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Ramped up Solar Energy Demand could Bolster Global Solar Cell Films Market

Article Description

The most recent waves of technological advancements have created a strong foundation for the future of the global solar cell films market. Also known as thin-film solar cells, they harness solar energy and convert it into electricity, which can then be fed into a power system. The current generation of solar cell films consist of copper indium gallium selenide, cadmium telluride, and amorphous silicon. The older, first-generation solar cells simply contained single crystalline or multi-crystalline silicon technology. Modern thin-film solar cells are highly flexible and potent in terms of converting the received solar energy. This allows them to be used in practically any environment that receives a necessary minimum amount of sunlight.

The global solar cell films market is aggressively pushing at a 9.40% CAGR between 2015 and 2023. The market was valued at US$2.4 bn in 2014 and should be valued at US$20.9 bn by the end of 2023. Influencing this growth rate while benefitting from it are the key players of the global solar cell films market: Prism Solar Technologies, Inc., Hanergy Holding Group, Inc., Kaneka Corporation, Solar Frontier K.K., Stion Corporation, Lucent CleanEnergy, First Solar, Inc., Advanced Energy Industries, Inc., 3M, DUNMORE Corporation, and Heliatek GmbH. Each player operates in different types of thin-film solar cells: CIGS, CdTe, and a-Si.

Global Solar Cell Films Market Boosted by High Demand for Solar Power Generation

One of the greatest growth drivers of the solar cell films market is the heightened demand for solar energy. Over the past decade, concerns over climate change and depletion of conventional fuels have accelerated the research and development of renewable energy science, and solar energy lies at the peak of it. The major advantages that lie in adopting solar cell film technologies include high conversion efficiency thanks to the usage of modern materials, practically zero carbon footprint, and very low manufacturing costs as most of the materials used in the global solar cell films market are commonly available in large amounts. Other factors driving the global solar cell films market are the increasingly stringent government regulations on the use of conventional fuels and the pollution reduction commitments made by most developed economies.

The global solar cell films market also grows stronger as it holds the potential for a reduction in the import of conventional fuels. The usage of solar energy also adds to a nation’s energy security, as it is one of the most dependable renewable sources of energy. All of this is even recognized by several governments, which continue funding the global solar cell films market in order to create a better standard of electricity generation through solar energy.

CdTe Dominates Global Solar Cell Films Market

The global solar cell films market was led by cadmium telluride solar cell films in 2014. CdTe solar cells were the most used due to their higher efficiency, low manufacturing costs, and a much longer life span. A-Si solar cells give an efficiency range of 8.0% to 10.0%, while a CdTe thin film solar cells give 16.0% to 18.0% efficiency.

Browse the full Global Solar Cell Films Market report at http://www.mrrse.com/solar-cell-films-market

The global solar cell films market currently finds large-scale use in multiplexes, malls, offices, and street lighting systems. The market is further boosted by an upswing in demand from the residential sector as well.