Published: Sep, 2016
With the presence of dominant players and emergent players striving to establish a stable position, the global solar cell films market is highly sensitive, reports Transparency Market Research in a new study. The global solar cell films market is highly capital intensive as considerable investments are required for setting up a plant for the manufacturing of thin solar cell films. To reduce product maintenance and operating costs, leading companies are focusing on research and development activities. Among the key players operating in the global solar cell films market are Heliatek GmbH, DUNMORE Corporation, 3M, Advanced Energy Industries, Inc., First Solar, Inc., Lucent Clean Energy, Stion Corporation, and Solar Frontier K.K.
The global solar cell films market is likely to exhibit a 9.4% CAGR between 2015 and 2023. In 2015, the global solar cell films market was worth US$10.26 bn and is projected to rise to a value of US$20.99 bn by 2023. On the basis of end user, the commercial segment emerged dominant with a share of 45% in 2014 in the global solar cell films market. It is expected to maintain a lead until 2023 with a projected share of 46%. Owing to the robust development in the commercial sector such as transportation and manufacturing, across the world, the demand for solar cell films is expected to significantly rise with companies striving to meet their energy requirements. The deployment of solar cell films is likely to rise in developing regions such as Asia Pacific due to concerns related to rising carbon emission levels.
Europe to Emerge Dominant Owing to Rising Environmental Concerns
Owing to a rise in pollution in Europe from conventional sources of energy such as natural gas and coal and the stringent environmental mandates at play here, the demand for solar energy has substantially increased. The mass installation of solar panels in Europe has led to a substantial increase in the installation of solar cell films, making Europe the key consumer region of solar cell films. In 2015, the market for solar cell films in Europe was worth US$3.53 bn and is projected to touch US$7.01 bn by 2023. The rise in financial support and incentives from governments of European countries and initiatives taken by industrial players to set up solar energy plants are further expected to intensify the growth of the solar cell films market in Europe.
Implementation of Stringent Regulatory Framework to Aid in Deployment of Solar Cell Films
According to a TMR analyst, “The rising concerns regarding over exploitation of fossil fuels have impelled countries across the world to focus on alternative resources for meeting their energy requirements.” Moreover, due to a rise in pollution levels, many regulatory bodies and environmental organizations have implemented strict policies to minimize carbon emissions. Organizations such as Greenpeace and the U.S. Environmental Protection Agency have imposed mandatory rules for industries to follow in order to reduce carbon footprint. To meet the required industry standards and regulations, various industries are shifting towards the use of renewable sources for electricity generation. This shift is expected to drive the installation of solar panels thus leading to a rise in the demand for solar cell films. Moreover, the implementation of feed-in tariff regulations in the thin solar cell film market is anticipated to provide a source of tax-free income and enable decentralization from grid power source.
Low Efficiency of Second Generation Photovoltaic (PV) Systems to Inhibit Growth of Global Solar Cell Films Market
With ongoing research and development activities and technological advancements in developing advanced photovoltaic cells, researchers have introduced low cost and thin solar cell films. As a result of this, many industries have increased the adoption of thin solar cell films . However, the efficiency of second generation PV cells is comparatively less than the first generation PV cells. As a result of this, the deployment of second generation PV cell films is likely to decrease over the next few years leading to a slow growth of the global solar cell films market.
However, manufacturers of solar cell films can gain profitable growth prospects from the commercialization of thin film photovoltaic cells and other solar energy technologies. This is anticipated to further boost the demand for solar cell films in the future.
The review is based on a 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.”
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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