand for solar cell films has been witnessed in the residential, commercial, and industrial sectors. Through the application of solar cell films for electricity generation, large quantities of conventional resources such as coal and natural gas can be saved to meet the future energy demands of a country. Additionally, solar cell films helps in reducing imports of coal and natural gas, thereby maintaining significant monetary reserves in the country.
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The Global Solar Cell films Market has been segmented as follows:
Solar Cell Films Market: Type Analysis
- Amorphous Silicon
- Cadmium Telluride
- Copper Indium Gallium Selenide
Solar Cell Films Market: End-use Analysis
Solar Cell Films Market: Region Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East
- Rest of Middle East
- South Africa
- Rest of Africa
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