Thin film PV market has gained momentum in the recent times, especially at the time of 2009 global meltdown. High prices of silicon have shifted the demand for solar cells towards thin film PV cells. Low cost, increasing government initiatives & policies, shorter energy payback, better performance under low light conditions and others are the few factors that have spurred the Global thin film PV market. Initially dominated by a-Si thin film PV cells, the market is now shifting towards CdTe and CIS/CIGS based thin film PV cells. Higher efficiency of CdTe and CIS/CIGS cells has resulted for the demand at global level.
According to 6Wresearch, Global thin film PV market is expected to generate $22,357.3 million by 2016 with an estimated CAGR of 27.5% from 2011-2016. In 2011, a-Si has dominated the thin film PV market and has accounted for 49.8% of the market share in the overall market; however this market share is expected to fall to 38.1% by 2016. The market for CdTe, CIS/CIGS and other thin film PV cells are expected to grow with a CAGR of 30.5%, 39.8% and 15.0%, respectively for the same period.
In modules market, the market is estimated to generate 3,213.2 MW in 2011 and is expected to reach 9,036.6 MW by 2016, with a CAGR of 23.0% from 2011-2016. CdTe based modules dominated the module market and accounted for 44.4% of the share in overall market in 2010. However, CIS/CIGS modules are expected to emerge as a market leader by 2016.
Although in 2011, Europe dominated the Global thin film PV market, but Asia is expected to grow with relatively higher CAGR of 33.7% for the same period. In Application market, BIPV dominated and accounted for 45.5% of the share in 2010, followed Grid connected power supply, military & space, consumer electronics and others, respectively.