Thin Film Solar Panel Market: The Market Is On The Rise Due To The Increased Electricity Prices

According to a research survey conducted by ChemView Consulting, in 2022, the Global Thin Film Solar Panel Market was worth US$ 14.0 Bn and is expected to grow at a CAGR of 23.6% over the forecast period. The market is expected to hit US$ 94.0 Bn by 2030 end.

Thin-film solar cells are a new type of solar cell made up of numerous thin-film layers of photovoltaic materials. Thin-film photovoltaic cells (TFPC) are another name for thin-film solar cells (TFSC) (TFPV).

The increased use of solar energy by individuals in several developed and developing countries is expected to boost sales growth in the worldwide thin-film solar cell market from 2022 to 2030.

The global thin film solar cell market is growing due to rising electricity prices, decreased reliance on foreign oil and fossil fuels, and the storage and later use of power. Increased demand for power in remote locations and an increase in clean and renewable energy sources provide new prospects in the future.

With the increased use of thin film PV cells as isolated power sources in consumer electronics, military and space applications, and so on, the market for grid-connected PV cells is also expanding at a reasonable rate.

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Segments Covered in Report

By Type:

  • Cadmium Telluride
  • Amorphous Thin-film Silicon
  • Copper Indium Gallium Selenide
  • Microcrystalline Tandem Cells
  • Thin-film Polycrystalline Silicon
  • Others

By Technology:

  • On-grid
  • Off-grid

By Application:

  • Residential
  • Commercial
  • Utility

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Key Takeaways From The Market

  • Based on type, the cadmium telluride segment dominated the global thin-film solar cell market in 2021 and is projected to remain the fastest-growing segment during the forecast period. It is attributed to its nontoxic nature, absorbs a wide range of the light spectrum, and performs well in low light but loses efficiency quickly. In addition, it has low manufacturing and maintenance costs.
  • Based on technology, On-grid segment dominated the global thin-film solar cell market in 2020 and is projected to remain the fastest-growing segment during the forecast period. It is attributed to the growing electricity transmission and distribution network that integrating electricity produced by renewable sources into the grid will propel the demand during the forecast period.
  • Based on end-use, the utility segment dominated the global thin-film solar cell market in 2021 and is projected to remain the fastest growing segment during the forecast period. It is attributed to the rising installation of large-scale projects and increasing research and development expenditure to reduce maintenance and installation costs, increasing market demand.
  • Based on region, Asia Pacific thin-film solar cell market is expected to continue its leading position throughout the projected period due to its large customer base and rising industrialization and urbanization.

Competition Summary

Key companies covered in the market study are Filsom AG, Ascent Solar Technologies, Hanergy mobile energy, First Solar, Miasole, Kaneka corporation, Shunfeng International Clean Energy, and Mitsubishi Heavy Industries

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Report Key Highlights and Coverage

  • Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
  • Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2030), and CAGR.
  • The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
  • Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
  • Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
  • Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
  • Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
  • Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
  • Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
  • Strategic market analysis, recommendations, and future headways on crucial winning strategies.

About ChemView Consulting

ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.

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