Global Thin-Film Solar Cell Market is valued at approximately USD 14.7 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 10% over the forecast period 2023-2030. A thin-film solar cell is designed to convert light energy into electrical energy and consists of thin layers of light-absorbing material deposited on a flexible substrate. These solar cells are combined to create solar panels, forming a photovoltaic system that generates solar power by harnessing sunlight. The Thin-Film Solar Cell market is expanding because of factors such as high electricity demand and rising adoption of renewable energy. Moreover, the thin film solar cells market is expected to experience accelerated growth due to the rising demand for electricity, particularly from rural areas in developing countries. Additionally, regulatory measures aimed at energy conservation may further drive the market forward. Its importance has progressively increased during the forecast period of 2022-2030.
According to the Statista in 2023, Global electricity consumption has steadily increased over the past 50 years, reaching around 25,300 terawatt-hours in 2021. China stands out as the largest consumer of electricity worldwide, with consumption exceeding 7.8 terawatt hours in 2021. The global thin film solar cells market is being driven by factors such as growing awareness, emphasis on promoting green energy, and an increase in energy consumption. As per The International Energy Agency’s 2021 report, the utilization of renewable energy usage witnessed a 3% increase in 2020, primarily driven by a nearly 7% growth in electricity generation from renewable sources. Furthermore, it is projected that renewable electricity generation will expand by over 8% in 2021, reaching a total of 8,300 TWh. In addition, increasing environmental awareness and technological advancement in thin film solar cells would create lucrative growth opportunities. However, Lower productivity and high initial costs stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Thin-Film Solar Cell Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. The Asia-Pacific dominated the market in 2021, due to increased investments from both public and private sectors. This rise in demand can be attributed to the region’s rapid urbanization and industrialization, prompting the need for reliable and sufficient power infrastructure. The Asia-Pacific region is also the fastest-growing region during the forecast period owing to the factors such as growing emphasis on renewable energy adoption, favorable government policies and incentives, rising demand for electricity in emerging economies, technological advancements, and increased investments in research and development.
Major market player included in this report are:
First Solar Inc.
Solar Frontier K.K.
Solo Power Systems, Inc.
Fujikura Europe Ltd.
Peccell Technologies, Inc.
Tata Power Solar Systems Ltd.
Recent Developments in the Market:
Ø In February 2023, IIT Madras Research Park and First Solar, a manufacturer based in the United States, have formed a research and development agreement. The primary focus of this agreement is to localize thin-film solar technology and promote the adoption of advanced photovoltaic (PV) technology arrays in India. The collaboration aims to facilitate the delivery of next-generation PV technology solutions specifically tailored for the Indian market.
Ø In February 2023, at their Tal Tech laboratory, Thin Films Chemical Technologies launched the 5GSolar Project, aimed at advancing the manufacturing of next-generation photovoltaic systems within Europe. The project aims to foster the production of advanced photovoltaic technologies in the European region.
Global Thin-Film Solar Cell Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Technology, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Amorphous Thin-film Silicon
Copper Indium Gallium Selenide
Microcrystalline Tandem Cells
Thin-film Polycrystalline Silicon
Middle East & Africa
Rest of Middle East & Africa