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Thin Film Solar Cells Market Analysis
- Report ID: GMI1092
- Published Date: Jan 2023
- Report Format: PDF
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.
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Thin Film Solar Cell Market Scope
