The global thin film photovoltaics market is expected to witness significant growth over the forecast period owing to rapid advancement in thin film technology. Optimum efficiency along with low manufacturing costs of PV cells is expected to be a major driver in the thin film photovoltaics (PV) market. Thin film PV cells are estimated to constitute a significant share to the entire semiconductors market over the next six years. Amorphous silicon market is expected to fuel market growth owing to its growing worldwide acceptance.
PV systems are safe, reliable, incur less operating costs, and can be easy installed. Additionally, these cells can provide better performance in low light conditions. Increasing concerns about alternative sources of energy and climate change are expected to drive the thin film photovoltaics market. Funding and incentives provided by the government towards the adoption of solar energy to generate electricity have further expected to boost thin film PV market growth. Government initiatives, low silicon consumption, and the emergence of ground as well as building mounted systems are also anticipated to provide high growth avenues to the thin film photovoltaics (PV) market.
Low conversion efficiency and multi-junction PV cells are expected to restrain market growth. Other factors such as poor installation, high capital costs, and poor maintenance practices are estimated to negatively impact market growth.
The thin film PV market can be categorized on the basis of type, component, and application. On the basis of type, the market can be bifurcated into organic and inorganic photovoltaic. The market by component includes thin film PV cells, crystalline silicon PV cells along with Tracker, Modules, and Optics. On the basis of application, the thin film photovoltaics (PV) market can be segmented into residential, utility, consumer, military, and non-residential sectors. The utility sector can be further categorized into military, power plant application, defense, and industrial applications. Line grid connected power supply application is expected to dominate the thin film photovoltaics market over the forecast period.
The thin film photovoltaics market is expected to be dominated by North America and Europe owing to early adoption of technological advancements. Asia Pacific is expected to witness significant growth due to increasing adoption of semiconductors in the electronics industry. Emerging markets such as China, India, Middle East & Africa, and Latin America are expected to show their presence over the forecast period. European region is expected to have a significant contribution in the thin film PV market owing to increased demand of solar energy in countries such as Italy, Germany, and Spain.
The key vendors in the thin film photovoltaics market include Kyocera Corporation, Kaneka Corporation, Mitsubishi Electric Corporation, Sharp Corporation, Panasonic Corporation ReneSola Co. Ltd., JA solar Co. Ltd., Jinko Solar, Suntech Power Holdings Co. Ltd., and Yingli Green Trina Solar.
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The exponential spread of COVID-19 worldwide has had an adverse impact on the semiconductor industry with manufacturing facilities temporarily shut, leading to a significant slowdown in the production. The outbreak could result in disruption across the ecosystem with several supply chain participants shifting their production facilities outside China, thereby reducing their over-reliance on China. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also hauled consumer demand for semiconductor devices. Our analysts predict a decline in semiconductor revenue by over 1% in 2020 as compared to that in 2019. The report will account for Covid19 as a key market contributor.