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Thin Film Solar Cells Market Size By Component (Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide), By Connectivity (Ongrid, Offgrid), By Application (Residential, Commercial, Utility), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

  • Report ID: GMI1092
  • Published Date: Jan 2023
  • Report Format: PDF

Industry Statistics

Thin Film Solar Cells Market size exceeded USD 2 billion in 2022 and is projected to expand at more than 9% CAGR from 2023 to 2032, owing to the rising dependency on renewable energy for electricity generation.
 

Cost-cutting clean energy technologies such as solar photovoltaic modules have gained momentum as ideal solutions to tackle the climate crisis worldwide. According to data from the U.S. EIA, close to one-fifth of all electricity was estimated to be generated from solar, wind, and hydropower by 2022. A shift from conventional fuels to sustainable alternatives is also being observed globally, resulting in increased investment in solar PVs. Such factors will contribute to the production of thin-film solar flexible cells as an affordable energy option over other solar technologies.
 

Thin Film Solar Cells Market

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Despite the growth trajectory, the presence of renewable energy substitutes including wind, hydroelectric, and geothermal energy may create roadblocks to thin film solar cells market development. Solar power projects are also associated with longer payback periods and long-term investments, which may limit the installation of thin-film solar cells for energy generation. However, government emphasis on the development of large utility-scale solar PV projects is expected to create growth opportunities for the industry.
 

Emphasis on cost reduction to drive use of CDTE technology in thin film solar cell production

Thin film solar cells market from the cadmium telluride (CDTE) component segment is slated to exhibit over 9.5% growth rate through 2032, considering the high absorption rate, among other attributes. The bandgap energy of the CDTE component can also be tuned between 1.4 and 1.5eV, making it an optimal solution for converting solar energy into power using a single junction. Government agencies are also making considerable investments in CDTE technology to amplify solar energy deployment, For instance, the U.S. DOE introduced a USD 20 million Cadmium Telluride (CdTe) Accelerator Consortium in August 2022, to reduce the costs of CDTE PV technology, the second most common solar technology after silicon, further augmenting product reach.
 

Rising energy independent targets to spur utility-scale thin film solar cell usage

Thin Fim Solar Cells Market By Application

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Thin film solar cells market value from utility applications reached over USD 1.5 billion in 2022, on account of the increasing targets to lower dependence on fossil fuels. For example, the European Commission proposed a solar rooftop requirement for public and commercial buildings by 2027 and new residential buildings by 2029 to help Europe become independent from Russian gas. Additionally, R&D efforts to reduce installation costs, alongside the integration of smart monitoring technologies will also stimulate the need for utility-scale thin-film solar PV cells.
 

Shift toward renewable energy to foster thin film solar photovoltaic cell use for on-grid applications

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of thin film solar cells crossed USD 2 billion in 2022 and is anticipated to register nearly 9% gains through 2032, given the increasing reliance on renewable energy for electricity generation.

The cadmium telluride (CDTE) component segment is slated to exhibit over 9.5% CAGR between 2023 and 2032, considering the high absorption rate, among other attributes.

Europe industry held over 27% of the revenue share in 2022, as a result of the strong focus on emission reduction to achieve carbon neutrality.

Prominent companies functioning in the global industry include SOLARA GmbH, Toledo Solar, Trony Solar Holdings Co. Ltd., Hanergy Holding Group Ltd., Oxford Photovoltaics Ltd., Ascent Solar Technologies, Inc., and First Solar, among others.

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  • Base Year: 2022
  • Companies covered: 9
  • Tables & Figures: 434
  • Countries covered: 11
  • Pages: 240

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