Thin Film Material Market - Growth, Trends, and Forecast (2020-2025)
The thin film material market is expected to register a CAGR of over 4% during the forecast period. The major factor driving the growth of the market is its wide applications in solar photovoltaic cells for solar power generation. Other factors driving the growth of the Thin Film Material Market include its application in the electronic components such as printed circuit boards, sensors, capacitors, etc. On the flip side, the presence of close substitutes such as crystalline silicon, etc. are hindering the growth of the market.
The major consumption of thin film materials is in photovoltaic cells because of their properties such as lightweight, flexibility, thinner cell variation, etc. compared to the traditional crystalline silicon technology.
The AsiaPacific region is forecasted to own the largest market share owing to humungous photovoltaic solar power plants in the region.
Key Market Trends
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 (cSi).
These films are also used in building integrated photovoltaics and as semitransparent, 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 semitransparent 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.
AsiaPacific Region to Dominate the Market
The AsiaPacific region accounts for the largest market share in the thin film material market globally and is also forecasted to be the fastestgrowing 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 ThinFilm 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 AsiaPacific region is expected to grow considerably over the forecast period.
The thin film material market is partially fragmented. The major players operating in the thin film material business include Ascent Solar Technologies, Inc, Stanford Advanced Materials, Cicor Management AG, Hanergy Thin Film Power Group Europe, and Kaneka Corporation.
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