Allied Market Research recently released the latest report of thin-film solar cell market during 2017 and 2023 . According to the report, the market value of thin-film solar cells in 2016 reached $11.421 billion and the market value is expected to reach $39.512 billion in 2023. The value increases at a compound growth rate of 19.4% annually from 2017 to 2023.
The report reveals that CdTe thin-film solar cells account for more than 50% market share in 2016.
It’s also expected that thin-film solar cells will obtain a rapid growth globally during this period. The revenue growth rate of Asia-Pacific district market is likely to reach 9.7% and that of LAMEA(South America, Mideast and Africa) market is expected to reach the highest, at around 20.9 percent. The growth rate of commercial terminal users is expected to reach 20.4% from 2017 to 2023.
During this period, another kind of solar cell, CIGS(Copper, Indium, Gallium and diselenide) thin-film solar cells will get a promising development in prospect. It’s likely to get a market share of up to 19.8%. Featured with flexibility, light weight, high efficiency, low attenuation and other outstanding qualities, CIGS thin-film solar cells will be popular with more people and attain a higher acceptance.
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