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Solar Redefined: The Thin Film Revolution
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According to The Business Research Company's, The thin film solar cell market size 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 in the historic period can be attributed to government incentives and subsidies, reduced material costs, increased focus on sustainability, scalability and flexibility, improved manufacturing processes, global energy demand.
The thin film solar cell market size 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 growth in the forecast period can be attributed to market competitiveness, evolving consumer preferences, energy storage integration, increasing adoption in emerging markets, advancements in materials science, enhanced performance in low-light conditions, strategic investments in manufacturing capacity. Major trends in the forecast period include technological advancements and efficiency improvements, tandem and multijunction thin film solar cells, increased adoption in building-integrated photovoltaics (bipv), cadmium-free thin film technologies, rural electrification and off-grid applications, focus on recycling and sustainability.
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Market Drivers and Trends:
The increasing demand for renewable energy sources is expected to propel the growth of thin film solar cell market going forward. Renewable energy sources are energy resources that are naturally replenished and virtually inexhaustible which provide a sustainable and environmentally friendly alternative to traditional fossil fuels. Thin film solar cell uses renewable energy sources to capture sunlight through their semiconductor layers, allowing the cells to generate electricity without depleting finite resources. For instance, in June 2023, according to the Energy Information Administration, a US-based government agency, renewable energy consumption has increased 13.2 quads in 2022 from 12.1 quads in 2021 in United States. Therefore, increasing demand for renewable energy sources is driving the growth of the thin film solar cell market.
Strategic partnerships are a key trend gaining popularity in the thin film solar cell market. Major companies operating in the thin-film solar cell sector are looking for partnerships to strengthen their position in the market. For instance, In August 2021, Daegu Gyeongbuk Institute of Science and Technology, a South Korea -based public science and engineering university, signed a Memorandum of Understanding (MOU) with SolarFlex Technologies Inc., a South Korea -based renewable energy semiconductor manufacturing company for the commercialization of the original technology of flexible Copper Zinc Tin Sulfide (CZTS) thin film solar cells with the aim of close cooperation for the commercialization of the flexible solar cell technology.
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Major Key Players of the Market:
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.
Thin Film Solar Cell Market 2024 Key Insights:
• The thin film solar cell market size 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%.
• Rising Electricity Demand Drives The Thin Film Solar Cells Market
• Strategic Partnerships Driving Growth In The Thin Film Solar Cell Market
• Asia-Pacific was the largest region in the thin film solar cell market in 2023
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