Thin film solar cells are photovoltaic cells made by depositing one or more thin layers, or thin films (TF) of photovoltaic material on a substrate, such as glass, plastic or metal. They are light weight and flexible as compared to traditional crystalline silicon solar panels. Thin film solar cells play a key role in ensuring energy security and access to affordable and clean energy, while reducing greenhouse gas emissions.
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:
The demand for renewable energy sources has been constantly rising in order to reduce dependence on fossil fuels and mitigate issues related to climate change. Thin film solar cells offer a viable alternative to traditional silicon-based photovoltaic cells due to advantages such as light weight, flexibility and ease of installation. Thin film technologies have undergone continuous innovation and development which has resulted in improved conversion efficiencies and reduced production costs. These factors have accelerated the growth of the thin film solar cell market over the recent years. Ongoing R&D is further expected to make thin film solar cells more affordable and suitable for large scale power generation applications.
Segment Analysis:
The Global Thin Film Solar Cell Market Size is dominated by cadmium telluride (CdTe) segment, which accounted for over 60% share in 2023. CdTe thin film solar cells are cheaper to produce compared to cells made from crystalline silicon. This has boosted their use in various residential and commercial applications. However, amorphous silicon (a-Si) segment is expected to witness fastest growth during the forecast period. This is owing to the rising demand for thin-film photovoltaic due to its flexibility and light weight.
Key Takeaways:
Regional analysis: North America held the largest share of over 30% in the global market in 2023 owing to rapid installation of solar farms. Asia Pacific is expected to surpass North America to lead the market during the forecast period supported by rising solar installations in China and India.
Key players: Some of the prominent 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 research & development to improve efficiency and reduce manufacturing costs of thin film solar cells. They are also collaborating with various partners to strengthen distribution networks and capture new regional markets.
FIRST SOLAR is currently the global market leader in thin film photovoltaic manufacturing. It is also the only foreign PV manufacturer with factories in India. Meanwhile, Kaneka Corporation leads the a-Si thin-film PV market. It has partnered with various installers in commercial and industrial sectors across Europe and Asia. Ascent Solar Technologies focuses on flexible thin-film solar panels for portable electronics and electric vehicles.
The global thin film solar cell market is expected to witness high growth during the forecast period supported by rising energy demand worldwide and need for sustainable energy sources. Lower installation costs compared to silicon-based panels will further drive demand. However, limited manufacturing capacity remains a challenge.
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