The global thin film solar cellmarket size reached US$ 14.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.3% during 2023-2028.
A thin film solar cell (TFSC) is a renewable energy device designed to convert light energy into electrical energy. It is produced by depositing one or more thin layers of photovoltaic materials on substrates, such as glass, plastic, and metal. Cadmium telluride (CdTe), amorphous silicon (a-Si), copper indium gallium selenide (CIGS), and gallium arsenide (GaAs) are some commonly used photovoltaic materials in TFSC. It is widely used in electronic powering circuits, home light applications, solar fields, rooftop installations, recreational vehicles, and camping. As compared to conventional photovoltaic cells, TFSC is more lightweight, cost-effective, and provides enhanced flexibility for wide-ranging applications. It also offers larger area modules, shorter energy payback periods, lower material consumption, monolithic integration, and tuneable material properties.
Thin Film Solar Cell Market Trends:
The increasing adoption of renewable energy sources due to the rising environmental concerns among the masses across the globe is creating a positive outlook for the market. A TFSC is a sustainable, renewable, clean, and reliable energy source that generates power without creating noise pollution or producing toxic and greenhouse gases (GHG). In addition, the rising demand for solar-powered light on road dividers and streets is acting as another growth-inducing factor. Furthermore, widespread product adoption due to the rising energy consumption, coupled with increasing electricity prices, is providing an impetus to the market growth. Additionally, extensive research and development (R&D) activities in anti-reflective coatings, surface texturing, plasmonic light capture, and optimizing solar cell materials to enhance the efficiency and absorption capabilities of TFSC are providing an impetus to the market growth. Moreover, the integration of nanotechnology that provides an improved optical path for absorption, reduces recombination losses, and offers design flexibility is positively influencing the market growth. Other factors, including increasing initiatives by several governments toward sustainable development, decreasing dependence on fossil fuels, and recent technological advancements to reduce production costs, are anticipated to drive the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global thin film solar cellmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, installation and end user.
Breakup by Type:
Amorphous Thin-Film Silicon
Copper Indium Gallium Selenide
Microcrystalline Tandem Cells
Thin-Film Polycrystalline Silicon
Breakup by Installation:
Breakup by End User:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Ascent Solar Technologies Inc., First Solar Inc., Flisom, Hanergy Thin Film Power EME B.V., Kaneka Corporation, Miasole (Hanergy Holding Group Ltd.), Oxford Photovoltaics Limited, Trony Solar Holdings Company Limited and Wuxi Suntech Power Co. Ltd.
Base Year of the Analysis
Type, Installation, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Ascent Solar Technologies Inc., First Solar Inc., Flisom, Hanergy Thin Film Power EME B.V., Kaneka Corporation, Miasole (Hanergy Holding Group Ltd.), Oxford Photovoltaics Limited, Trony Solar Holdings Company Limited and Wuxi Suntech Power Co. Ltd.
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Key Questions Answered in This Report
The global thin film solar cell market was valued at US$ 14.2 Billion in 2022.
We expect the global thin film solar cell market to exhibit a CAGR of 12.3% during 2023-2028.
The growing demand for thin film solar cell, as it is a sustainable, renewable, clean, and reliable energy source that generates power without creating noise pollution or producing Greenhouse Gases (GHGs), is primarily driving the global thin film solar cell market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous production activities for thin film solar cells.
Based on the type, the global thin film solar cell market can be categorized into cadmium telluride, amorphous thin-film silicon, copper indium gallium selenide, microcrystalline tandem cells, thin-film polycrystalline silicon, and others. Among these, cadmium telluride accounts for the majority of the global market share.
Based on the installation, the global thin film solar cell market has been segregated into on-grid and off-grid, where on-grid currently exhibits a clear dominance in the market.
Based on the end user, the global thin film solar cell market can be bifurcated into residential, commercial, and utility. Currently, the utility sector holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global thin film solar cell market include Ascent Solar Technologies Inc., First Solar Inc., Flisom, Hanergy Thin Film Power EME B.V., Kaneka Corporation, Miasole (Hanergy Holding Group Ltd.), Oxford Photovoltaics Limited, Trony Solar Holdings Company Limited, and Wuxi Suntech Power Co. Ltd.
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