Thin-Film PV Cell Market Will Grow 24% Annually Up To 2020
CIGS will emerge as the major technology by 2020 according to Research and Markets.
MarketResearch.com has announced the addition of GBI Research's new report, "Thin-Film Photovoltaic (PV) Cells Market Analysis to 2020 - CIGS (Copper Indium Gallium di-Selenide) to Emerge as the Major Technology by 2020," to their collection of Energy market reports.
The global thin film photovoltaic (PV) market, despite of caution in the overall PV industry, is expected to experience an overwhelming growth in coming years. Thin film production market share in the global solar PV market grew from a mere 2.8% in 2001 to 25% in 2009, thus dictating a growing share in the future. GBI Research estimates that thin film solar PV, is set to increase its share to ~38% by 2020. Expectations are that, in the long-term, thin film solar PV technology would surpass the dominating conventional solar PV technology, thus enabling the long sought-after grid parity objective.
The major thin film producing countries, Japan, China, and the US are announcing aggressive support for renewable energy expansion through incentives and regulations. In retrospect, the thin film module production is projected to grow at the rate of 24% between 2009 and 2020, to reach 22,214 MW production by 2020.
With over 160 companies producing thin-film solar cells and modules worldwide, the market includes a number of big players with many years of experience and expanding production capacities. CIGS technology is gaining more popularity than other thin-film technologies due to its higher efficiency and reduced manufacturing costs. The success of CIGS cells depends on the efficiency, and a faster and cheaper manufacturing process. The future of CIGS technology is encouraging as a lot of venture capitalist firms are investing in it.