There was a growing need for thin-film PV advanced technologies to constantly increase its productivity. This led to high energy production and lower system costs. Manufacturing costs must also be pulled down to attain competitive pricing. The growth of the global thin-film photovoltaics – advanced technologies market is driven by optimal efficiency and low manufacturing costs of PV cells.
There has been an increased alarm about change in climate and alternative sources of energy, which is expected to augment the demand for thin-film PV – advanced technologies. Higher yields of thin-film photovoltaic for shadow, weak lighting conditions, and installation options that are visually attractive are expected to drive the industry. The market is poised for growth owing to the incentives and funding provided by the government for adopting solar energy to generate electricity.
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Factors such as low consumption of silicon, building-mounted systems, initiatives by the government, and ground emergence may favorably impact market growth. The year 2015 saw installations of around 52 gigawatts (GW) of new capacities all over the world.
However, multi-junction PV cells and low conversion efficiency are anticipated to restrain the market growth. Few other factors such as high costs of capital, poor maintenance, and poor installation are expected to create major hindrances for thin-film PV – advanced technologies demand in the market. Global thin-film PV – advanced technologies market is segmented based on its type which includes organic and inorganic photovoltaics. Based on its application, the thin-film PV market is segmented into utility, military, consumer, residential and non-residential sectors. Furthermore, the utility sector is sub-characterized into power plant applications, industrial applications, military and defense applications. Power supply connected to the line grid is anticipated to be the market leader of thin-film PV over the forecast period.
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