Technological advances in solar

March 12, 2014 | By

Rising concerns over depletion of fossil fuel reserves, rising greenhouse gas emissions, and increasing investments for governments represent the major factors driving demand for solar power. In particular, the market for thin film photovoltaic cells is projected to thrive -- reaching $22.8 billion by 2020, according to Global Industry Analysts (GIA).

Solar PV has traditionally been based on silicon, but with advances in technology as well as the shortage of raw silicon, new PV devices are now being manufactured with other materials such as thin films, resulting in growing adoption in a range of industries, according to GIA. Thin films offer the benefits offered of the ability to considerable reduce the cost of solar, increased aesthetics and performance, and environmental friendly features.

The solar energy industry is driven by growing interest among governments worldwide to invest in clean energy technology. Countries such as China, Japan, and the United States offer tremendous support for solar energy generation through subsidies and incentives.

Despite the advantages offered by thin film PV, a key challenge is the lower energy conversion efficiency as compared to crystalline silicon. Nevertheless, latest advancements in material science are gradually overcoming this challenge. New materials such as CIGS (Cadmium Indium Gallium Selenide) andcadmium-telluride (CdTe) have demonstrated high levels of efficiency comparable to silicon.

Europe has been at the forefront of investments in clean energy, particularly solar energy. Rising environmental cost of electricity generated from fossil fuels and continued emphasis on addressing pollution issues are driving some growth. Asia-Pacific, led by China, is forecast to emerge as the fastest growing market for solar power, driven by the growing demand for clean energy, according to the research.

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