The Global thin film solar cell market is estimated to be valued at US$ 45.41 Mn in 2024.
The thin film solar cell market is composed of thin films of photovoltaic material to absorb light and convert sunlight into electricity. Thin film solar cells are beneficial as they are light and flexible. They are used in applications where traditional silicon solar panels cannot be utilized such as vehicles, buildings, and consumer products. The increasing demand for renewable energy sources along with flexible and lightweight solar panels due to portability needs is augmenting the growth of the thin film solar cell market.
The Global thin film solar cell market is estimated to be valued at US$ 45.41 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the thin film solar cell market are Teva Pharmaceutical Industries Ltd., AstraZeneca, PARI Medical Holding, Beximco Pharmaceuticals Ltd., and OMRON Healthcare Europe.
The increasing awareness about clean energy sources and adoption of solar rooftop provides growth opportunities in the Thin Film Solar Cell Market Demand. Government initiatives around the world to promote solar energy generation have encouraged manufacturers to invest in developing more advanced and efficient thin film cells.
Leading players in the market are expanding their geographic reach through acquisitions and partnerships to capture larger market share globally. For instance, First Solar acquired thin film solar technology developer Silfab Solar in 2021 to boost its manufacturing capabilities across North America and India.
Market Drivers
Increasing investments by governments worldwide to promote renewable energy generation is a key market driver. Subsidies and incentives offered on solar rooftop installations and financing options have encouraged commercial and residential adoption of thin film solar panels.
Market Restraints
High costs associated with thin film solar cell setup and maintenance is a major market restraint. Efficiency issues pertaining to thin films and limited lifespan compared to silicon-based panels also hampers widespread adoption.
Segment Analysis
The thin film solar cell market is dominated by the cadmium telluride segment, which holds around 65% market share. Cadmium telluride thin film solar cells offer cost-effectiveness and high conversion efficiency compared to other thin film technologies. They perform efficiently in diverse weather conditions and require less energy to produce. Their lightweight property makes them suitable for various residential and commercial applications including building-integrated photovoltaics, power plant projects, and portable devices.
Amorphous silicon is another major segment driven by its easy manufacturing process and non-toxic properties. However, its conversion efficiency is lower than cadmium telluride. Copper indium gallium selenide holds a minor market share due to limited supplies of raw materials and high manufacturing cost. With ongoing R&D to improve efficiencies and reduce costs, its demand is likely to rise in the coming years.
Global Analysis
The Asia Pacific region holds the major share in the thin film solar cell market due to presence of leading manufacturers in countries like China, Japan, and India. This region has witnessed rapid growth in solar installations driven by supportive government policies and investment in renewable energy sources. Europe is another prominent regional market backed by implementation of solar innovation projects and solar subsidies. Rising government initiatives towards environmental protection and solar energy adoption are fueling market opportunities in North America. Initiatives to expand solar power generation capacity in emerging countries of Latin America and Middle East and Africa are expected to boost the regional market during the forecast period.
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