Press release
Thin Film Solar Cells Market Poised to Reach US$ 29.01 Billion by 2032, Expanding at an 8.30% CAGR
Thin Film Solar Cells Market
Thin film solar cells are a type of photovoltaic cells that are made by the deposition of photovoltaic material such as copper and cadmium on an inert substrate such as metal and then coated with plastic or glass to increase the lifespan of the solar panel. Thin film solar cells, when joined together, form a solar panel that helps convert solar energy into mechanical energy. Thin film solar cells are majorly of 3 types: amorphous-si thin film, cadmium-telluride thin film, and copper indium gallium selenide. Thin film solar cells are 1 micron thick, which makes them thinner than the size of human hair and approximately 350 times thinner than mono or polycrystalline panels.
The global thin film solar cells market was valued at USD 14.19 billion in 2023 and is expected to grow to USD 29.01 billion by 2032, at a CAGR of 8.30% between 2024 and 2032.
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Growth Drivers:
• The negative effect other types of solar cells are creating on the environment is pushing key players to adopt thin film solar cells, resulting in their growth at a rapid pace.
• Rapid urbanization has caused a rise in the installation of solar systems due to a decrease in the price of solar cells. A change in consumer demands, along with improvement in infrastructure and strategic collaborations, has helped further propel this market.
Major Participants:
Many companies are now looking to invest in the thin film solar cells market as consumers are now shifting towards adopting environment-friendly ways of generating electricity.
• First Solar Inc.
• Kaneka Corporation
• Solar Frontier K.K.
• NanoPV Solar Inc.
• SoloPower Systems Inc.
• Solaronix SA
• Sony Corporation
• SunPower Corporation
• Tata Power Solar Systems Ltd.
• Solaris Technology Industry Inc.
• Green Brilliance Renewable Energy LLP
• Trina Solar
• Canadian Solar
• Sharp Corporation
• and Konica Minolta Sensing Europe B.V.
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Thin Film Solar Cells Market Report Highlights:
• Plastic segment is expected to grow at a highest CAGR during the projected period, on account of its numerous benefits including lightweight, durability, flexibility, and cost-effectiveness
• Cadmium telluride segment accounted for largest market share in 2022, which is mainly driven by its growing adoption to reduce the carbon footprint with better product efficiency
• Utility segment held the maximum market revenue share in 2022, mainly due to high technological advancements and introduction to various favorable government programs like subsidies
• Asia Pacific region dominated the market with majority share in 2022, owing to exponential growth in the number of utility projects and rising R&D investments across emerging economies
Segmental Analysis:
• The thin film solar cells market is segmented based on substrate, type, end-user, and region.
• Based on substrate, the market is classified into plastic, metal, and glass. Out of these, the plastic segment dominated this market, occupying the largest market share.
• The type segment is categorized into amorphous silicon, cadmium telluride, gallium arsenide, and others. The cadmium telluride segment accounted for the largest market share in 2022.
• Thin Film Solar Cells, Substrate Outlook (Revenue - USD Billion, 2019 - 2032)
o Plastic
o Metal
o Glass
• Thin Film Solar Cells, Type Outlook (Revenue - USD Billion, 2019 - 2032)
o Amorphous Silicon
o Cadmium Telluride
o Gallium Arsenide
o Others
• Thin Film Solar Cells, End-User Outlook (Revenue - USD Billion, 2019 - 2032)
o Residential
o Industrial/Commercial
o Utility
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Regional Overview:
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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