Market Trends of Thin Film Material Industry
This section covers the major market trends shaping the Thin Film Material Market according to our research experts:
Growing Demand for Photo voltaic Cells
- Applications of thin films in the photovoltaic cells for solar power generation has amplified the market studied and is anticipated to be the largest consuming segment during the forecast period.
- Thin film materials have advantages like lightweight, flexible, cell variation from a few nanometers (nm) to tens of micrometers (µm) due to which they are preferred over other techniques such as crystalline silicon solar cell (c-Si).
- These films are also used in building integrated photovoltaics and as semi-transparent, photovoltaic glazing material that can be laminated onto windows.
- With the increasing technological advancements, it's possible to integrate photovoltaics (PV) onto the sides of buildings, replacing traditional glass windows with a semi-transparent thin film, simultaneously generating clean energy for the structure.
- All the aforementioned factors along with government support for renewable energy production is expected to drive the global thin film material market during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region accounts for the largest market share in the thin film material market globally and is also forecasted to be the fastest-growing region over the forecast period.
- India and China own most of the largest solar photovoltaic power plants in terms of capacity across the globe.
- The Tengger solar park in China, located in Zhongwei, Ningxia, covers about 1,200 kilometers of the Tengger desert and has an output of 1,547 megawatts of power.
- Bhadla solar farm in India, which is in the Jodhpur district of Rajasthan, is set to be in operation by 2020. The production capacity of the plant is expected to produce 2,255 megawatts of electricity and is spread across 45 square kilometers.
- Innovative projects from the region like Thin-Film Solar Wall Project in Heyuan City, Guangdong province from China is anticipated to open new doors for the market studied.
- Hence, from the aforementioned factors, the demand for thin film materials in the Asia-Pacific region is expected to grow considerably over the forecast period.
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