The thin-film solar cell market will exceed US$30 billion by 2024

by:Power Kingdom     2021-04-28
In the next few years, strict guidelines for improving energy efficiency, coupled with growing power demand in remote areas, will drive the growth of the thin-film solar cell market. In addition, increasing the use of clean energy technologies and global efforts to curb greenhouse gas emissions are expected to promote the development of the industry. According to a report by the market research organization Global Market Insights, by 2024, the market value of thin-film solar cells is estimated to exceed US$30 billion. Due to the introduction of new technologies, the cost of parts and components will be reduced, which will drive market growth in the future. More and more research and development activities to reduce energy consumption worldwide will further promote the growth of the thin-film solar cell industry. Commercial, utility and residential industries will have a huge demand for thin-film solar cells. The rising power demand and the increase in the number of power projects will promote the scale of the commercial sector. Due to the increase in rooftop deployment, the revenue of the thin-film solar cell industry in the residential sector will increase substantially in the next seven years. Increased global investment in renewable energy projects to reduce energy consumption and further promote industry growth. The main components of thin-film solar cells include cadmium telluride, copper indium gallium diselenide and amorphous silicon. Low manufacturing costs and wide application in the field of power generation will stimulate the growth of the fuel cadmium telluride thin-film solar cell industry. In the next 7 years, the amorphous silicon thin-film solar cell market will see significant growth, thanks to its increased use in electronic calculators, solar watches, and thin-film transistors. The copper indium gallium selenium industry is expected to reach 8 billion U.S. dollars by 2024, driven by the ability to absorb more sunlight. The following are the regional trends affecting the thin-film solar cell market from 2016 to 2024: The strict regulatory trend of ground-mounted photovoltaic system deployment and maintenance of a green environment will become a key growth driver for the European thin-film solar cell industry. The UK is expected to increase its regional share. The market size of thin-film solar cells in the Middle East and Africa is expected to grow substantially from 2016 to 2424, driven by the increasing popularity of off-grid power. South Africa will make a huge contribution to regional income. In the next few years, sufficient untapped resources will promote the thin-film solar cell industry in Latin America. Chile is expected to be a source of regional income. High power demand, coupled with the large-scale deployment of photovoltaic projects, will promote the large-scale Asia-Pacific thin-film solar cell industry in the next few years. China may be the main source of income in the region. The North American thin-film solar cell market will experience considerable growth in the future, driven by government initiatives to encourage the use of renewable energy and high requirements for photovoltaic systems in the residential sector. The United States is expected to account for the majority of regional revenue in the next seven years.
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