07 Sep 2015 11:09:53
Global Solar Cell Films Market to Reach US$21,000 Million by 2023, propelled by Rising Awareness among Consumers
The global solar cell films market is drawing much growth from the rising awareness about the benefits solar cell films offer. Various initiatives by several governments across the world to encourage the usage of solar cell films for electricity generation is also fuelling demand from the market. In 2014, the global solar cell market reported an overall value of US$9,393.78 million. By 2023, the market is projected to reach US$20,995.66 million, expanding at a CAGR of 9.4% over the period from 2015 to 2023.
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CdTe and Commercial Sector to Maintain Dominance among Products Markets and End Users
In 2014, Cadmium telluride (CdTe) cell films were the highest produced solar cell films across the world. The CdTe cell films also reported the highest demand on account of their high efficiency, longevity, and the low cost of manufacturing compared to other solar cell films. Analysts expect this market segment to report the highest growth in the coming years owing to its high capacity to absorb sunlight and the high rate of electricity generation.
Commercial sector has emerged as the biggest consumer of solar cells films in recent times due to the rising usage of electricity in this industry, particularly in peak hours. The low cost of maintenance associated with solar cell films compared to nuclear power facilities is the main reason for the rising uptake of solar cell films in offices, malls, shopping complexes, and multiplexes.
The residential sector is also reporting extensive demand for solar cell films owing to the rising awareness among consumers regarding the benefits of using solar cell films for electricity generation such as reduction in GHG emission and cost-benefits it offer. Other than this, the demand for solar cell films from the industrial sector is also increasing significantly and is expected to maintain a steady pace of growth in the near future.
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Asia Pacific and Europe Reporting Significant Demand for Solar Cell Films, Poised to Maintain Growth Pace
Asia Pacific has been reporting significant demand for solar cell films in the recent past. Europe has also been showing extensive rise in demand for solar cell films over the last couple of years. The financial support and subsidies provided by the European governments has encouraged people and end-use industry to shift to solar cell films for electricity generation.
On the other hand, the high demand of electricity from Asian nations such as China and India, due to large population base and rapid industrialization, is fueling the solar cell films market in Asia Pacific. Additionally, the increasing demand for electricity from emerging economies has propelled the need for alternative as well as renewable sources of energy such as solar cell films in Asia Pacific.
The solar cell films markets in North America, South America, the Middle East, and Africa are also reporting significant development, due to the rising demand for alternative source of electricity generation across the globe.
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Low Efficiency of Second Generation PV Limiting Solar Cell Films Market Growth
The low efficiency of the second generation PV systems has negatively impacted the consumer interest in them, trimming down the demand for solar cell films, in response. The revised rate of feed-in-tariff is also posing severe challenge for the global solar cell films market. However, the commercialization of thin film PV is likely to open new avenues for the market participants.
DUNMORE Corp., Stion Corp., Heliatek GmbH, Prism Solar Technologies Inc., Kaneka Corp., Solar Frontier K.K., Hanergy Holding Group Ltd., 3M, Advanced Energy Industries Inc., Lucent CleanEnergy, and First Solar Inc. are some of the major companies operating in the global solar cell films market.
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