Press Releases

Global Market for Alternative Solar Photovoltaic Technologies to Reach $2.3 Billion by 2023

Expansion Attributed to Decreasing Production Costs and Widespread Cloud Cover

February 06, 2019

WELLESLEY, Mass., Feb. 06, 2019 – Due to offering the prospect of higher conversion efficiencies, lighter weight, new applications, greater mechanical flexibility and less fragility, the global market for alternative solar photovoltaic technologies is making an even bigger name for itself in the renewable energy field, according to BCC Research.

In 2018, the global market for solar photovoltaic technologies was worth $1.9 billion. In a recent report, BCC Research estimates that this number will climb to a value of $2.3 billion by 2023, indicating a compound annual growth rate (CAGR) of 3.6%, according to the report “Alternative Solar Photovoltaic Technologies: Global Markets-Focus on CIGS.”

Major players in the market include First Solar Inc. (FSLR), Solar Frontier K.K. and Hanergy.

Research Highlights

  • Forecasts of actual market volumes predict installation of more than 6.7 GW of alternative solar PV technologies by 2023.
  • In 2017, First Solar Inc. installed more than 1 GW of cadmium telluride (CdTe) modules worldwide.
  • This market is stable and growing as a result of the gradual expansion of solar PV installations into niche applications like building integrated photovoltaic (BIPV), building applied photovoltaic systems (BAPV), lightweight rooftop, portable electronics, consumer products, aerospace and military, among others; opening newer opportunities for alternative solar photovoltaic technologies.

“Alternative solar photovoltaic technologies have become an inseparable part of the solar PV industry,” the report notes. “Alternative solar photovoltaic technologies offer the prospects of higher conversion efficiencies, lighter weight, new applications, greater mechanical flexibility and less fragility. They also offer the potential for significantly lower production costs that may be highly competitive with grid electricity produced through traditional generative sources such as carbon-based fuels, as well as with other types of more traditional solar PV technologies such as mono- and polycrystalline silicon modules.”

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Alternative Solar Photovoltaic Technologies: Global Markets-Focus on CIGS( EGY123B )
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