Brooklyn, New York, USA, 2021-May-05— /Meridian Market Consultants/ — An overview of conceptual frameworks, analytical approaches of the Thin Film Solar Panel Market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market. The global Thin Film Solar Panel Market in 2020 is estimated for more than US$ 15.5 Bn and expected to reach a value of US$ 52.9 Bn by 2028 with a significant CAGR of 16.6%. Thin Film Solar Panel market is expected to grow with significant rate in the near future.
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Thin film solar panel is the next generation in solar technology consists of one or more thin layer of photovoltaic material on a substrate such as metal, plastic, and glass which is mainly used to transform solar rays into electricity. Thin film solar panels are rugged, light weighted, flexible, and are adaptable in the very surface. Thin film has higher impact tolerance than its crystalline cousin, making it more resistant to damage from hail, golf balls, rocks, and the like.
Thin Film Solar Panel Market Dynamics
The global thin film solar panel market is expected to increase at a significant CAGR during the forecast period due to the increasing initiatives to develop and promote the adoption of clean energy technology and government regulations and initiatives for promoting solar energy such as less import duty, financial assistance, tax credit, subsidy, net metering, and feed-in tariff are some of the major factors that will drive the growth of global thin film solar panel market.
Technological advancement and increasing expenditure towards solar technology are also some of the major factors which are expected to increase the demand for thin film solar panel globally.
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Thin Film Solar Panel Market Key Players
Global thin film solar panel market is mainly dominated by:
Ascent Solar Technologies Inc.
Global Solar, Inc.
Hankey Asia Ltd.
MiaSole Hi-Tech Corp.
Mitsubishi Electric US, Inc.
Xunlight Kunshan Co. Ltd.
Thin Film Solar Panel Market Segmentation
The global thin film solar panel market is segmented on the basis of product type, end-user, and installation type and by region
On the basis of product type segment, the global thin film solar panel market product type segment is sub-segmented into:
Cadmium Telluride (CdTe)
Copper Indium gallium diselenide (CIGS)
Amorphous Thin-Film Silicon
In 2018, copper indium gallium diselenide (CIGS) product type segment is accounted to have the largest arket share followed by cadmium telluride (CdTe) in terms of value and expected to remain to dominate throughout the forecast period.
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Thin Film Solar Panel Market Regional Segmentation
On the basis of region, the global thin film solar panel market is segmented into six regions namely North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. Europe thin film solar panel market is expected to be the most dominating market throughout the forecast period. Whereas, Latin America thin film solar panel is expected to generate the highest CAGR in comparison to other regions. Upsurge investment in wind and solar sector mainly Brazil is one of the main factors that will drive the growth of the market in Latin America.
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