22 October 2015

CdTe to dominate thin-film solar market, reaching nearly 5400MW by 2023

The global market for thin-film solar – e.g. amorphous silicon, cadmium telluride (CdTe) and copper indium gallium selenide (CIGS) – is rising at a compound annual growth rate (CAGR) of 9.4%, from $9393.78m in 2014 to $20,995.66m by 2023, forecasts Transparency Market Research in its report 'Solar Cell Films Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2015 – 2023'. Due to the benefits offered by thin-film solar cells (e.g. low manufacturing costs, zero carbon emissions, and high efficiency), high demand for solar cell films has been seen across the globe over the past decade, notes the report.

Due to high efficiency, longer life span and low manufacturing costs compared with other solar cell films, cadmium telluride dominated the thin-film solar cell market in terms of volume in 2014. Solar energy conversion efficiency for CdTe is 16-18% versus 8-10% for amorphous silicon. High sunlight absorbing power and higher electricity generation rate make CdTe solar cell films a preferred choice over other solar cell films for generating electricity, notes the report. The market for CdTe thin-film solar is forecast to reach $7783.68m in revenue and 5391.96MW in capacity by 2023, Transparency Market Research reckons.

High demand for thin-film solar has been seen in the commercial sector (e.g. offices, shopping complexes, malls and multiplexes) due to the high electricity demand, especially during peak hours. Significant demand for thin-film solar has also been seen in the residential sector, since significant reduction in emissions and attractive financial savings can easily be achieved, adds the report. Thin-film solar is also useful for bridging the electricity demand-supply gap to a certain extent in the industrial sector as well. 

Tags: Thin-film photovoltaic Thin-film silicon CdTe CIGS

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