Ultra-thin Solar Cells Market to Grow at a CAGR of 7% To 2024

Global ultra-thin solar cells market share is segmented on the basis of type, technology, application and region.

Shift from fossil fuels toward renewable energy and favorable government policy anticipated to drive the global ultra-thin solar cells market size.

Solar cells refer as cell that converts light energy into electrical energy and is also known as photovoltaic cell. It is made up of one or more thin film (TF) or thin layer of photovoltaic material, such as plastic, metal or glass and a second generation cell. Thickness of thin film varies from nanometers to tens of micrometers (µm). It is light in weight, have a less friction, less material needed to build, flexible and have capability to produce up to 6 watts of power per gram.
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Thin film solar cell can be used as glazing material that can be laminated onto windows, building integrated photovoltaic and use inflexible thin film solar panels in some of the largest photovoltaic power stations of world. They are also used in several technologies such as Cadmium telluride (CdTe), amorphous thin film silicon and copper indium gallium selenide (CIGS) for outdoor application. Cadmium telluride (CdTe) technology is leader for thin film technology as they produce 5 percent of worldwide photovoltaic production and accounted for more than half of Ultra-thin solar cells market share.

Shift from fossil fuels toward renewable energy, financial incentives, government policies for example 30% tax credit on implementation of these products for both commercial and residential projects, innovation in nanotechnology, increasing energy conversion efficiency and reducing component and material cost are some of the drivers boosting demand for Ultra-thin solar cells during the forecast period.

Efficiency maintenance and technological challenge could restrain growth. Global ultra-thin solar cells market share is segmented on the basis of type, technology, application and region. The technology includes thin-film amorphous silicon solar cell technologies, thin-film cadmium telluride solar cell technologies, thin-film copper indium gallium diselenide solar cell technologies.

It is expected that the ultra-thin solar cells market size will witness significant growth in future in the U.S. and Japan with implementation of a number of renewable energy sources project owing to new policies concerning. Japan has started harnessing their solar energy potential after the country lost 30% of its electricity production by Fukushima disaster (March 11, 2011). In 2015, China held over 60% ultra-thin film solar cell market share, with USD 1.7 trillion construction spending for the same year.

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