The global thin film solar PV modules market is expected to post a CAGR of over 16% during the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has published a new market research report on the global thin film solar PV modules market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the reduced quantity of silicon required for manufacturing. Thin film solar panels are made of one or more thin layers of PV materials, which are laid onto a substrate. These layers can be more than 300 times smaller than conventional silicon solar panels. The type of substrate used while manufacturing is the medium of differentiation in thin film solar panels. Thin film solar panels are the lightest panels available due to the use of small-sized PV cells with built-in semi-conductors. The use of silicon materials is less, as these panels are several times smaller than that of conventional solar PV panels, which will have a limited impact on the environment.
This market research report on the global thin film solar PV modules market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.
This report is available at a USD 1,000 discount for a limited time only:View market snapshot before purchasing
In this report, Technavio highlights the increased adoption of microgrids as one of the key emerging trends in the global thin film solar PV modules market:
Global thin film solar PV modules market: Increased adoption of microgrids
A microgrid is a small-scale power grid that has its own generation and storage resources. Microgrids can operate independently or collaboratively with other small power grids. Microgrids that are integrated to the main power grid are referred to as Hybrid microgrids. To operate in grid-connected mode and island mode, a microgrid can connect and disconnect from the power grid. A microgrid can shift to island mode during a power outage on the main power grid or when the system was intentionally disconnected from the main grid. Areas with frequent power outages due to unstable power grids use microgrids to protect consumers from outages.
“Microgrids are usually used in villages where grid-connected power is not accessible or has limited availability. Microgrids are reliable as they are unaffected by power outages of the main grid. Also, they reduce the cost of extending the grid to remote locations. Microgrids may generate power from renewable sources such as solar and wind power,” says a senior analyst at Technavio for research on power.
Global thin film solar PV modules market: Segmentation analysis
This market research report segments the global thin film solar PV modules market by technology (CdTe and CIGS) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 and the region is expected to dominate the market through 2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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