by The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: –
Thin film solar cells are solar photovoltaic devices that use thin layers of photovoltaic material to absorb light and convert it into electricity. They are widely used as an alternative to rigid crystalline silicon solar panels. The key applications of thin film solar cells include residential, commercial, and utility-scale photovoltaic modules.
Market Dynamics: –
The growth of the thin film solar cell market is majorly driven by the rising adoption of renewable energy sources globally, and favorable government policies and initiatives promoting renewable energy adoption. According to International Energy Agency, the share of renewable energy has increased from 26% of total final energy consumption in 2020 to 29% in 2021. Further, increasing investment in renewable energy capacity additions, especially solar, across both developed and developing countries is also expected to boost market growth over the forecast period. However, high manufacturing cost of thin film solar cells as compared to crystalline silicon solar cells remains a major challenge.
SWOT Analysis: –
- Strength: – Thin Film Solar Cell have three main strengths. First, they are lightweight and flexible which makes them ideal for use in applications such as solar powered vehicles and buildings integrated photovoltaics. Second, they can be produced at low costs compared to wafer based silicon cells. Third, they can be deposited on flexible substrates like polymers, glass and stainless steel through vacuum deposition techniques.
- Weakness: – Thin Film Solar Cells have relatively low efficiency compared to mainstream silicon wafer based solar panels. Second, the manufacturing process of producing these cells needs improvements to scale up production volumes.
- Opportunity: – The scope for building integrated photovoltaics for residential and commercial buildings present a major opportunity due to growing construction activities globally. Second, increasing consumer preference for sustainable products and solutions presents an opportunity to popularize solar powered consumer products.
- Threats: – Dumping of cheap solar panels by Chinese manufacturers poses a threat. Second, continuing fall in prices of mainstream silicon wafer based solar panels increases competitive pressure.
Key Takeaways: –
The Global Thin Film Solar Cell Market Growth is expected to witness high, exhibiting a CAGR of 19% over the forecast period, due to increasing consumer’s preference for sustainable energy solutions and growing construction activities. The market size for thin film solar cells in 2023 is estimated to be US$ 39.41 Billion.
Regional analysis: – Asia Pacific region currently dominates the thin film solar cell market with a share of over 35% in 2022. China, India and Japan are major markets driving the regional growth. Europe is the second largest market for thin film solar cells owing to supportive government policies and initiatives in countries like Germany, Italy and France encouraging building integrated photovoltaics.
Key players: – Key players operating in the thin film solar cell market are Ascent Solar Technologies, Inc., FIRST SOLAR, Kaneka Corporation, and Oxford Photovoltaics. First Solar is currently the global market leader in thin film photovoltaic technology leveraging its cadmium telluride solar panels.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
