Transparency Market Research has released a new market report titled Solar Cell Films Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2015 - 2023. According to this report, the global solar cell films market stood at 9,393.78 USD Million in 2014 and is expected to reach 20,995.66 USD Million by 2023 growing at a CAGR of 9.4% from 2015 to 2023.
High demand for solar cell films has been witnessed across the globe over the past decade, owing to the numerous benefits offered by solar cell films. Low manufacturing costs, zero carbon emissions, and high efficiency are some of the advantages of solar cell films. Amorphous silicon, cadmium telluride, and copper indium gallium selenide are the commonly used solar cell films. They are also known as thin film solar cells. Rising air pollution levels, primarily from the power sector boosts the demand for solar cell films.
Usage of solar cell films in the power sector reduces the dependency of a country on foreign imports of natural gas and coal. Additionally, energy security can be maintained in the country with the application of solar energy. Strong support from the government and active participation from industry players are anticipated to augment the growth of the solar cell films market at a significant rate in the future.
Cadmium telluride (CdTe) dominated the solar cell films market in terms of volume in 2014. Demand for cadmium telluride solar cell films was high in 2014 owing to their high efficiency, longer life span, and low manufacturing costs as compared to other solar cell films. Efficiency of cadmium telluride solar cell films is in the range of 16%-18%, whereas that of amorphous silicon solar cell is in 8%-10% range. High sunlight absorbing power and higher electricity generation rate make cadmium telluride solar cell films a preferred choice over other solar cell films for generating electricity.
High demand for solar cell films has been witnessed in the commercial sector owing to the high electricity demand, especially during peak hours. Offices, shopping complexes, malls, and multiplexes are some of the potential customers of solar cell films. Once installed, solar cell films provide unlimited power supply and have low maintenance costs as compared to nuclear power plants. Solar cell films can be installed in any country due to high availability of solar energy. Many countries are providing financial incentives and subsidies to citizens for installing solar cell films at their residence and office. Attractive feed-in tariffs are also provided in various countries to citizens for supplying electricity to the grid.
Significant demand for solar cell films has been witnessed in the residential sector as well. Significant reduction in emissions and attractive financial savings can be easily achieved by using solar cell films for electricity generation. Solar cell films are useful for bridging the demand-supply gap of electricity up to a certain extent in the industrial sector as well.
Many countries across the globe are using solar cell films for generating electricity due to increasing pollution levels from conventional resources such as coal and natural gas. Various countries are promoting the use of solar cell films by providing financial incentives and subsidies. Active participation from prominent industry players for the promotion of solar cell films boosts the demand for solar cell films at a significant rate throughout the world.
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