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Thin Film Solar Cells Market Size
Thin Film Solar Cells Market size exceeded USD 2.3 billion in 2023 and is projected to expand at more than 8.7% CAGR from 2024 to 2032, owing to the rising dependency on renewable energy for electricity generation. The cost-cutting clean energy technologies such as solar photovoltaic modules have gained momentum as ideal solutions to tackle the climate crisis worldwide. A shift from conventional fuels to sustainable alternatives is also being observed globally, resulting in increased investment in solar PVs.
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.
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.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 2.3 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 8.7% |
| 2032 Value Projection: | USD 4.9 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 240 |
| Tables, Charts & Figures: | 434 |
| Segments covered: | Component, Connectivity, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Thin Film Solar Cells Market Analysis
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.
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.
In terms of connectivity, the thin film solar cells market size from ongrid segment is set to register nearly 10% gains between 2023 and 2032, given the strong focus on renewable energy transmission and distribution network development. For instance, in India, the Union Ministry of Power announced plans to integrate a 500-GW clean energy transmission capacity by 2030, leading to increased connection of solar parks with the grid. Moreover, the introduction of varied policies concerning net metering and Feed-In Tariffs will boost the requirement for on-grid thin film solar cells.
Europe region held around 27% share of the global thin film solar cells market in 2022, as a result of the strong focus on emission reduction to achieve carbon neutrality. With the European Climate law, the target for 2030 has risen to close to 55% net GHG emission reductions as compared to 1990 levels. Such factors, along with the rising consumption of clean energy and energy efficiency awareness among consumers, are anticipated to proliferate the development of thin film solar cells across the region.
Thin Film Solar Cells Market Share
The competitive landscape of the thin film solar cells market comprises companies such as
- SOLARA GmbH
- Flisom
- Toledo Solar
- Trony Solar Holdings Co. Ltd.
- MiaSolé
- Hanergy Holding Group Ltd.
- Oxford Photovoltaics Ltd.
- Ascent Solar Technologies, Inc.
- First Solar
These firms are incorporating strategies such as collaborations and product range expansions to gain a competitive edge in the global industry.
For instance, in December 2022, First Solar inked an agreement with National Grid Renewables for the supply of 1.6-GW DC of its CadTel technology-powered Series 7 thin film modules between 2026 and 2027. This agreement was part of its commitment toward solar technology for near-term projects, thereby enabling the companies to establish a strong footprint in the industry.
Impact of COVID-19 Pandemic
The COVID-19 pandemic and the resultant financial shock posed a greater risk to investments from SMEs and individuals in distributed solar PV and other renewable energy applications. Compared to large-scale projects, these investments were also at higher risk of cancellation or delay, which may have asserted a negative influence on thin film solar PV production. However, the gradual shift from conventional energy sources to utility-scale solar PVs and other renewables will likely add impetus to the industry growth over the foreseeable future.
The thin film solar cells market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD” from 2019 to 2032, for the following segments:
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Market Insights, By Component
- Cadmium Telluride (CDTE)
- Amorphous Silicon (A-Si)
- Copper Indium Gallium Diselenide
Market Insights, By Connectivity
- Ongrid
- Offgrid
Market Insights, By Application
- Residential
- Commercial
- Utility
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- Spain
- France
- Asia Pacific
- China
- India
- Japan
- Australia
- Rest of World
Frequently Asked Questions (FAQ) :