Global CIGS Thin Film Solar Cells Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024

Industry : Energy And Power Date : April 2nd, 2019
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The global CIGS thin film solar cells market is likely to generate a demand of USD 8.5 billion by 2024, at a healthy CAGR over the next seven years. Various favorable government initiatives towards renewable energy along with higher efficiency of CIGS technology over other thin film solar cells are set to accelerate market demand over the forecast period. Moreover, growing demand for energy across the globe is expected to further drive the market. The years used for the assessment are as follows;

  • Historical year : 2014, 2015 and 2016
  • Base year  : 2017
  • Forecast period: 2018 – 2024

RESEARCH METHODOLOGY

The research and analysis are based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;

  • Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys and other secondary sources
  • Interacting with key opinion leaders of the market and developing data points based on interaction with them
  • Study of past trends in the market and their year on year impact on the market size and share
  • Analyzing the collected data points
  • Bridging the data points to calculate the CIGS thin film solar cells market and its various segments
  • Anticipating potential risks
  • Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the market
  • Finalizing the overall size and share for the global market

OBJECTIVES:

  • To classify global CIGS thin film solar cells market into segments on the basis of deposition technology, thickness, end-use and region to analyze their growth prospects individually
  • To analyze market trends, opportunities, drivers and restraints associated with CIGS thin film solar cells
  • Profiling key companies operating in the global market
  • To study market response with respect to the mergers and acquisitions in the industry

MARKET SCOPE

The research scope for CIGS thin film solar cells market is as follows:

By Deposition Technology

  • Electrospray Deposition
  • Chemical Vapor Deposition
  • 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)

The market for CIGS thin film PV cells is projected to augment owing to the growing research and development activities across the globe. Also, the presence of several stringent government regulations regarding carbon emissions and climate change has fostered the market growth. Moreover, due to the current reliance on fossil fuels, which accounts for the major pollution, various programs have been initiated by the governments to promote the use of renewable energy.

Copper indium gallium selenide (CIGS) thin film solar cells are made from a compound known as copper gallium indium diselenide sandwiched between conductive layers. The material may be deposited on substrates such as steel, glass, plastic as well as aluminum. When deposited on a flexible backing, the layers are thin enough to allow full panel flexibility. However, as all these technologies use high temperature deposition techniques, the best performance can be only achieved from cells deposited on glass.

During the manufacturing process, the deposition of CIGS films onto a substrate is frequently done in a vacuum, using either an evaporative or a sputtering process. The cells are designed in a manner that light can enter through the transparent front ohmic contact and is absorbed into the CIGS layer. As the material has a high absorption coefficient, a much thinner film is required unlike other semiconductor materials. As a result, CIGS solar cells are the most efficient and popular among thin film PV technologies.

Although CIGS solar cells are considered to be in the early stages of large scale commercialization, they may be produced by using processes that have the potential to reduce the cost. Since CIGS cells can be manufactured on flexible substrates, it makes them suitable for a wide range of applications where current polycrystalline photovoltaics and other rigid products cannot be used. Flexible CIGS solar cells provide the architects with a greater range of possibilities in styling and designing.

Additionally, these cells can be integrated into vehicles such as airplanes, tractor trailers, and cars, as their low profile minimizes air resistance and does not add significant weight. Moreover, CIGS solar cells are environment friendly as researches are underway to completely phase out the use of toxic chemicals such as cadmium. Also, a tunable bandgap allows the possibility of tandem CIGS devices.

The manufacturing cost for CIGS thin film solar cells is quite high. However, this cost is incurred only once and thereafter solar cells have a very negligible maintenance cost. Whereas other concerns such as technical complexities and solar power being an intermittent source of energy, may hinder the market growth over the next seven years.

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.CIGS Thin Film Solar Cells Market

TABLE OF CONTENTS

CHAPTER 1. Market Scope and Methodology

1.1. Research methodology

1.2. Research scope & assumptions

1.3. List of data sources

CHAPTER 2. Executive Summary

2.1. CIGS thin film solar cells market – Market snapshot

CHAPTER 3. Industry Analysis

3.1. Market definition

3.2. Market segmentation

3.3. Key findings of the global CIGS thin film solar cells market

3.4. Value chain analysis

3.5. Market opportunities & trends

3.5.1. Growing investment in research & development activities

3.5.2. Rising worldwide energy consumption

3.6. Market dynamics

3.6.1. Market driver analysis

   3.6.1.1. High efficiency of CIGS technology

   3.6.1.2. Favorable government initiatives towards renewable energy

3.6.2. Market restraint analysis

   3.6.2.1. High production cost

   3.6.2.2. Associated manufacturing complexities

CHAPTER 4. Competitive Outlook

4.1. Porter’s Five Forces Analysis

4.2. Company Market Share Analysis

4.2.1. Competitive Factors

CHAPTER 5. Global CIGS Thin Film Solar Cells Market Size and Forecast (2014 – 2024)

5.1. Global CIGS Thin Film Solar Cells Market, By Deposition Technology (USD Billion) (Mega Watts)

5.1.1. Electrospray Deposition

5.1.2. Chemical Vapor Deposition

5.1.3. Film Production

5.1.4. Co-evaporation

5.2. Global CIGS Thin Film Solar Cells Market, By Thickness (USD Billion) (Mega Watts)

5.2.1. 1-2 mm

5.2.2. 2-3 mm

5.2.3. 3-4 mm

5.3. Global CIGS Thin Film Solar Cells Market, By End-Use (USD Billion) (Mega Watts)

5.3.1. Electrical & electronics

5.3.2. Automotive

5.3.3. Energy & power

5.3.4. Others

CHAPTER 6. Global CIGS Thin Film Solar Cells Market Size and Forecast, By Region (2014 – 2024)

6.1. North America CIGS Thin Film Solar Cells Market (USD Billion) (Mega Watts)

6.1.1. North America CIGS Thin Film Solar Cells Market, By Deposition Technology (USD Billion) (Mega Watts)

6.1.2. North America CIGS Thin Film Solar Cells Market, By Thickness (USD Billion) (Mega Watts)

6.1.3. North America CIGS Thin Film Solar Cells Market, By End-Use (USD Billion) (Mega Watts)

6.1.4. North America CIGS Thin Film Solar Cells Market, By Country (USD Billion) (Mega Watts)

   6.1.4.1. The U.S.

   6.1.4.2. Rest of North America

6.2. Europe CIGS Thin Film Solar Cells Market (USD Billion) (Mega Watts)

6.2.1. Europe CIGS Thin Film Solar Cells Market, By Deposition Technology (USD Billion) (Mega Watts)

6.2.2. Europe CIGS Thin Film Solar Cells Market, By Thickness (USD Billion) (Mega Watts)

6.2.3. Europe CIGS Thin Film Solar Cells Market, By End-Use (USD Billion) (Mega Watts)

6.2.4. Europe CIGS Thin Film Solar Cells Market, By Country (USD Billion) (Mega Watts)

   6.2.4.1. Germany

   6.2.4.2. U.K

   6.2.4.3. France

   6.2.4.4. Italy

   6.2.4.5. Spain

   6.2.4.6. Rest of Europe

6.3. Asia-Pacific CIGS Thin Film Solar Cells Market (USD Billion) (Mega Watts)

6.3.1. Asia-Pacific CIGS Thin Film Solar Cells Market, By Deposition Technology (USD Billion) (Mega Watts)

6.3.2. Asia-Pacific CIGS Thin Film Solar Cells Market, By Thickness (USD Billion) (Mega Watts)

6.3.3. Asia-Pacific CIGS Thin Film Solar Cells Market, By End-Use (USD Billion) (Mega Watts)

6.3.4. Asia-Pacific CIGS Thin Film Solar Cells Market, By Country (USD Billion) (Mega Watts)

   6.3.4.1. China

   6.3.4.2. Japan

   6.3.4.3. India

   6.3.4.4. South Korea

   6.3.4.5. Australia

   6.3.4.6. Rest of Asia-Pacific

6.4. Central & South America (CSA) CIGS Thin Film Solar Cells Market (USD Billion) (Mega Watts)

6.4.1. Central & South America (CSA) CIGS Thin Film Solar Cells Market, By Deposition Technology (USD Billion) (Mega Watts)

6.4.2. Central & South America (CSA) CIGS Thin Film Solar Cells Market, By Thickness (USD Billion) (Mega Watts)

6.4.3. Central & South America (CSA) CIGS Thin Film Solar Cells Market, By End-Use (USD Billion) (Mega Watts)

6.4.4. Central & South America (CSA) CIGS Thin Film Solar Cells Market, By Country (USD Billion) (Mega Watts)

   6.4.4.1. Brazil

   6.4.4.2. Rest of Central & South America (CSA)

6.5. Middle East & Africa (MEA) CIGS Thin Film Solar Cells Market (USD Billion) (Mega Watts)

6.5.1. Middle East & Africa (MEA) CIGS Thin Film Solar Cells Market, By Deposition Technology (USD Billion) (Mega Watts)

6.5.2. Middle East & Africa (MEA) CIGS Thin Film Solar Cells Market, By Thickness (USD Billion) (Mega Watts)

6.5.3. Middle East & Africa (MEA) CIGS Thin Film Solar Cells Market, By End-Use (USD Billion) (Mega Watts)

6.5.4. Middle East & Africa (MEA) CIGS Thin Film Solar Cells Market, By Country (USD Billion) (Mega Watts)

   6.5.4.1. UAE

   6.5.4.2. South Africa

   6.5.4.3. Rest of Middle East & Africa (MEA)

CHAPTER 7. Key Players and Strategic Developments

7.1. Oxford PV

7.1.1. Business Overview

7.1.2. Product and Service Offering

7.1.3. Financial Overview

7.1.4. Strategic Developments

7.2. Ascent Solar Technologies, Inc.

7.2.1. Business Overview

7.2.2. Product and Service Offering

7.2.3. Financial Overview

7.2.4. Strategic Developments

7.3. Tata Power Solar Systems Ltd

7.3.1. Business Overview

7.3.2. Product and Service Offering

7.3.3. Financial Overview

7.3.4. Strategic Developments

7.4. Manz AG

7.4.1. Business Overview

7.4.2. Product and Service Offering

7.4.3. Financial Overview

7.4.4. Strategic Developments

7.5. Jinko Solar

7.5.1. Business Overview

7.5.2. Product and Service Offering

7.5.3. Financial Overview

7.5.4. Strategic Developments

7.6. Hanergy Holding Group Ltd.

7.6.1. Business Overview

7.6.2. Product and Service Offering

7.6.3. Financial Overview

7.6.4. Strategic Developments

7.7. Bosch Solar Energy AG

7.7.1. Business Overview

7.7.2. Product and Service Offering

7.7.3. Financial Overview

7.7.4. Strategic Developments

7.8. Soltecture Solartechnik GmbH

7.8.1. Business Overview

7.8.2. Product and Service Offering

7.8.3. Financial Overview

7.8.4. Strategic Developments

7.9. Solar Frontier

7.9.1. Business Overview

7.9.2. Product and Service Offering

7.9.3. Financial Overview

7.9.4. Strategic Developments

7.10. SoloPower Systems, Inc.

7.10.1. Business Overview

7.10.2. Product and Service Offering

7.10.3. Financial Overview

7.10.4. Strategic Developments

7.11. AVANCIS GmbH

7.11.1. Business Overview

7.11.2. Product and Service Offering

7.11.3. Financial Overview

7.11.4. Strategic Developments

Global CIGS Thin Film Solar Cells Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation and Forecast 2024