Due to their rapidly declining manufacturing costs, the sales of ultra-thin solar cells are rising sharply across the world. The final purchase price of the photovoltaic cells is one of the major factors that decides the final cost at which solar power is sold to end users. Although the levelized cost of energy (LCoE) of photovoltaic panels is significantly lesser than that of other renewable energy sources, it is still higher than that of fossil fuels.
As per the International Energy Agency (IEA), the LCoE for coal and photovoltaics were $55.7 per Megawatt-hour (MWh) and $66 per MWh in 2020 respectively. Furthermore, the LCoE for coal and renewable energy sources will be equal by 2024 and by 2040, the LCoE for renewable energy sources will be $40.0 per MWh and for coal will be $57.3 per MWh. This sharp reduction in prices will be caused due to the huge research and development (R&D) investments.
Apart from the aforementioned factors, the ballooning requirement for sustainable energy, due to the escalating air pollution levels, is also positively impacting the demand for ultra-thin solar cells across the world. This is, in turn, propelling the advancement of the global ultra-thin solar cells market. As a result, the market attained a valuation of $30.0 million in 2019. Furthermore, the market is predicted to progress at a CAGR of 56.9% between 2020 and 2030.
The major application areas of ultra-thin solar cells are building-mounted, aerospace, and automotive industries. Out of these, the building-mounted category registered the highest growth in the market in the past years. This was because of the fact that these energy producing systems are extensively used in various residential and commercial establishments around the world. Furthermore, because of their low weights, these photovoltaic cells are suitable for installation on roofs. This is further boosting their sales across the world.
Hence, it can be said with full confidence that the demand for ultra-thin solar cells will shoot up all over the world in the coming years, primarily because of their declining manufacturing costs and the rising popularity of renewable energy sources such as solar energy.
Market ScenarioGlobal Thin Film Solar Cells Market was valued US$ 16.3 Bn in 2017 and is projected to reach US$ 42.8 Bn by 2026 at a CAGR of 12.8 % during the forecast.Global thin film solar cells market is segmented by product, by end use, and by region.
Reducing renewable tariff subjected to increasing competitive demand may positively influence industry growth.
Increasing electricity demand mainly from rural area among developing countries coupled with regulatory measures toward energy conservation will accelerate the thin film solar cells market.
Reducing renewable tariff subjected to increasing competitive bidding may positively impact market growth.
Middle East & Africa is expected to witness the highest growth rate during forecast, owing to the continual occurrence of solar radiation and high use of renewable energy due to the extensive use of hydropower.Oxford Photovoltaics, Hankey Asia Ltd., Global Solar, Inc., Xunlight Kunshan Co. Ltd., Kaneka Corporation, First Solar, Ascent Solar Technologies Inc., MiaSole Hi-Tech Corp., Trony Solar, and Mitsubishi Electric US, Inc. are major players in thin film solar cell market.Scope of the Global Thin Film Solar Cell MarketGlobal Thin Film Solar Cell Market by Type:• Cadmium Telluride• Copper Indium Gallium Diselenide• Amorphous Thin-film SiliconeGlobal Thin Film Solar Cell Market by End User:• Residential• Commercial• UtilityKey Player analysed in Global Thin Film Solar Cell Market:• Oxford Photovoltaics• Hankey Asia Ltd.• Global Solar, Inc.• Xunlight Kunshan Co. Ltd.• Kaneka Corporation• First Solar• Ascent Solar Technologies Inc.• MiaSole Hi-Tech Corp.• Trony Solar• Mitsubishi Electric US, Inc.• United Solar, Inc.• Solar Frontier K.K.• Solopower Systems• General Electric• Sharp Corporation• XsunX Inc.Browse more detail information about this report visit at: http://marketgrowthanalysis.com/global-thin-film-solar-cells-marketAbout Us:Market Growth Analysis is one of the leading digital services provider and a result-oriented company based in Canada.
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