21st October 2015
CdTe films to reach nearly $8,000m by 2023
Transparency Market Research has released a new report ‘Solar Cell Films Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2015 – 2023’ that says CdTe solar films will dominate the market reaching nearly $7,783.68 million and 5,391.96MW by 2023 .
According to the report, the solar cell films market (including amorphous silicon, CdTe, and CIGS) stood at $9,393.78 million in 2014 and is expected to reach $20,995.66 million by 2023 growing at a CAGR of 9.4 percent from 2015 to 2023.
CdTe dominated the solar cell films market in terms of volume in 2014 owing to its high efficiency, longer life span, and low manufacturing costs compared to other solar cell films. Efficiency of CdTe solar cell films is in the range of 16 to 18 percent, whereas that of amorphous silicon solar cell is in 8 to 10 percent range.
High sunlight absorbing power and higher electricity generation rate make CdTe solar cell films a preferred choice over other solar cell films for generating electricity.
High demand for solar cell films has been witnessed across the globe over the past decade, owing to the numerous benefits offered by solar cell films. Low manufacturing costs, zero carbon emissions, and high efficiency are some of the advantages of solar cell films.