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Global Thin Film Material Market Insight 2022-01-20 Comments

The Thin Film Material is forecast to fast increase over the next four years.According to the WK-chem Research “Global Thin Film Material Professional Survey Report 2022, Forecast to 2027”, The major consumption of thin film materials is in photovoltaic cells because of their properties such as lightweight, flexibility, thinner cell variation, etc. compared to the traditional crystalline silicon technology.Thanks to the increasing demand from existing and emerging applications, the global market for thin films is witnessing significant growth. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 4.5% base on WK-chem Research regression analysis model.

Analysts’ Viewpoint:

“Companies in the market regard new product development as one of their main strategies to achieve market growth. It is recommended that new manufacturers join the market to reduce production costs and increase profit margins.” Said Marry, Senior analyst, Chemical industry Market Research Center in WK-chem Research.

Market insight:

Thanks to the increasing demand from existing and emerging applications, the global market for thin films is witnessing significant growth. The increased need efficacy in operations, high demand for miniaturization of products, continual advancements in technology, and the rising implementation of government rules and policies and subsidies across the world are fueling the demand for thin film materials across the world and are anticipated to continue the proliferation in this market over the next few years.The increase of concerns stemming from climate change and global warming has drawn the interest of several governments across the world towards renewable and green energy sources. Countries like Germany, India, the U.S., and the U.K. are offering fiscal incentives and schemes to encourage and drive the use of renewable energy. Government subsidies have played a major role in the growth of the solar power industry. Thin film materials offer a solution to this problem as these materials are efficient, effective, and reliable. The ease of miniaturization offered by these materials is one of the important reasons for MEMS industry to increasingly utilize micro components.

The factors that are providing hindrance in the growth of this market are the low conversion efficiency and huge investments required in R&D and technology.Sometimes, the lower efficiency of thin film materials, as compared to their conventional counterparts, restrains their overall growth. The thin film PV cell offers the efficiency between the ranges of 7-20%, which is much lower than that of crystalline PV cells, which have an efficiency of around 24%. The costs of these materials vary according to the size, type, and applications in which these are used. The downtime involved with their implementation and attachment to the already existing systems also causes significant losses to the company. However, the various advantages such as flexibility and ability to work under low light which are offered by thin film materials would continue driving the revenue growth.

Competition Landscape:

This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Thin Film Material companies that include Anwell Solar (Hong Kong), Ascent Solar (U.S.), Avancis GmbH & Co. (Germany), Cicor Group (Switzerland), First Soalr (U.S.), Hanergy (China), Kaneka (Japan), Masdar PV(Germany), Moser Baer(India), Solar Frontier (Japan), Suntech Power Co. Ltd. (China), and Trony Solar Holdings Co. Ltd. (China).

Segmentation of Thin Film Material Market:

The raw material used for thin film materials include cadmium, telluride, copper, indium, gallium, and selenide. Copper occupies a large market share.Every thin film is unique and the manufacturers use their own set of raw material and ingredients to manufacture these material. Any change in the demand and supply of these raw materials could have an impact on the global industry. The raw materials such as copper are easy to source, but metals like cadmium are difficult to source because of their toxic nature. Cadmium was banned in the European Union, but recently the ban was partially revoked, and the usage of cadmium was restricted only to thin film photovoltaic cell.Thin film materials are used in various applications such as solar cells, micro-electro-mechanical system (MEMS), semiconductor, and electrical and optical coating.Solar cells account for the largest market share.Rising awareness regarding the usage of solar energy is also anticipated to boost the thin film material market during the forecast period.The increase of concerns stemming from climate change and global warming has drawn the interest of several governments across the world towards renewable and green energy sources. Thin film materials have advantages like lightweight, flexible, cell variation from a few nanometers (nm) to tens of micrometers (µm) due to which they are preferred over other techniques such as crystalline silicon solar cell (c-Si).Applications of thin films in the photovoltaic cells for solar power generation has amplified the market studied and is anticipated to be the largest consuming segment during the forecast period.

Thin Film Material Market: Regional Analysis

In terms of geography, the global Thin Film Material market has been segmented into: Asia-Pacific, North America, Europe, South America, and Middle-East & Africa.The Asia-Pacific region accounts for the largest market share in the thin film material market globally and is also forecasted to be the fastest-growing region over the forecast period.India and China own most of the largest solar photovoltaic power plants in terms of capacity across the globe.The Tengger solar park in China, located in Zhongwei, Ningxia, covers about 1,200 kilometers of the Tengger desert and has an output of 1,547 megawatts of power.Bhadla solar farm in India, which is in the Jodhpur district of Rajasthan, is set to be in operation. The production capacity of the plant is expected to produce 2,255 megawatts of electricity and is spread across 45 square kilometers.Innovative projects from the region like Thin-Film Solar Wall Project in Heyuan City, Guangdong province from China is anticipated to open new doors for the market studied.Hence, from the aforementioned factors, the demand for thin film materials in the Asia-Pacific region is expected to grow considerably over the forecast period.

Cagr: 4.5%
Largest share area: Asia Pacific

Largest share country:China
Product Type:Cadmium, Telluride, Copper, Indium, Gallium, Selenide
Application:Solar Cells, Micro-Electro-mechanical System (MEMS), Semiconductor, Electrical, Optical Coating
Leading Company:Anwell Solar, Ascent Solar, Avancis GmbH & Co., Cicor Group, First Soalr