July 25, 2024
Thin Film Solar Cell Market

Thin Film Solar Cell Market Driven By Need For Renewable Energy Sources

Thin film solar cells are formed from a layer of photovoltaic material only few micrometers thick. These thin layers of semiconductor materials such as cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous silicon (a-Si) are deposited or printed onto glass, plastic or metal backing to convert sunlight into electricity. Compared to traditional wafer or crystalline silicon-based solar panels, thin film solar cells are less expensive to manufacture as they use much smaller amount of raw materials. Their flexibility also allows manufacturers to integrate them into buildings in the form of solar shingles, roof tiles or facades.

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 key trends:

Continuous efforts by producers and researchers to reduce production costs and improve efficiencies of thin film technologies is enabling penetration into new applications. Major trend witnessed is increasing demand for CIGS thin film solar cells for use in building-integrated photovoltaics and as solar power solutions for electric vehicle charging infrastructure. Their flexibility enables large-scale production of CIGS photovoltaic strips or tiles using printing and coating techniques. CIGS based perovskite solar cells are also emerging as a promising low-cost alternative to crystalline silicon cells. Widespread commercialization and mass production of more advanced thin film technologies over the forecast period will drive the industry toward terawatt scale.

Porter’s Analysis:

  • Threat of new entrants: The entry barriers are moderately high in the thin film solar cell market as significant capital investments are needed to set up manufacturing plants. However, low-cost production technologies have reduced entry barriers.
  • Bargaining power of buyers: The bargaining power of buyers is moderate as thin film solar cell is becoming a viable alternative to traditional silicon-based solar cells.
  • Bargaining power of suppliers: Few global players dominate the supply of raw materials for thin film solar cells like cadmium, tellurium, etc. making the bargaining power of suppliers high.
  • Threat of new substitutes: Emergence of new solar technologies like perovskite solar cells pose a threat, but wide-scale commercialization remains a challenge.
  • Competitive rivalry: The global thin film solar cell market is highly competitive due to presence of numerous regional and international players.

Key Takeaways:

The Global Thin Film Solar Cell Market Size is expected to witness high growth. The market size was valued at US$ 39.41 Bn in 2023 and is projected to reach over US$ 74 Bn by 2030, expanding at a CAGR of 19% during the forecast period.

Regional analysis: North America dominated the thin film solar cell market in 2023 owing to supportive policies and initiatives toward solar energy adoption in the US and Canada. Asia Pacific is expected to be the fastest growing market led by China, India, Japan and other countries. Increasing investments in renewable sector along with declining costs of solar technologies will drive the regional market.

Key players: 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. FIRST SOLAR is a prominent global player with significant market share. Other tier 2 manufacturers are expanding production capacities to leverage growth opportunities. Collaboration with research institutions is helping key players to develop efficient and low-cost thin film technologies.

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