Thin Film Photovoltaic Market to grow at over 28.36% CAGR To 2023
The global thin film photovoltaic market is predicted to grow at a whopping 28.36% CAGR between
2018- 2023 states the recent Market Research Future (MRFR) analysis. Solar power has emerged as a
highly favored renewable energy industry. It is generated through concentrated solar panels and
photovoltaics. Thin film photovoltaic is available in both inorganic and organic form and used widely
in commercial, industrial, and residential sectors.
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Various factors are propelling the global thin film photovoltaic market growth. As per the current
MRFR report, such factors include increased concerns about carbon footprint reduction, emerging
solar market, growing demand for mass-production of energy owing to urbanization, the transition to
renewable energy from conventional energy, growing demand for energy-efficient solutions, rising
energy significant markets, increasing population, and advances in technology. Additional factors
adding market growth include rising living standards, globalization, and newer applications of solar
panels like for rooftops/facades, applications which demand more flexibility & low angle installations,
and building integrated photovoltaic (BIPV).
By material, the global thin film photovoltaic market is segmented into cadmium telluride and
amorphous silicon. Of these, the amorphous silicon segment is predicted to lead the market over the
forecast period. The global commercial availability of amorphous silicon is adding to the growth of the
By type, the global thin film photovoltaic market is segmented into inorganic and organic. Of these,
the organic segment will dominate the market over the forecast period for photoactive layers being
made of donor & acceptor semiconducting organic material for generating photocurrents.
By end user, the global thin film photovoltaic market is