NEW YORK, April 02, 2019 (GLOBE NEWSWIRE) -- The global CIGS thin film solar cells market is likely to expand to USD 8.5 billion by 2024, witnessing a healthy CAGR of 17.3% over the forecast period. The growth can be primarily attributed to the presence of various government initiatives to promote renewable energy in light of growing environmental concerns. Moreover, rising consumption for energy across the globe is further expected to propel the demand over the forecast period.
CIGS thin film solar cells offer excellent performance efficiency as compared to their other counterparts, which has increased its demand across various end-use industries. Laboratory CIGS cells have achieved an efficiency level of 22.4% and several technological advancements are underway in order to further increase its efficiency. Also, as these cells have a relatively low or no amount of cadmium, they are environment friendly.
Key findings from the report:
- The global CIGS thin film solar cells market is likely to reach USD 8.5 billion by 2024
- Chemical vapor deposition segment held a considerable share of the market in 2017, and is likely to witness a healthy CAGR during 2018 to 2024
- Energy & power segment accounted for the major share of the market in 2017, and the trend is likely to continue over the next seven years
- North America dominated the global market in 2017, however Asia-Pacific is expected to grow at the fastest CAGR over the forecast period
- Some of the key companies operating in the industry include Oxford PV; Ascent Solar Technologies, Inc.; Tata Power Solar Systems Ltd; Manz AG; Jinko Solar; Hanergy Holding Group Ltd.; Bosch Solar Energy AG; Soltecture Solartechnik GmbH; Solar Frontier; SoloPower Systems, Inc.; AVANCIS GmbH; among others
- As of February 2019, Solar Frontier achieved a conversion efficiency of 23.35% on a 1cm² CIS solar PV cell, which is the highest verified figure for a cell of this type
Various deposition techniques for CIGS solar cells to drive the market over the coming years
Copper Indium Gallium Selenide (CIGS) solar cells may be manufactured through different techniques including electrospray deposition, chemical vapor deposition, co-evaporation, and film production, among others. The electrospray deposition technique involves the electric field assisted spraying of ink containing CIS nano-particles onto the substrate directly and then sintering in an inert environment. The chemical vapor deposition (CVD) segment held the major share of the market in 2017, and is expected to continue its dominance over the forecast period. CVD processes include atmosphere pressure metal organic CVD, low pressure MOCVD, plasma enhanced CVD, and aerosol assisted MOCVD.
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CIGS thin film solar cells market - Regional insight
North America dominated the global market for CIGS thin film solar cells in 2017, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to the increasing investments in research & development along with the growing number of solar PV installations across the region. Asia-Pacific is expected to emerge as the fastest growing region owing to the presence of key markets such as China, India and Japan coupled with the expanding electronics industry.
The report segments CIGS thin film solar cells market on the basis of deposition technology, thickness, end-use, and region.
By Deposition Technology
- Electrospray Deposition
- Chemical Vapor Deposition (CVD)
- Film Production
- Co-evaporation
By Thickness
- 1-2 mm
- 2-3 mm
- 3-4 mm
By End-Use
- Electrical & electronics
- Automotive
- Energy & power
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
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