Thin Film Solar Panel Market

Thin Film Solar Panel Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Thin Film Solar Panel Market was worth US$ 14.0 Bn and is expected to grow at a CAGR of 23.6% over the forecast period. The market is expected to hit US$ 94.0 Bn by 2030 end.

Thin-film solar cells are a new type of solar cell made up of numerous thin-film layers of photovoltaic materials. Thin-film photovoltaic cells (TFPC) are another name for thin-film solar cells (TFSC) (TFPV).

The increased use of solar energy by individuals in several developed and developing countries is expected to boost sales growth in the worldwide thin-film solar cell market from 2022 to 2030.

Market Dynamic

RISING ELECTRICITY PRICES DRIVE THE MARKET GROWTH

The global thin film solar cell market is growing due to rising electricity prices, decreased reliance on foreign oil and fossil fuels, and the storage and later use of power.

Increased demand for power in remote locations and an increase in clean and renewable energy sources provide new prospects in the future.

With the increased use of thin film PV cells as isolated power sources in consumer electronics, military and space applications, and so on, the market for grid-connected PV cells is also expanding at a reasonable rate.

LARGE AREA REQUIREMENTS HAMPER THE MARKET

Thin-film panels require a larger area than alternative types of solar PV modules. The size of the system negatively affects the cost-effectiveness of the thin-film PV module systems, as the panel output losses offset less installation cost due to lower efficiencies. This factor, in turn, is expected to hinder the market’s growth.

Market Segments Covered in Report

By Type:

• Cadmium Telluride
• Amorphous Thin-film Silicon
• Copper Indium Gallium Selenide
• Microcrystalline Tandem Cells
• Thin-film Polycrystalline Silicon
• Others

By Technology:

• On-grid
• Off-grid

By Application:

• Residential
• Commercial
• Utility

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is it predicted that cadmium telluride thin film solar panels would have the greatest CAGR?

The cadmium telluride segment dominated the global thin-film solar cell market in 2021 and is projected to remain the fastest-growing segment during the forecast period. It is attributed to its nontoxic nature, absorbs a wide range of the light spectrum, and performs well in low light but loses efficiency quickly. In addition, it has low manufacturing and maintenance costs.

Why is it projected that the On-grid sector would grow quickly throughout the projection period?

On-grid segment dominated the global thin-film solar cell market in 2020 and is projected to remain the fastest-growing segment during the forecast period. It is attributed to the growing electricity transmission and distribution network that integrating electricity produced by renewable sources into the grid will propel the demand during the forecast period.

Why is the Utility sector anticipated to grow rapidly throughout the projection period?

The utility segment dominated the global thin-film solar cell market in 2021 and is projected to remain the fastest growing segment during the forecast period. It is attributed to the rising installation of large-scale projects and increasing research and development expenditure to reduce maintenance and installation costs, increasing market demand.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• The Asia Pacific thin-film solar cell market is expected to continue its leading position throughout the projected period due to its large customer base and rising industrialization and urbanization.
• China is one of the world’s major solar PV markets, accounting for over half of worldwide solar power consumption in 2021. In China, thin-film solar PVs are mostly employed in utility-scale installations.

Competition Analysis

The worldwide thin-film solar cell industry appears to be somewhat fragmented. The existence of several global and local manufacturers indicates that the rivalry landscape in the thin-film solar cell industry is quite fierce. To establish a dominant market position, companies in this industry use various organic and inorganic methods such as mergers, acquisitions, partnerships, and collaborations.

Some of the key developments that have taken place in the Thin Film Solar Panel Market include:

• In 2018, CdTe produced power at a high cost that was less than or equivalent to traditional fossil-fuel energy sources.
• In July 2018, Avanic announced reopening its CIGS thin-film PV production facility in South Korea’s Chungbunk province. The expansion is intended to boost the company’s growth in the region.

A list of some of the key suppliers present in the market are:

• Filsom AG
• Ascent Solar Technologies
• Hanergy mobile energy
• First Solar
• Miasole
• Kaneka Corporation
• Shunfeng International Clean Energy
• Mitsubishi Heavy Industries

Global Thin Film Solar Panel Market 2022-2030: Report Coverage and Highlights

• Assessment of the historical and current market size (2017-2021), market projections (2022-2030), and its contribution to the parent market
• Key drivers, restraints, opportunities, and key emerging trends impacting market growth
• Predictions on critical supply, demand, and technological trends and changes in consumer behavior
• Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
• Segment-wise, country-wise, and region-wise market analysis
• Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
• Key product innovations and regulatory framework
• Covid-19 impact on the market and how to navigate
• Strategic market analysis and recommendations on crucial winning strategies