Thin-film Solar Cell Market Outlook - 2030
The global thin-film solar cell market size was valued at $11.3 billion in 2020, and is projected to reach $25.3 billion by 2030, growing at a CAGR of 8.4% from 2020 to 2030. Thin-film solar cell is the new generation solar cell that contains multiple thin-film layers of photo voltaic materials. Thin-film solar cells (TFSC) are also known as thin-film photo voltaic cell (TFPV). The thicknesses of thin-film layers are very less (few nano meters often 20 times thinner than c-Si wafers) compared to traditional P-N junction solar cells. According to the type of photo voltaic material used, the thin-film solar cells are classified into four types, which include amorphous silicon (a-Si) & other thin-film silicon (TF-Si), cadmium telluride (CdTe), copper indium gallium deselenide (CIS or CIGS), and dye-sensitized solar cell (DSC) & other organic solar cells. In addition, the thin-film solar panel is made of thin-films of semiconductors deposited on glass, plastic, or metal. This makes thin-film solar panels flexible and lightweight. In addition, the thin-film cells are always encased in plastic, so that the product could be flexible enough to mold to a roof’s shape and when glass is used, thin-film panels are more rigid & heavier.
Urbanization led to increase in demand for solar panel, which, in turn, increases the demand for thin-film solar cell, driving the market. In addition, surge in demand for solar lights on road divider and streets create ample opportunities for the thin-film solar cell market.
The thin-film solar cell market is segmented on the basis of type, installation, end-user, and region. Depending on type, the market is categorized into cadmium telluride, amorphous thin-film silicon, copper indium gallium selenide, microcrystalline tandem cells, thin-film polycrystalline silicon, and others. On the basis of installation, it is divided into on-grid and off-grid. According to end-user, it is classified into residential, commercial, and utility. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global thin-film solar cell industry analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Ascent Solar Technologies, Filsom AG, First Solar, Hanergy mobile energy, Kaneka corporation, Miasole, Mitsubishi Heavy Industries, Shunfeng International Clean Energy, SUNQ, and Trony Solar.
By Type
Cadmium Telluride is projected to create abundant $ opportunity till 2030
Global Thin-film Solar Cell Market, By Type
Depending on type, the cadmium telluride segment dominated the global thin-film solar cell market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to its nontoxic nature and 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 cost.
By Installation
On-Grid segment is projected as the most lucrative segment.
Global Thin-film Solar Cell Market, By Installation
According to installation, the 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. This is attributed to growing electricity transmission and distribution network pertaining to integration of electricity produced by renewable sources to the grid will propel the demand during forecast period.
By End-user
Utility is projected as the most lucrative segment.
Global Thin-film Solar Cell Market, By End-user
As per the end user, the utility segment dominated the global thin-film solar cell market in 2020, and is projected to remain the fastest growing segment during the forecast period. This is attributed to rising installation of large scale projects and increasing research and development expenditure to reduce maintenance and installation cost, which in turn increase the demand of the market.
By Region
APAC is projected to create abundant $ opportunity till 2030
Global Thin-film Solar Cell Market, By Region
Region wise, Asia-Pacific dominated the global thin-film solar cell market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to numerous factors such as a large consumer base and industrialization & urbanization.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the global thin-film solar cell market trends along with the current and future market forecast.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global market for strategy building.
- A comprehensive global thin-film solar cell market forecast covers factors that drive and restrain the market growth.
- The qualitative data in this report aims on market dynamics, trends, and developments.
Impact Of Covid-19 On The Global Market
- The manufacturing of thin-film solar cell was halted for a specific period due to high peak of COVID-19 situation, which significantly impacted the sales of thin-film solar cell.
- Sales of thin-film solar cell are directly proportional to the demand for solar panels. Solar projects have been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in sales of thin-film solar cell.
- COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global thin-film solar cell market due to impact of COVID-19.
- Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using thin-film solar cell , thereby affecting the global thin-film solar cell market.
- According to the UNIDO (United Nations Industrial Development Organization), 30.0%–70.0% of pre-COVID-19 workforce of various industries, such as chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting reduced demand for raw materials used in thin-film solar cell. This is expected to decline the growth of the market during the forecast period.
- Construction plays a vital role in the development of solar industry. The COVID-19 pandemic severely impacted integrated construction industry across the globe. Factors include disruption due to migration of workers and unavailability of material. However, decrease in construction activity significantly impacted thin-film solar cell market.
Thin-Film Solar Cell Market Report Highlights
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Analyst Review
Thin-film solar cells are used to generate electricity where other photovoltaic cells cannot be used, such as on curved surfaces of buildings or cars or even on clothing to charge handheld devices. The global thin film solar cell market has registered a dynamic growth over the past few years, owing to urbanization, tourism, and rapid expansion of roads. In addition, huge investment plans with respect to renewable source of energy to achieve a sustainable energy future led to boost the demand for thin film solar cell across the globe. Moreover, according to the U.S. National Library of Medicine & National Institutes of Health, the thin-film solar cell technology is increasing in capacity and market share and is now accounting for about 20% of the PV market. Furthermore, thin film protects the solar cell and ensures its performance and reliability.
Solar power is pollution-free and causes no greenhouse gases to be emitted after installation. In addition, it reduces dependence on foreign oil & fossil fuels and with that power it could be available every day of the year, even on cloudy days can produce some power.
Solar panel manufacturers and other solar industries are the major customers of global thin film solar cell market.
LAMEA will provide more business opportunities for Global Thin film solar cell in future
To get latest version of Thin Film Solar Cell Market report can be obtained on demand from the website.
Agreement, business expansion and product launch are the key growth strategy of Global Thin film solar cell Market players.
Construction segment holds the maximum share of the Global Thin film solar cell Market
The top ten market players are selected based on two key attributes - competitive strength and market positioning
Ascent Solar Technologies, Filsom AG, First Solar, Hanergy mobile energy, Kaneka corporation, Miasole, Mitsubishi Heavy Industries, Shunfeng International Clean Energy, SUNQ and Trony Solar are the leading market players active in the Thin film solar cell Market.
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global thin film solar cell market from 2020 to 2030 to determine the prevailing opportunities.
Rise in urbanization, increase in demand of sustainable energy and Continuous decline in solar prices are expected to drive the adoption of thin film solar cell.
Technological evolution of thin film solar cell, increasing solar power demand and rise in urbanization are the current trend expected to influence the Global Thin film solar cell Market in the next few years.
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