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.
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 Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Global Thin Film Solar Panel Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Technology, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2030, the market is expected to grow at a CAGR of 23.6%.
The increased use of solar energy by individuals in several developed and developing countries are expected to boost sales growth in the worldwide thin-film solar cell market from 2021 to 2030.
Major global Thin Film Solar Panel Market players are Filsom AG, Ascent Solar Technologies, Hanergy mobile energy, First Solar, Miasole, Kaneka corporation, Shunfeng International Clean Energy, and Mitsubishi Heavy Industries
The market is restrained to some extent by the high upfront cost of solar energy and the poor energy conversion rate.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Thin Film Solar Panel market.
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