Albany, NY -- (SBWIRE) -- 07/25/2017 -- Considering the alarming rate at which the non-renewable sources of energy are depleting, the demand for solar energy is at an all-time high. Furthermore, escalating energy demands witnessed worldwide will bolster prospects for renewable energy sources. Against this backdrop, Transparency Market Research expects the demand for solar cell films to rise in response to the soaring demand for solar energy. Besides this, favorable policies and fiscal incentives by governments encouraging the use of solar energy is likely to have a positive impact on the global solar cell films market.

This paradigm shift in energy usage has augured well for the global solar cell films market, enabling it exhibit a CAGR of 9.40% between 2015 and 2023. At this pace, the market's valuation is likely to reach US$20.9 bn by the end of 2023. Also competition prevailing in the market is expected to remain high through the forecast period, as more and more companies engage in research and development activities to commercialize thin film PV technologies.

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Commercial Sector to Exhibit Increased Demand for Solar Cell Films

Based on type, the global solar cell films market can be segmented into cadmium telluride, amorphous silicon, and copper indium gallium selenide. Of these, cadmium telluride has emerged as the most valued product and is projected to remain a prominent segment through the report's forecast period. Cadmium telluride boasts a longer shelf life, low production cost, and high product efficiency. On the back of these factors, the demand for cadmium telluride is likely to remain high even in the forthcoming years.

In terms of end users, industrial, commercial, and residential sectors constitute the key market segments. Of these, the commercial sector is likely to showcase the maximum demand for solar cell films on account of the increasing demand for electricity. Solar cell films have an unlimited capacity of power supply and has a much less maintenance cost, which make them highly feasible for use in offices, shopping complexes, malls, multiplexes, and other commercial buildings.

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Europe Emerges as Dominant Segment in Global Market

Regionally, the global solar cell films market can be segmented into North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Among these regions, Europe has emerged as the dominant market for solar cell films, on the back of increased installation of solar cell films in nations such as Germany, Russia, France, Spain, and the UK. However during the course of the forecast period, Asia Pacific is forecast to exhibit growth at a higher pace. The rapid industrialization and swiftly increasing population are the chief driving factors of the solar cell films market in Asia Pacific. Besides this, the market is expected to witness lucrative opportunities North America on account of the rising demand from the U.S. and Canada.

Some of the most prominent companies operating in the global solar cell films market are 3M, Prism Solar Technologies Inc., DUNMORE Corp., Solar Frontier K.K., Hanergy Holding Group Ltd., First Solar Inc., Advanced Energy Industries Inc., Heliatek GmbH, Kaneka Corp., Stion Corp., and Lucent CleanEnergy. A majority of these companies are focusing on gaining a competitive edge via innovations. Hence investment toward research and development will continue scaling in the global solar cell films market through the forecast period.