According to the latest market research report by Technavio, the global thin-film solar photovoltaic module market is expected to grow at a CAGR of more than 16% during 2018-2022. However, market growth is expected to decelerate due to a year-on-year decline in growth.
A key factor driving market growth is the reduction in the amount of silicon required for manufacturing. Thin-film solar panels are made of one or more thin layers of PV material, which are laid on a substrate, which is more than 300 times smaller than traditional silicon solar panels. The type of substrate used in manufacturing is a differentiated medium in thin-film solar panels. Thin-film solar panels are the lightest panels due to the use of small PV cells with built-in semiconductors. Silicon materials are used less because these panels are several times smaller than traditional solar PV panels, which will have a limited impact on the environment.
The report pointed out that the increase in the penetration rate of microgrids is also one of the main factors promoting the stable and rapid growth of the market. Microgrid is a small grid with its own power generation and storage resources. Microgrids can operate independently or in conjunction with other small grids. The microgrid integrated into the main grid is called a hybrid microgrid.
In order to operate in grid-connected mode and island mode, the micro-grid can be connected and disconnected from the grid. The microgrid can be switched to island mode during a main grid outage or when the system is intentionally disconnected from the main grid. Areas with frequent power outages due to unstable grids use microgrids to protect consumers from power outages.
"Microgrids are often used in areas where there is no access and the grid has limited power. Microgrids are reliable because they are not affected by a mains power outage. In addition, they reduce the cost of extending the grid to remote locations. Microgrids may get electricity from renewable sources such as solar and wind, "said a senior analyst at Technavio.
In 2017, the Americas region is the world's largest regional market for thin-film solar photovoltaic modules, and it is expected that it will continue to dominate the global market during the forecast period.