Thin Film Solar Market to Grow Immensely at a CAGR of 10.00% From 2024 To 2033
According to Custom Market Insights (CMI), The Global Thin Film Cell Solar Market Size was valued at USD 12.2 billion in 2021 and is estimated to reach USD 25.7 billion by the end of 2030 at a CAGR of approximately 10% during the forecast period 2022-2030.
Thin film cell solar panels are the newly emerged solar PV panels created by overlapping multiple thin silicone layers. The thin-film layer thickness is barely a few nanometres which would be 20 times thinner than the c-Si wafers. The thin-film semiconductors are embedded in glass, metal, or plastic. These are highly flexible, economically feasible, and lightweight semiconductors used for electricity generation. The thin-film solar panels are more convenient than traditional ones as they ensure carbon footprint reduction and easy installation.
Browse the full “Global Thin Film Cell Solar Market Size, Trends and Insights By Type (Cadmium Telluride, Amorphous Thin-film Silicon, Copper Indium Gallium Selenide, Microcrystalline Tandem Cells, Thin-film Polycrystalline Silicon, Others), By Installation (On-grid, Off-grid), By End-Use/Application (Residential, Commercial, Utility), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/thin-film-solar-market/
Market Dynamics.
Drivers
In the coming years, the thin film cell solar market is expected to grow at a large scale due to several factors like high electricity demand, increased solar PV capacity, rapid declination of solar prices, usage of renewable energy sources, and technological advancements related to thin-film solar cells. These factors drive the growth of the market. The thin-film solar cells are much more efficient than conventional PV cells due to their lightweight property and easy installation process. This can be the leading factor that drives the adoption of solar-thin film technology.
Restraints
Other alternatives may have more potential due to the complicated configuration of numerous materials in solar thin-film technology, associated with the low output of some solar panels, which may hinder the market’s growth. Using some toxic materials, such as cadmium, may be associated with certain risks during operation, maintenance, and disposal.
Opportunities.
The upcoming future is expected to witness a huge contribution of thin-film solar technology for electricity generation due to the rise in demand for the usage of renewable sources of energy. The thin-film solar cells are made by accumulating thin silicone layers, which are much more feasible and convenient than the conventional PV technique. The installation cost of thin-film solar is comparatively lower, which can drive market growth during the forecast period. In the upcoming years, thin-film solar panels will likely be implemented in the residential sector. Several entrepreneurs in solar thin-film tend to invest in multiple R&D projects to enhance their product portfolios.
Challenges.
Although the thin film cell solar market is expected to grow in the upcoming years, the high installation cost and introduction of third-generation solar panels may be challenging for market growth. Some major challenging factors include the standardization of the equipment for the growth of CIGR absorber films, improvisation in the processing, adjusting installation cost, and construction of thinner layers. The CdTe solar cells are efficient in working in low lights but are claimed to lose their efficiency in a short time, which is also a challenging aspect for market growth.
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Report Highlights.
Based on type, the cadmium telluride segment is the leading and expected to make the largest contribution to the thin film cell solar market. Cadmium telluride solar cells are the latest inventions in the solar market. They can absorb maximum light and have an efficient electricity production capacity. The other attributing factors include its intoxicated nature, lower manufacture, and maintenance cost.
Based on application, the utility segment accounted for a larger market share in 2021 and continues to expand in the forecasting period. This can be attributed to the rise in demand for clean energy, leading to rapid urbanization and reducing GHG emissions. The increased demand for renewable resources for electricity has led to their growth in the utility sector.
Regional Snapshots.
The Asia-Pacific dominated the market in 2021 and is predicted to be in the dominant state during the forecast period due to the high demand and the rise in public and private investments in the Asia-Pacific region, driving the market’s growth. India and China are the major countries for industrial developments that drive market growth. The reduced cost per unit generation has also resulted in the penetration of solar power across residential regions.
Key Players
Various companies play a major role in the development of the thin film cell solar market across the globe due to the high consumer base and demand for sustainable development. These companies focus on organic growth strategies that include product launches, approvals, patents, etc.
- First Solar
- Solar Frontier
- Sharp Thin Film
- MiaSole
- NexPower
- Station
- Calyx
- Kaneka Solartech
- Bangkok Solar
- Wurth Solar
- Global Solar Energy
- Hanergy
- ENN Energy Holdings
- Topray Solar
- Others
Table of Contents: https://www.custommarketinsights.com/report/thin-film-solar-market/#table-of-contents
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Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains. Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
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