The global silicon thin film solar cell market is anticipated to gather pace in its growth due to the rising need to reduce carbon footprint. Governments have been implementing tight regulations to achieve the goal of significantly reducing carbon footprint in their countries. While this could bode well for the global silicon thin film solar cell market, rising awareness about maintaining the sustainability of fossil fuels and their resources is foreseen to set the tone for valuable growth in the global silicon thin film solar cell market.
Increasing efforts taken by governments and regulatory authorities to encourage the adoption of clean energy technologies could create lucrative opportunities in the global silicon thin film solar cell market. Some of the initiatives taken in this regard are related to feed-in tariff, net metering, subsidy, tax credit, financial assistance, and low import duty. By the end of 2022, India has planned to deploy 20 GW of grid connected solar power as part of its Jawaharlal Nehru National Solar Mission. By the same year, the government has planned to install 5 GW of grid connected PV project, which has a budget of US$743 million.
Vendors Benefit from Decreasing Solar Tariff Subject to Increasing Competitive Bidding
The global silicon thin film solar cell market could bear the positive effect of reducing solar tariff that is subject to rising competitive bidding. Decline in the overall pricing of components due to technological advancement promising increased energy efficiency is foretold to push the growth of the global silicon thin film solar cell market. Improved penetration of renewable energy because of the swelling demand for clean fuel electricity from off-grid areas could work in the favor of the global silicon thin film solar cell market.
There are still a whole lot of people around the world that are deprived of proper access to electricity. Thus, government and private measures taken to make off-grid electrification available is expected to cause a surge in the demand for renewable energy and eventually for silicon thin film solar cell.
Increased Rooftop Installation and Low Maintenance Cost Push Residential Applications
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There are different types of products available on the global silicon thin film solar cell market, viz. polysilicon, monocrystalline silicon, and amorphous silicon. Silicon thin film solar cell is used in different sectors such as civil, commercial, and industrial. Available in different sizes and shapes, amorphous silicon finds application in garden lights, electronic calculators, and solar wristwatches. Utility applications of silicon thin film solar cell are projected to gain impetus due to the rising number of ongoing government projects that encourage the use of renewable energy.
On the other hand, increase in rooftop installation and the benefit of low maintenance cost are forecast to improve the growth of residential applications of silicon thin film solar cell. Nonetheless, players cannot afford to turn a blind eye to rising number of electrification programs and escalating demand for sustainable and reliable electricity support the growth of commercial applications of silicon thin film solar cell.