July 20, 2024
Thin Film Solar Cell Market

Thin Film Solar Cell Market is Expected to be Flourished by Advancements in Flexible Solar Cell Technology

Thin film solar cells are thin light-weight, flexible, and rugged photovoltaic technologies that are manufactured using thin layers or structural semi-conductor materials deposited onto a substrate such as glass, plastic or metal. Cadmium telluride (CdTe), copper indium gallium diselenide (CIGS) and amorphous thin-film solar panels are the major types of thin film solar cells that are easily installed on rooftops of residential and commercial buildings which is fueling the global thin film solar cell market growth. Thin film technology is also finding increasing applications in consumer products and accessories such as laptops, backpacks, mobile devices, and others.

The global thin film solar cell market is estimated to be valued at US$ 39.41 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Advancements in flexible solar cell technology is one of the major driver of the global thin film solar cell market. In recent years, significant advancements have been made in the development of flexible solar cell technologies using organic and inorganic semiconductors that can be easily mounted on flexible plastic and metal foils and conformed to irregular surfaces. Flexible thin film solar cells are lightweight, cost-effective, portable and simple to install on surfaces such as buildings facades, vehicles, portable consumer devices and others. Flexible thin film technologies enable solar energy to be more accessible and widely used. Another major driver is the increasing penetration of thin film technologies in building integrated photovoltaics (BIPV). Thin films are compatible with different types of commercial buildings and home integration and design compared to traditional rigid crystalline silicon panels. Their semi-transparent nature also allows for generation of power through windows and skylights. Rapid urbanization coupled with supportive government policies and investments into solar energy are fueling the adoption of BIPV using thin film technologies.

Segment Analysis:

The thin film solar cell market is segmented by type, end user and geography. Based on the type, the market is divided into cadmium telluride (CdTe), copper indium gallium diselenide (CIGS) and amorphous thin-film silicon (A-Si). Cadmium telluride segment dominates the market and accounts for over 50% share owing to its wide industrial applications and ability to absorb light more effectively than other types. Based on end user, the market is bifurcated into residential and non-residential. Non-residential segment dominates the market and is expected to grow at a higher rate during the forecast period due to extensive use of thin film solar cells in industries, commercial spaces and utility sectors.

PEST Analysis:

  • Political: Favorable government policies and initiatives towards renewable energy in countries like China, India and USA are boosting market growth.
  • Economic: High initial investment and fluctuating price of raw materials are a few challenges.
  • Social: Increasing awareness about use of clean energy is fueling demand. T
  • echnological: Continuous research & development is leading to enhancement of conversion efficiency, flexibility and durability of thin film solar cells.

Key Takeaways:

The Global Thin Film Solar Cell Market Growth is expected to witness high during the forecast period. The Asia Pacific region dominates the market currently due to presence of emerging economies like China and India with rapid industrialization and favorable government initiatives. China accounts for over 30% of global installations of thin film solar cells due to presence of leading manufacturers and extensive use across industries.

Key players operating in the thin film solar cell market are Ascent Solar Technologies, Inc., FIRST SOLAR, Kaneka Corporation, MiaSolé Hi-Tech Corp., and Oxford Photovoltaics. Key players are investing heavily in R&D to enhance product quality and innovating newer technologies to strengthen their market presence. For instance, in 2021, Oxford PV developed a perovskite-on-silicon tandem solar cell with efficiency exceeding 30%.

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