The demand for the thin film photovoltaics market is expected to witness significant growth owing to rising concerns related to the adoption of renewable energy as a primary fuel. In addition, initiatives are taken by various governments across different countries to reduce greenhouse emissions and help increase environmental benefits in the long run, which is further expected to escalate the demand in the market.
Increasing concerns about reducing dependency on conventional sources of energy have led to the need for low-cost sustainable options, leading to advancements in photovoltaic technology to increase the production of electricity and reduce overall cost and weight. This will increase the affordability, resulting in the growth of the market.
The thin film photovoltaic market is segmented based on three types, including amorphous silicon (A-si), cadmium telluride (CdTe), and copper indium gallium diselenide (CIGS). Among these, cadmium telluride (CdTe) is the most common type of thin film photovoltaic cell. This is due to its high-efficiency level and comparatively lower cost than other cells. In addition, the rising consumption of cadmium telluride (CdTe) in residential and industrial applications is expected to bolster market growth over the forecast period.
On the basis of application, the thin film photovoltaics (PV) market can be segmented into residential, non-residential, and utility. The utility sector can be further categorized into military, power plant applications, defense, and industrial applications. Thin film PV systems are widely used in residential buildings owing to their higher electricity generation at a lower cost. Non-residential application is expected to grow at a significant rate due to the rising adoption of building integrated PV systems.
The demand for thin film photovoltaic cells is expected to increase in Asia Pacific due to the growing consumption of energy in the residential and industrial sectors. North America and Europe are expected to dominate the industry due to the early adoption of technological advancements and government initiatives and regulations to shift to sustainable energy resources.This, in turn, is anticipated to increase demand for the thin film photovoltaic cells over the coming years.
The market experiences a highly competitive rivalry owing to the presence of a large set of manufacturers across the globe. 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.