Transparency Market Research has released a market study, titled “Solar Cell Films Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023”. According to the report, the global solar cells market will expand at a CAGR of 9.40% from 2015 to 2023. If the figure holds true, the valuation of the market will be US$20.9 bn by the end of the aforementioned forecast period; the market stood at US$9.4 bn in 2014.
Owing to
the numerous benefits of solar cell films, the demand for the same has been on
the rise over the past few years, thereby benefitting the solar cells market,
says the report. Second-generation solar cell films are exemplary with respect
to the advantages they offer over their predecessors, which used a much thicker
wafer. The advantages of solar cell films include low manufacturing costs, high
product efficiency, and zero carbon emissions, which serve the energy needs in
an economic manner with a consideration of the environment as well.
The use of
solar energy reduces the dependency on conventional fuels for energy needs.
This helps save conventional fuels for high-intensity energy production, where
solar energy is not effective. Thus, energy security for the long run is
ensured as well. In this pursuit, environmental and government agencies are
offering subsidies to promote the utilization of solar cell films for
commercial and domestic energy needs.
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The
report divides the global solar cell films market on the basis of product type,
end use, and geography. By product type, amorphous silicon, copper indium
gallium selenide, and cadmium telluride are the segmnets of the market, amongst
which cadmium telluride led the overall market in 2014. The reasons for the high
demand for cadmium telluride are longer life, low manufacturing cost, and high
product efficiency in the range of 16%-18%, which is the highest among solar
cells. The efficiency of cadmium telluride is due to its high sunlight
absorption power, which in turn accelerates the energy output of these cells,
due to which they are preferred over other solar cell films.
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Industrial,
commercial, and residential are the major end-use segments of the solar cell
films market. The commercial sector exhibits the highest demand for solar cell
films due to high electricity needs, especially during peak working hours. The
advantage of solar cell films for the commercial sector lies in its unlimited
capacity of power supply and low maintenance cost, because of which the energy
source is viable for offices, malls and multiplexes, and shopping complexes.
To promote
the utilization of solar energy in the commercial sector, governments in
several countries, especially in countries that are close to the equator and
have high-intensity sunlight for a major part of the year, are offering
financial incentives and complimentary installations to harness the energy.
Attractive feed-in tariffs are also provided for citizens who supply excess
electricity to the grid.
Some major
companies operating in the solar cell films market are Heliatek GmbH, 3M, First
Solar Inc., and Stion Corporation, among others.
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