20-Apr-2023 | Facts and Factors
According to the Facts & Factors report, the global thin film solar cell market size was worth around USD 12.21 billion in 2022 and is predicted to grow to around USD 25.71 billion by 2030 with a compound annual growth rate (CAGR) of roughly 10.1% between 2023 and 2030.
Thin film solar uses thin layers of semiconductor materials to convert solar energy into electricity. It is a type of photovoltaic technology that is gaining high momentum in the scientific research and engineering community. The industry revolves around all the enterprises or businesses that are, in some form, connected to the production, distribution, and maintenance of thin film solar panels across residential, commercial, or utility-grade applications.
Browse the full “ Thin Film Solar Cell Market Size, Share, Growth Analysis Report By Installation (Off-Grid and On-Grid), By Type (Copper Indium Gallium Selenide, Cadmium Telluride, Thin-film Polycrystalline Silicon, Microcrystalline Tandem Cells, and Others), By Application (Commercial, Residential, and Utility), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/thin-film-solar-cell-market
These solar panels are manufactured by a process in which thin layers of semiconductor materials are deposited over one another. The material may range from cadmium telluride to amorphous silicon or copper indium gallium selenide. The materials are layered on a substrate like metal, plastic, or glass. Thin film solar panels offer high flexibility, are lightweight and do not have a high environmental impact as opposed to traditional solar panels.
The global thin film solar cell market is projected to grow owing to the increasing demand for renewable energy. The growing awareness of the need for clean and sustainable energy sources is driving the demand for renewable energy solutions, including solar power. Thin-film solar panels offer a low-cost, lightweight, and flexible option for generating solar power, making them an attractive alternative to traditional solar panels.
Furthermore, increasing investments in technological innovation could be an additional factor for growth. As the technology behind thin-film solar panels continues to improve, it is expected that the efficiency of these panels will increase, further reducing the cost per watt and increasing their competitiveness in the solar market.
Additionally, factors like the increasing scale of production and rise in the competition have led to a decline in the final expense associated with manufacturing thin film solar panels which have translated into higher demand as the need and requirement for cost-efficient energy sources has grown over the years. The increasing adoption of thin-film solar panels in emerging markets, such as Asia and Africa, is projected to become a crucial point of expansion during the forecast period.
However, the global industry also faces certain growth restrictions. Especially in terms of durability. Thin-film solar panels are generally less durable than traditional solar panels and are more prone to degradation over time. This can impact the long-term performance and reliability of thin-film solar systems, which may deter some customers from adopting this technology.
In addition to this, the market is dominated by a few large players, which can limit competition and innovation in the market. This may make it difficult for smaller companies to enter the market or for new technologies to gain traction.
The increasing demand for renewable energy may provide growth opportunities while the competition from traditional solar panels could act as a major challenge.
Segmental Overview:
The global thin film solar cell market is segmented based on installation, type, application, and region.
Based on the installation, the global market segments are off-grid and on-grid
- The industry was led by the on-grid thin film solar panels in 2022 and these systems are typically used or connected to the utility grid
- These systems can efficiently feed excess power back to the grid thus resulting in a reduced requirement for expensive energy storage systems
- They can further be used for net metering allowing consumers to earn credits for the production of excess energy
- The average cost of thin film solar panels was between USD 0.3 to USD 0.8 per watt as of 2021
Based on type, the global market is divided into copper indium gallium selenide, cadmium telluride, thin-film polycrystalline silicon, microcrystalline tandem cells, and others.
- 2022 registered the highest growth in the copper indium gallium selenide and cadmium telluride segments
- Cadmium telluride (CdTe) is a thin-film solar panel technology that uses a layer of cadmium telluride to absorb sunlight and convert it into electricity. It is also known for high efficiency and low production costs
- Copper indium gallium selenide (CIGS) is another thin-film solar panel technology that uses a layer of CIGS to absorb sunlight and convert it into electricity
- The cost of producing CIGS solar panels was estimated to be between $0.50 and $0.90 per watt
Based on application, the global industry segments are commercial, residential, and utility
Regional Overview:
Asia-Pacific is projected to register the highest growth in the global thin film solar cell market. Governments in many Asia-Pacific countries have been providing significant support for renewable energy development, including subsidies, tax incentives, and feed-in tariffs. These policies have helped to drive the growth of the regional market.
Furthermore, many Asia-Pacific countries are experiencing rapid economic growth, which is leading to increased energy demand. Thin-film solar panels are seen as a way to meet this growing demand, particularly in areas where the grid is unreliable or where energy prices are high. This region has favorable climate conditions for solar power generation, including high levels of solar radiation and long hours of daylight. These conditions make the region an ideal location for the development of solar power projects.
Report Scope
Report Attribute |
Details |
Market Size in 2022 |
USD 12.21 Billion |
Projected Market Size in 2030 |
USD 25.71 Billion |
CAGR Growth Rate |
10.1% CAGR |
Base Year |
2022 |
Forecast Years |
2023-2030 |
Key Market Players |
Sharp Corporation, First Solar Inc., Solar Frontier K.K., Kaneka Corporation, Hanergy Thin Film Power Group Ltd., Heliatek GmbH, NexPower Technology Corp., Jinko Solar Holding Co. Ltd., Calyxo GmbH, MiaSole Hi-Tech Corp., Global Solar Energy Inc., United Solar Ovonic LLC, Ascent Solar Technologies Inc., Solaria Corporation, Trina Solar Ltd., Solibro GmbH, Eguana Technologies Inc., and others. |
Key Segment |
By Installation, Type, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Competitive Landscape:
The global thin film solar cell market is led by players like Sharp Corporation, First Solar, Inc., Solar Frontier K.K., Kaneka Corporation, Hanergy Thin Film Power Group Ltd., Heliatek GmbH, NexPower Technology Corp., Jinko Solar Holding Co., Ltd., Calyxo GmbH, MiaSole Hi-Tech Corp., Global Solar Energy, Inc., United Solar Ovonic LLC, Ascent Solar Technologies, Inc., Solaria Corporation, Trina Solar Ltd., Solibro GmbH, and Eguana Technologies Inc. amongst others.
Recent Developments:
- In February 2023, researchers at the Indian Institute of Technology - Madras signed a Memorandum of Understanding (MoU) with First Solar (US). The teams from both units will work toward the research & development activities concerning thin film along with other next-generation PV technology supply chains in the Indian market
- In February 2022, HyET Solar and TU Delft signed a 4-year partnership directed toward the development of ubiquitous, flexible, and lightweight thin-film solar foil
The global thin film solar cell market is segmented as follows:
By Installation
By Type
- Copper Indium Gallium Selenide
- Cadmium Telluride
- Thin-film Polycrystalline Silicon
- Microcrystalline Tandem Cells
- Others
By Application
- Commercial
- Residential
- Utility
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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