Thin Film Solar Cell Global Market Report 2024

The global thin film solar cell market has grown strongly in recent years. It will grow from $13.37 billion in 2023 to $14.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed in the historic period can be attributed to various factors such as government incentives and subsidies, decreased material costs, heightened attention towards sustainability, scalability, and flexibility in energy solutions, enhanced manufacturing processes, as well as the escalating global demand for energy.

The global thin film solar cell market is expected to see strong growth in the next few years. It will grow to $20.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to factors such as market competitiveness, the evolution of consumer preferences, integration with energy storage solutions, rising adoption in emerging markets, advancements in materials science, improved performance in low-light conditions, and strategic investments in manufacturing capacity. Major trends expected during this period include technological advancements aimed at boosting efficiency, the development of tandem and multijunction thin film solar cells, increased adoption in building-integrated photovoltaics (BIPV), the emergence of cadmium-free thin film technologies, emphasis on rural electrification and off-grid applications, and a focus on recycling and sustainability.

The growth of the thin film solar cell market is expected to be propelled by the increasing demand for electricity in remote areas. Electricity demand, representing the rate at which a home or business consumes electricity, is on the rise, particularly in remote areas. Thin-film solar panels play a pivotal role in meeting this demand by converting solar energy into electrical energy through the photovoltaic effect. These solar cells find applications in powering various infrastructure in remote locations, including pumps, traffic lights, and street lights. As an example, a research report by the Energy for Sustainable Development in February 2022 highlights a 38% annual increase in electrified zones in Nepal's rural areas. Additionally, projections indicate that electricity demand in the West African region is expected to increase fivefold by 2030. The surge in electricity demand in remote areas is a significant driver fostering the growth of the thin film solar cell market.

The growing demand for renewable energy sources is another factor expected to drive the expansion of the thin film solar cell market. Renewable energy sources, characterized by their sustainability and environmental friendliness, are becoming increasingly popular alternatives to traditional fossil fuels. Thin film solar cells harness renewable energy sources to capture sunlight through semiconductor layers, generating electricity without depleting finite resources. Notably, the Energy Information Administration reported a 13.2-quadrillion-British-thermal-units increase in renewable energy consumption in the United States in 2022 compared to 2021. This growing demand for renewable energy sources contributes to the overall growth of the thin film solar cell market.

Strategic partnerships emerge as a notable trend in the thin film solar cell market, with major companies seeking collaborations to enhance their market position. In August 2021, the Daegu Gyeongbuk Institute of Science and Technology in South Korea signed a Memorandum of Understanding (MOU) with SolarFlex Technologies Inc., a renewable energy semiconductor manufacturing company. The partnership aims to commercialize the original technology of flexible Copper Zinc Tin Sulfide (CZTS) thin film solar cells, fostering close cooperation for the commercialization of flexible solar cell technology. This trend underscores the significance of collaborative efforts in advancing technology and market presence within the thin film solar cell sector.

Leading companies in the thin film solar cell market are directing their efforts toward innovative products, notably focusing on silicon-based heterojunction (HJT) solar cells to gain a competitive advantage in the market. Silicon-based HJT solar cells are photovoltaic devices that leverage a combination of different semiconductor materials with varying bandgaps to enhance overall efficiency. An illustrative example is Anhui Huasun Energy Co., Ltd., a China-based solar company that introduced N-type silicon-based heterojunction (HJT) solar cells in June 2023. N-type silicon-based HJT solar cells represent a specific type of photovoltaic cell technology that integrates two distinct technologies into a single cell structure. This design incorporates a crystalline silicon cell positioned between two layers of amorphous thin-film silicon. The production process involves the low-temperature growth of ultra-thin layers of amorphous silicon (a-Si:H) on both sides of thoroughly cleaned monocrystalline silicon wafers. The incorporation of bifacial microcrystalline technology further contributes to efficiency improvements in these solar cells.

In October 2021, Reliance New Energy Solar Ltd., an India-based company specializing in advanced energy storage systems, completed the acquisition of REC Solar Holdings (REC Group) for $771 million. REC Group, a Norway-based company, is engaged in the manufacturing of thin-film solar cells and related technologies. The strategic acquisition is expected to provide Reliance with a global platform and opportunities for expansion in key green energy markets worldwide, including the United States, Europe, Australia, and other Asian countries. This move underscores the significance of acquisitions and global expansion strategies in reinforcing a company's position in the thin film solar cell market.

Major companies operating in the thin film solar cell market report are Ascent Solar Technologies Inc., Filsom AG, First Solar Inc., Hanergy Mobile Energy Group Ltd., Miasole Hi-Tech Corp., Mitsubishi Heavy Industries Ltd., Shunfeng International Clean Energy Limited, Sunq Innovative Expert Business Solutions Private Limited, Trony Solar Holdings Co. Ltd., SolarPower Systems Inc., Solar Frontier K.K., NanoPV Solar Inc., Oxford Photovoltaics Ltd., Hankey Asia Ltd., Global Solar Inc., Xunlight Kunshan Co. Ltd., Solara GmbH, Toledo Solar Inc., Flisom Ltd., Calyxo Inc., Topray Solar Co. ltd., ENN Energy Holdings Ltd., Stion Corp., Sharp Corp., Würth Solar GmbH & Co., Kaneka Corp., NexPower Technology Corp., Bangkok Solar Power Co. Ltd., Greatcell Solar Ltd., Exeger Operations AB, Fujikura Europe Ltd., G24 Power Ltd., Heliatek GmbH, Hanwha Qcells Co. Ltd., AVANCIS GmbH, Solbian Energie Alternative Srl, JA Solar Technology Co. Ltd.

Asia-Pacific was the largest region in the thin film solar cell market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the thin film solar cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the thin film solar cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Various types of thin film solar cells exist, including cadmium telluride, amorphous thin-film silicon, copper indium gallium selenide, microcrystalline tandem cells, thin-film polycrystalline silicon, among others. Cadmium telluride-based solar cells use thin layers of cadmium telluride as a semiconductor to convert absorbed sunlight into electricity. These technologies operate either on-grid or off-grid and find applications in residential, commercial, and utility sectors.

This report provides thin film solar cell market statistics, including thin film solar cell industry global market size, regional shares, competitors with thin film solar cell market share, detailed thin film solar cell market segments, market trends, and opportunities, and any further data you may need to thrive in the thin film solar cell industry. This thin film solar cell market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The thin film solar cell market consists of sales of n-type silicon, p-type silicon, glass, polyimide, photon materials, metal. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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