Thin Film Solar Cells Market to grow at 16% CAGR from 2016 to 2024

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Thin Film Solar Cells Market to grow at 16 CAGR
from 2016 to 2024 Global Market Insights Inc.
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Industry Overview

• The latest Thin Film Solar Cells Market analysis
  and research report talks about major
  applications of Thin Film Solar Cells Market,
  growth of these segments as well as offers
  insights into companies active in this industry
  and their information.
• With a great deal of interest to improve the
  quality of solar power system due to fossil fuels
  rigorously getting drained, thin film solar cells
  market is speedily evolving with every passing
  year. Strong concerns regarding global
  environmental issues has brought a dramatic
  growth in the clean energy market, with solar
  energy at the pinnacle. Furthermore, the surging
  demand for electricity specially from off grid
  areas along with reducing renewable energy tariff
  subjected to the increase in competitive bidding
  will heighten the market demand in the coming
  timeframe.
• Technological progressions along with a large
  number of promising energy conservation programs
  that have been initiated worldwide have resulted
  in a decline in overall component cost. These
  adopted initiations will act as a catalyzer for
  the overall growth of the market. In this regard,
  India is already a step ahead. In 2016, the
  country has launched a target of deploying 20 GW
  grid connected solar power projects in half a
  decade, which will finally result in cost
  reduction of solar power generation of the
  country.

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• In 2015, solar control window films market from
  the construction application segment generated
  The solar technology is witnessing a continuous
  evolution with technological progression. Three
  types of thin film cells that are predominant in
  the market are cadmium telluride thin film cells,
  amorphous silicon cells, and copper indium
  gallium diselenide (CIGD)solar cells. Amorphous
  silicon thin film solar cells market accounted
  for more than 13 of the total volume in 2015,
  and is expected to observe a surge due to
  increasing demand for solar wristwatches, garden
  lights, and electronic calculators. Cadmium
  telluride solar cells are largely adopted for
  generating terrestrial solar power in residential
  sector owing to the products cost effectiveness
  and high-level conversion efficiency. This
  second-generation thin film solar cells industry
  is estimated to grow stupendously at a CAGR of
  17 over the period of 2016-2024. Copper indium
  gallium diselenide based film solar cells are the
  top performing cells till date, with an upper
  hand due to absorption of more sunlight than the
  other products. CIGD thin film solar cells market
  is anticipated to generate a revenue of USD 8
  billion by 2024.
• Low toxicity, high efficiency, and comparatively
  affordable manufacturing cost are the leading
  factors driving thin film solar cells industry to
  penetrate a wide array of sectors. Thin film
  solar cells market is gaining a huge popularity
  across residential, utility and commercial
  sectors owing to its flexibility and light
  weight.

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• Geographies that are anticipated to influence
  thin film solar cells market over 2016-2024 are
  listed below
• US is one of the prominent regions which is
  actively involved in the market. Positive outlook
  toward relying more on renewable energy sources
  along with increasing installation of photo
  voltaic models is fueling U.S. thin film solar
  cells industry.
• Asia Pacific is expected to hold a considerable
  industry share in terms of revenue with China
  prominently driving the regional demand. China
  thin film solar cells industry accounted for more
  than 40 of the regional market in 2015 and will
  register a massive double digit growth rate of
  15 over the forecast span. The growth can be
  attributed to the huge investment in the PV
  projects in China.
• UK thin film solar cells market covered more than
  25 of the market share in 2015 and will cross
  4GW power generation capacity by 2024, owing to
  the favorable government initiatives pertaining
  to sustainable energy production.

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• Thin film solar cells industry from commercial
  application have collected a huge revenue of USD
  1 billion in 2015, and is anticipated to be one
  of the prominent sectors driving the application
  landscape in the coming timeframe. Growing
  consumer claim for uninterrupted power supply is
  redirecting the focus toward sustainable and
  reliable energy sources, which in turn is
  influencing the market outlook. Driven by the
  handsome number of government solar projects that
  are continuously being launched, thin film solar
  cells market share from utility sector is slated
  to exceed a power capacity of 60 GW over the
  coming seven years.
• Market players are concentrating more on research
  activities to enhance the product quality along
  with improving the energy efficiency. However,
  lack of proper knowhow of the ongoing financial
  incentives related to non-conventional energy
  sources may act as a deterrent in the growth path
  of the industry. Prominent participants of thin
  film solar cells market include Hankey Asia Ltd.,
  Ascent Technologies Inc., Hankey Asia Ltd.,
  Global Solar, Inc., and First Solar.

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U.S. Thin Film Solar Cell Market size, by
component 2013-2024 (MW)

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