THIN FILM SOLAR CELL MARKET ANALYSIS

The global thin-film solar cell market size was valued at US$ 33.01 Bn in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 19.4% from 2023 to 2030. The Thin Film Solar Cell Market is growing rapidly due to a number of factors such as technological advancements in the industry and increasing government initiatives to promote renewable energy generation. The rise in urbanization and development of renewable energy technologies is also boosting the market for thin film solar cells across the globe.

Global Thin Film Solar Cell Market: Regional Insights

Based on geography, the global thin-film solar cell market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Asia Pacific is expected to dominate the global thin-film solar cell market over the forecast period, due to a large consumer base and industrialization & urbanization. Additionally, the region is also a major source of raw materials for the development of thin-film solar cell products.

North America is the second-largest market for thin-film solar cells, owing to the increasing demand for power from various applications and favorable government policies that promote clean and renewable energy solutions. This market is also largely driven by the increase in the number of people living in cities, which is boosting the demand for renewable energy-based products.

Europe is another important market for thin-film solar cells as it has been adopting clean & renewable solar energy as a primary fuel for power generation, which is driving the growth of this segment. This is due to the increasing government initiatives to integrate clean & renewable resources into the electrical grid and lowering the dependence on conventional power sources

Figure 1. Global Thin Film Solar Cell Market, By Region 2022

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Global Thin Film Solar Cell Market Drivers:

Rise in demand for energy worldwide to augment thin film solar cell market

According to International Energy Agency, increase in demand for energy in Asia-Pacific is driven by rapid growth in population and increase in standards of living in many developing countries, particularly India and China, with consumption in the region increasing five-fold over four decades. Additionally, strong growth renewables energy market, due to high investment, and new capacity is further boosting growth of the market.

Shifting preferences towards renewable energy to propel market growth

The primary benefits of renewable technologies are that they do not contribute to the greenhouse gas emissions associated with conventional fossil fuels and therefore have a positive impact on climate change. They also provide cost-competitive electricity at an affordable price to consumers. Solar and wind power are the most renowned renewable resources, though hydropower is quickly catching up. Hence, growing preferences towards renewable source of energy is propelling market growth.

Global Thin Film Solar Cell Market Opportunities:

Growing awareness regarding the advantage of thin film solar cells is expected to provide significant growth opportunities. One of the most important advantages of thin-film solar cells is that they can be manufactured in a much shorter time than crystalline silicon cells. This makes them ideal for small commercial and residential applications. They are also more flexible than crystalline solar panels and can be easily installed. These cells are made with a main photovoltaic material, which is then layered onto a layer of conductive materials and a glass or plastic substrate. These layers are then able to create electricity by sensitizing the PV material with light.

Rising popularity of cadmium telluride (CdTe) to bring market opportunities. The most common type of thin-film solar cell is cadmium telluride (CdTe), which holds over 50 percent of the market share today. This type of solar cell is the most efficient and durable. They have a lot of potential to grow in the future, and they are gaining more market share each year as research continues.

Global Thin Film Solar Cell Market Trends:

Thin-film solar cells are a promising technology

Thin-film solar cells are a promising technology that has a lot of advantages. They are lightweight, flexible, and can be made in different shapes to suit the needs of a variety of applications. They are also affordable and can be used for portable devices, making them an ideal option for future energy consumption.

Growing focus on saving energy cost

They are a great way to save on energy costs and help protect the planet. The technology has the potential to become a major part of the renewable energy industry, and it could even overtake silicon-based PV panels in a few years. This is especially true if more research goes into developing newer technologies and improving the performance of existing ones.

Global Thin Film Solar Cell Market Restraints:

Technological complexity and reduced efficiency to restrict market growth

The main disadvantage of thin-film solar cells is their limited durability. They may break or malfunction easily, especially if they are exposed to harsh weather conditions such as rain. Also, they are less efficient, they require more coverage to generate the same amount of power as standard solar panels. For instance, for using thin-film solar panels with an efficiency rating of 10%, it should have 50% more roof space to achieve the same energy output as a standard system with a 20% efficiency rating.

High initial costs and low productivity of thin-film solar cell to hamper market growth

The global market is projected to suffer from some challenges such as high initial costs and low productivity of thin-film solar cells compared to other alternatives. Nevertheless, government initiatives and the emergence of new players are expected to help the market grow over the coming years. The companies in the thin film solar cell market are also incorporating strategic partnerships and product range expansions to gain a competitive edge in the industry.

Figure 2. Global Thin Film Solar Cell Market, By Type 2022

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Global Thin Film Solar Cell Market Segmentation:

The global thin-film solar cell market report is segmented into type, end user, installation, and geography

Based on type, the market is segmented into Copper Indium Gallium Diselenide (CIGS) and Amorphous Thin-film Silicon. Out of which, Copper Indium Gallium Diselenide (CIGS) is expected to dominate the global market over the forecast period. CIGS are the latest type of solar panel and they are manufactured by placing layers of copper, indium, gallium and selenide on top of each other to form a powerful semiconductor that can efficiently capture sunlight and turn it into energy

Amorphous silicon segment is also expected to witness significant growth in the near future. Amorphous silicon is the most cost-effective choice for thin-film solar cells. They are also geared towards smaller-scale applications, and they can be fabricated in a variety of ways.

Based on end user, the market is segmented into Residential, Commercial, and Utility. Out of which, Residential is expected to dominate the global market over the forecast period and this is attributed to the rise in solar rooftop installations across developed regions like Europe and North America

Commercial segment is also expected to witness significant growth in the near future and this is owing to the growing demand for renewable power from wide range of industries.

Based on installation, the market is segmented into On-grid and Off-grid. Out of which, Off-grid is expected to dominate the global market over the forecast period. Off grid thin film solar panels are becoming increasingly popular amongst people who want to get their energy from the sun without relying on the power company. They are lightweight and flexible, and can be easily folded and tucked away when not in use.

On-grid segment is also expected to witness significant growth in the near future. They are much less expensive and are therefore an excellent option for cost-conscious consumers looking to harness renewable energy.

Global Thin Film Solar Cell Market: Key Developments

In February 2023, IIT Madras Research Park and US-based maker First Solar have signed an agreement distinctively mainly R&D activities, comprising the localization of thin-film solar and distinctively next-generation PV technology delivery array in India.

Global Thin Film Solar Cell Market: Key Companies Insights

The global thin-film solar cell market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global thin-film solar cell market are Ascent Solar Technologies, Inc., FIRST SOLAR, Kaneka Corporation, MiaSolé Hi-Tech Corp., and Oxford Photovoltaics

*Definition: Thin-film solar cells are very flexible and can be molded to the shape of any panel, which makes them a good choice for portable solar applications. They are also very lightweight, making them a great choice for homes or businesses that need to install a large number of solar panels. They are also easier to ship than crystalline silicon panels, which means that they can be more easily transported from one location to the next.