The global Thin Film Solar Cell Market is estimated to be valued at US$ 39.41 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview: –

Thin film solar cells are lightweight, flexible solar cells made by depositing one or more thin layers, or thin film of photovoltaic material onto a substrate, such as plastic, glass or metal. They are advantageous over traditional silicon-based solar panels as they are aesthetically pleasing, flexible and lightweight. The need for alternative energy sources is driving demand for thin film solar cells.

Market key trends: –

One of the key trends in the thin film solar cell market is thin film solar modules made using cadmium telluride (CdTe). CdTe thin film solar modules offers cost savings over crystalline silicon modules and is considered as one of the most promising thin film photovoltaic technology. CdTe modules exhibit high conversion efficiencies of around 18% along with ability to absorb sunlight more efficiently than other thin film technologies. These factors are fueling the demand for CdTe solar modules, making it the fastest growing segment in the thin film solar cell market.

Segment Analysis: –

The thin film solar cell market is segmented into cadmium telluride (CdTe), copper indium gallium selenide (CIGS), and amorphous silicon (a-Si). Among these, the cadmium telluride (CdTe) segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. CdTe offers advantages such as low-cost manufacturing and maximum efficiency in converting sunlight to electricity. It is highly resistant to radiation damage and can operate at high temperatures.

Key Takeaways: –

The Global Thin Film Solar Cell Market Size is expected to witness high growth, exhibiting a CAGR of 19% over the forecast period, due to increasing electricity demand worldwide and the declining price of solar cell modules.

Regional analysis: –

Asia Pacific dominated the global market in 2022 and is expected to continue its dominance during the forecast period. Rapid industrialization and urbanization are driving the demand for energy in countries such as China and India in this region. Initiatives by various governments in the region to promote the use of renewable energy sources is also propelling the growth of the thin film solar cell market.

Key players: –

Key players operating in the thin film solar cell market are Ascent Solar Technologies, Inc., FIRST SOLAR, Kaneka Corporation, and Oxford Photovoltaics. FIRST SOLAR is a leading global provider of comprehensive photovoltaic systems and has one of the highest efficiencies in CdTe modules. MiaSolé produces thin-film solar panels using an earth-abundant material that can dramatically reduce panel production costs.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it