May 29, 2024
Thin Film Solar Cell Market

Thin Film Solar Cell Market Is Expected To Be Flourished By Increasing Demand For Efficient And Affordable Renewable Energy Sources

Thin film solar cells refers to solar photovoltaic made by depositing one or more thin layers, or thin film (thickness from a few micrometres to a few hundred micrometres) of photovoltaic material on a substrate, such as glass, plastic or metal. Common thin-film technologies include cadmium telluride (CdTe), copper indium gallium selenide (CIGS), and amorphous (non-crystalline) silicon films such as hydrogenated amorphous silicon. Thin-film solar cells are used in a wide range of applications including portable devices, outdoor advertisement displays, automotive integrated products, and residential and commercial rooftop installations.

The global thin film solar cell market is estimated to be valued at US$ 45.41 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing demand for efficient and affordable renewable energy sources is expected to flourish the thin film solar cell market over the forecast period. As highlighted in the heading, thin film solar cells provide higher efficiency and lower manufacturing costs compared to traditional silicon-based photovoltaic cells. Furthermore, factors such as flexibility in design and ease of installation of thin film solar panels have boosted their adoption in both on-grid and off-grid applications. However, challenges pertaining to stability, performance, manufacturing cost and efficiency of thin films compared to crystalline silicon require continuous research and development efforts.

Segment Analysis

The thin film solar cell market is dominated by the cadmium telluride (CDTE) sub-segment. CDTE thin film solar cells accounts for more than 60% of the market share owing to its lower manufacturing costs compared to other materials. The cadmium telluride material offers higher conversion efficiency and performance as compared to other thin film technologies like amorphous silicon.

PEST Analysis

Political: The government in many countries are providing subsidies and tax incentives to promote the adoption of renewable energy sources like solar energy. This is positively impacting the growth of the thin film solar cell market.
Economic: The thin film solar cells have lower installation and manufacturing costs compared to wafer-based solar PV modules. This makes thin film technology economically viable for both utility-scale projects and rooftop installations.
Social: With growing awareness about the need for clean and green sources of energy, the adoption of solar energy is increasing globally. The easy installation process of thin film solar cells is appealing to homeowners and industrial users.
Technological: Continuous research and development is ongoing to improve the conversion efficiency and stability of thin film materials like cadmiun telluride and copper indium gallium selenide. New deposition techniques are helping reduce manufacturing costs.

Key Takeaways

The global Thin Film Solar Cell Market Growth is expected to witness high growth over the forecast period of 2024 to 2031. The global Thin Film Solar Cell Market is estimated to be valued at US$ 45.41 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024-2031.

The Asia Pacific region currently dominates the global market share due to major manufacturing hubs and a large consumer base in China and India. Increasing solar rooftop installations in the residential sector is expected to drive the market in the region.

Key players related content comprises:
Key players operating in the thin film solar cell market are Teva Pharmaceutical Industries Ltd., AstraZeneca, PARI Medical Holding, Beximco Pharmaceuticals Ltd., and OMRON Healthcare Europe. Teva Pharmaceutical Industries Ltd. has a significant market share due to its strong distribution network and product portfolio.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it