NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Technavio announces the release of its latest report on the thin film solar PV modules market. The market is segmented by technology (Cadmium Telluride and Copper Indium Gallium Di-Selenide) and geography (APAC, Europe, MEA, North America, and South America). Get a Free Sample Report Delivered Instantly
The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across various segments.
Thin film solar PV modules Market: Key Findings
Thin film solar PV modules market value to grow by USD 4.57 billion at over 8% CAGR during 2021-2025
50% of market growth to originate from North America during the forecast period
Based on the technology, the Cadmium Telluride segment will offer maximum opportunities for vendors during the forecast period
Thin film solar PV modules market is expected to have a negative impact due to the spread of COVID-19
Thin Film Solar PV Modules Market: Growth Drivers
The reduced quantity of silicon required for manufacturing is one of the prime factors driving the growth of the market. The growing shortage of silicon materials has affected the production of solar panels worldwide. This is driving many solar companies to focus on the development of thin solar films that require silicon in lesser quantities than that of conventional solar panels. Although thin-film solar panels are less efficient compared to traditional solar PV panels, their lower installation costs will offset output losses. All these factors are expected to have a positive impact on the growth of the global thin film solar PV modules market during the forecast period.
"Increasing investments in renewable energy and rising solar PV installations will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Thin Film Solar PV Modules Market: Major Vendors
Antec Solar GmbH
Antec Solar GmbH operates its business through the Unified segment. The company provides customer-specific PV modules for BIPV systems and special applications.
Ascent Solar Technologies Inc.
Ascent Solar Technologies Inc. operates its business through segments such as Space, Aerospace, Government and Public sector, and Consumer and OEM. The company offers Copper-Indium-Gallium-Selenide photovoltaic technology on a flexible, plastic substrate that easily integrates with other surfaces.
First Solar Inc.
First Solar Inc. operates its business through segments such as Modules and Systems. The company designs and manufactures CdTe solar modules that convert sunlight into electricity.
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