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Thin Film Solar Cells Market worth over $5 Bn by 2032
- Published Date: January 30, 2023
Thin Film Solar Cells Market size is expected to reach USD 5 billion by 2032, according to a new research report by Global Market Insights Inc.
The emergence of solar PV as a low-cost option for electricity generation will amplify industry expansion. Based on statistics from the IEA, solar PV generation rose by 22% to exceed 1,000 TWh in 2021. Technology companies are also working on launching several utility-scale clean energy projects to power average-sized households, especially in developing economies. Such initiatives, alongside favorable regulatory norms and investments toward solar farm refurbishment, will result in the burgeoning demand for thin film solar flexible cells.
Stronger light absorption & high-temperature resistance features will fuel A-Si thin film solar cell use
The amorphous silicon (A-Si) component segment held over 11% share of the thin film solar cells industry in 2022. Flexibility, efficiency, and the capability to handle high temperatures are among the key attributes contributing to increased product usage in solar cell applications. A-Si component is also utilized in thin-film transistors in liquid-crystal displays (LCDs), to ensure stronger light absorption and intensify optical absorption. However, its low conversion efficiency is compelling consumers to opt for alternative wafer-based crystalline silicon modules, thereby limiting product consumption.
Thin film PV cells to gain ground as energy storage solutions in off-grid solar systems
The offgrid connectivity segment surpassed more than USD 500 million in 2022, due to the extensive availability of batteries with solar power storage capacities. For instance, in June 2022, Natural Battery Technologies unveiled new lithium-ion inverter batteries for commercial and residential use, designed as a solar energy storage system. The report cites that such initiatives will help cater to the robust demand for a reliable and constant power supply. Furthermore, the emphasis on decentralized electricity generation will boost thin film usage across off-grid solar systems.
Browse key industry insights spread across 240 pages with 415 market data tables & 19 figures & charts from the report, “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”, in detail along with the table of contents:
Commercial real estate decarbonization strategies to stimulate thin film solar PV installation
The commercial application segment is anticipated to cross nearly USD 350 million by 2032, as a result of the strong focus on decarbonization in commercial real estate. On-site solar PVs have also become more practical and commercially viable for real estate occupiers and owners worldwide. With the rapid urbanization and the positive outlook toward green energy, thin film solar cell formation will surge to meet energy needs across commercial establishments, the report indicates.
Rising focus on climate crisis mitigation drives product adoption in North America
North America thin film solar cells market size is poised to exhibit over 8% CAGR between 2023 and 2032. This growth is attributed to the growing concerns about climate change and the introduction of government initiatives to promote clean energy sources. For example, in December 2022, the U.S. administration announced plans to start identifying new areas for solar development across the Western United States to ramp up renewable energy projects on public lands. In addition, the robust demand for uninterrupted power supply will bolster the use of thin-film solar cells for electricity generation in the region.
Strategic partnerships to influence industry dynamics
Major participant operating in the global thin film solar cells industry are Toledo Solar, SOLARA GmbH, Trony Solar Holdings Co. Ltd., MiaSolé, Hanergy Holding Group Ltd., Oxford Photovoltaics Ltd., Ascent Solar Technologies, Inc., and First Solar, among others. These firms are undertaking strategies such as mergers and acquisitions and innovative product range expansions to enhance their market presence.