The International Energy Agency claims that the rapid population expansion and rising standards of living in many developing nations, especially in China and India, are what's driving the region's five-fold increase in energy consumption over the past forty years. Additionally, the industry is experiencing considerable expansion in the renewable energy sector due to increased investment and new capacity. The main advantages of renewable technologies are that they have a favorable effect on climate change since they do not produce the greenhouse gas emissions that are connected with traditional fossil fuels. They additionally provide consumers competitively priced electricity. The most well-known renewable energy sources are solar and wind power, but hydropower is coming up. Therefore, rising consumer desire for renewable energy sources is fueling market expansion. Significant development prospects are anticipated as thin film solar cells' benefits become more widely known. Thin-film solar cells may be produced in a lot less time than crystalline silicon cells, which is one of their most significant benefits. They are a fantastic method to save energy expenditures and contribute to environmental protection.
Coherent Market Insights estimates that the market for Thin-Film Solar Cells was assessed at US$ 33.01 billion in 2022, and from 2023 to 2030, it is projected to increase at a CAGR of 19.4%.
Top Companies in the Thin Film Solar Cell Industry:
1. Ascent Solar Technologies, Inc.
The company was started in 2005 and is based in Thornton, Colorado, United States. The technology being employed is state-of-the-art in terms of flexible power and may easily be incorporated into consumer goods, off-grid uses, and other aerospace applications. Ascent announced in April 2023 that they would be purchasing Flisom AG, a maker of thin-film solar modules that are lightweight and flexible and is situated in Zurich, Switzerland.
2. FIRST SOLAR
The company was started in 1999 and is based in Tempe, Arizona, United States. The business manufactures solar panels and offers utility-scale PV power plants as well as related services including financing, building, upkeep, and recycling used panels. The business declared in July 2023 that it has received its first order for roughly 1 gigawatt (GWDC) of ethically made, ultra-low carbon thin film solar modules from Capital Power.
3. Kaneka Corporation
The company was founded in 1949 and is based in Tokyo, Japan. The business manufactures chemical products such synthetic fibers, foam resin, and functional resin. In June 2023, Kaneka opened a regional microgrid business in Toyooka City. Kaneka developed an environmental education program in May 2023 using their biodegradable polymer, Green PlanetTM.
4. MiaSolé Hi-Tech Corp.
The company was founded in 2001 and is based in Santa Clara, California, United States. The business is a provider of thin-film photovoltaic products made on copper indium gallium selenide (CIGS). The business uses a continuous sputtering technique to create all of the photovoltaic material layers.
5. Oxford Photovoltaics
The company was started in 2010 and is based in Yarnton, United Kingdom. The company makes solid-state dye-sensitized solar cells as well as equipment for alternative energy sources. Oxford PV creates and sells thin-film perovskite solar cells that are imprinted onto glass, CIGS solar cells, or silicon solar cells. Oxford PV finished constructing its Brandenburg facility in June 2021.
*Definition: Thin-film solar cells are a viable option for portable solar applications because of their high degree of flexibility and ability to conform to the shape of any panel. They are an excellent option for homeowners or businesses that need to install a lot of solar panels because they are also quite lightweight.
