Thin Film Solar Cell Market Size to Cross $24.1 Billion by 2030

Thin Film Solar Cell Market Snapshot

“The Global Thin Film Solar Cell Market is expected to grow rapidly at a 8.1% CAGR consequently, it will grow from its existing size of from $13.6 billion in 2023 to $24.1 Billion by 2030.”

Definition

The thin-film solar cells (TFSC) is an advanced solar cell that is made by putting one or more small layers of solar material over the substrate, which could be glass or plastic. Cadmium telluride (CdTe) and copper-indium gallium diselenide (CIGS) and Amorphous thin-film silicon are the three available commercially as the thin-film solar cells.Thin-rival film's technology, which is the traditional first-generation solar cell made of crystalline silicon (c-Si) makes use of wafers that are as thick as 200 millimeters.

The thickness of films can range between only a couple of nanometers (nm) to 10 millimeters (m). This allows the thin films to be lightweight and flexible. It is used in photovoltaic glazing that is laminated to windows or for building integrated photovoltaics. The world's biggest photovoltaic power stations utilize the rigid thin film solar panels (interleaved between two glass panes) in various commercial applications.

Thin-film technology was always cheaper than traditional c-Si technology, however it's always been less efficient. However, it has dramatically improved over time. CdTe and CIGS laboratory cell efficiency is now over 21%, surpassing the multi-crystalline silicon employed in the majority of solar panels. In lab conditions, thin-film modules were degraded a bit faster than conventional PV the fact that a life span that is 20 or longer years typically predicted.

Despite these advances the share of thin-market films has never been higher than 20 percent in the last two decades, and it has been decreasing in recent times, accounting for 9 percent of all photovoltaic installations as of 2013. Other technologies that use thin-film include organic, dye-sensitized or quantum dots, copper zinc sulfur, nanocrystals micromorph, perovskite, and nanocrystal solar cells, are usually classified as being in the process of becoming third-generation photovoltaic cell because they are in the stage of development and are not commercially available.

What Are Thin-Film Solar Panels?

As with other solar panels the thin film panels transform light into electrical energy via the process by their photovoltaic phenomenon. In contrast to traditional solar panels, thin-film solar panels are lightweight and flexible second-generation cells. They're composed of multiple small layers of PV or PV, substances.

The layers are 300-350 times thinner than normal silicon, which makes it ideal for handheld devices. Every cell is comprised of three major components comprising photovoltaic material, conducting sheet and a protection layer.

Apart from their slim appearance Thin-film solar panels are different from polycrystalline and monocrystalline panels in the raw materials used in their production, as well as their the efficiency of their production, but we'll talk further into the subject later.

How Efficient Are Thin-Film Panels?

While solar panels made of thin film are less expensive than polycrystalline and monocrystalline silicon panel, they're less efficient and offer a lower power capacities. Efficiency is the panel the biggest issue and is different with the type of photovoltaic thin-film panels however, it has improved with time.

As of 2015 Solar Frontier, the largest copper indium selenium (CIS) solar power provider, achieved 22.3 percent conversion efficiency. This is an increase of 0.6 percent improvement over the previous record, though the majority of thin-film solar panels range between 6% and 18 efficiency.

However, they're not available to the public, recent solar news has revealed that scientists from the Fraunhofer Institute for Solar Energy Systems have been able to attain an all-time high of 68.9 percent effectiveness of gallium arsenide (GaAs) panels when exposed to the light of laser. Below are four of the commonly used kinds of thin-film solar panels as well as their ratings for efficiency:

• Amorphous silicon (a-Si) panels: 7% efficient
• Cadmium Telluride (CdTe) panel: between 9% and 15 percent effective and the most efficient laboratory test reaching 18.3 percent
• copper indium gallium diselenide (CIGS) panels: 12% to 14% effective Tests in Germany at 23 percent.
• Organic photovoltaic (OPV) panels: 18.2% efficient

Demand Outlook

The main drivers of growth for the market include rising electric prices, less dependence on fossil and foreign oil fuels, and the option to store power and utilize it at anytime. An growth in demand is noticed in the marketplace for batteries that are flexible all over the globe.

This increase in demand is the direct result of the growing levels of technological innovation and advancements being implemented by the top companies. Additionally, the growth of Thin Film Solar Cells Market is stimulated by the growth of the electronics industry in emerging economies like India as well as Russia.

The market for solar cells made of thin film is a bit fragmented on a global basis. The market for thin solar panels is extremely competitive, as is evident by the number of local and international manufacturers. To be the best in the market, firms operating in the field are employing various organic and non-organic strategies that include mergers or acquisitions, partnerships and collaborations. The market players in small-film solar cells have been increasing their investments into R&D initiatives. They are able to improve existing product lines and develop the next generation of products through their efforts.

The market for the thin film solar cell is anticipated to increase significantly in coming years because of these factors. A new type of solar cell is referred to as a thin-film solar panel is made up from a series of thin sheets of photovoltaic materials. The solar energy produced by thin-films is called thin-film photovoltaic solar cell (TFPV). They are thinner than conventional P-N junction solar cells they are available in a range in thicknesses (a few nanometers, usually twenty times thinner than C-Si wafers).

Based on the type of solar photovoltaic material they utilize thin-film solar panels could be classified into four distinct types. These include dye-sensitized cells (DSC) as well as other photovoltaics like cadmium sulfur, the copper-indium gallium di-selenide (CIS or CIGS) and copper indium telluride (CdTe) as well as electrode material (a-Si) as well as other thin silicon. A thin-film solar panel also created by putting thin semiconductor films onto glass, plastic or metal.

In addition demand from the semiconductor, packaging and medical sectors are fueling the growth of this market. This growth is being driven by a rapid increase in the miniaturization of semiconductors, as well as the growth of nanotechnology in different areas of the field of material science. In addition, thin-film photovoltaic cell are more affordable than conventional crystalline cells that have smaller absorption rates.

Because of this, a number of environmental groups have been advocating the application of photovoltaic cells to be an energy source that is renewable in the last few years. The main obstacles to market expansion are the steep initial cost of solar energy as well as the low conversion rate. The opportunities are growing energy demand in remote locations and the increasing demand for clean and renewable energy sources.

Key Takeaway

• In terms of installation, the on-grid segment has about 69% by 2023 and expanding at a rate of 8.1 percent from 2023 until 2030.
• For the end-user the utility segment produced an average market share of 60.5% by 2023. But, the commercial segment is predicted to increase to 8.5 percent from 2023 until 2030.
• Asia-Pacific contributed 44% of revenue share by 2023. Additionally, LAMEA is anticipated to expand at a CAGR of 8.7 percent during the forecast time.

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Thin Film Solar Cell Market Dynamics

Growth Factors

Everyone from around the globe have increased their consumption of sustainable energy in recent years. This is a major reason for the growth of sales in the market for thin-film solar cells around the world. Additionally, the use by solar cells has risen worldwide due to the constant decline in the cost of solar energy. 

In turn, the opportunities for companies in the global thin film solar cell industry to earn revenue are increasing. The main focus of companies within the global thin film solar cell industry is on technology development. This aspect is driving the growth of the thin film solar cell industry globally.

Alongside this the growing urbanization of the world is driving demand for solar thin film cells. This is applicable to both emerging and established nations. In the coming years, the thin-film solar cells industry is predicted to grow at a steady CAGR. 

The rising efforts by governments to incorporate renewable energy sources into the grid drives the demand for thin-film solar cells worldwide. The market is expected to grow in the next years due to growing awareness of the need to use renewable power sources and legislative measures to cut carbon emissions.

Thin-film solar cells, which are the latest generation of solar cells, have many thin components of photovoltaic. The thin film solar cells are expected to be a major trend in the global market due to the fact that they are extremely cost-effective and use less material.

They are safe, generate less waste and are easy to build. The increase in administrative costs and market assistance initiatives have added to the need that renewable energy is an effective, complementary method to reduce carbon emissions.

Furthermore, since the demand to roof-mounted solar photovoltaic (PV) installation is growing in popularity It is anticipated that the market for solar cells with thin-film technology could offer growth opportunities. 

The market for solar cells made of thin films will also become driven by R&D to improve the durability and performance of solar cells that will open up new market opportunities. The industry is expanding as the result of factors like increased flexibility in deployment as well as a rise in worldwide energy demand, as well as technological advances in thin-film solar cells efficiency and performance.

Growth Drivers

The demand for energy around the world to boost the market for solar cells made of thin films

According to the International Energy Agency, increase in the demand for energy within Asia-Pacific can be attributed to the rapid expansion of the population and an increase in living standards in many of the developing nations including India and China and China, with consumption increasing five times over the course of the last four decades. In addition, the strong growth of the market for renewable energy due to the high level of investment and new capacity is growing the market.

The shift in preferences toward energy from renewable energy will drive market growth

The main advantages of renewable technologies is that they don't contribute to greenhouse gas emissions produced by conventional fossil fuels. Therefore, they can have a positive effect on the climate. They also offer energy that is cost-effective with a low cost for customers. Wind and solar power are the most well-known renewable energy sources, however hydropower is rapidly getting ahead. Thus, the growing demand for renewable energy sources is accelerating the growth of the market.

Opportunities

The growing awareness of the benefits of solar cells made from thin films is anticipated to bring huge growth opportunities. One of the biggest advantages of solar cells made from thin film is that they are able to be produced in much less time than the crystalline silicon cells. This makes them suitable for residential and small commercial applications. They also have a greater flexibility than crystal solar panels and can be installed easily. These cells are created using the primary photovoltaic material that is then laid on an insulating layer as well as a plastic or glass substrate. These layers can then be used to generate electricity through sensitizing the PV material to light.

Trends

Growing demand for cadmium telluride (CdTe) to create market opportunities. The most well-known type of thin-film solar cells is Cadmium Telluride (CdTe) that has over 50 % of market shares. This kind one of solar panel is most reliable and durable. They hold a lot of potential to expand in the near fu Solar cells made of thin film are an exciting technology

The thin-film solar cell is promising technology with numerous advantages. They are incredibly light and adaptable, and constructed in a variety of forms to meet the demands of various applications. They are also reasonably priced and are suitable as portable devices and are a good choice for a future power consumption.

The focus is growing on saving energy costs

They're a fantastic option to cut down on the cost of energy as well as help conserve the earth. This technology is likely to be a key component of renewable energy market and could surpass silicon-based PV panels within the next couple of years. This is especially the case in the event that more research is done towards developing newer technologies as well as increasing the efficiency of existing ones.

Restraints

Technology-related complexity and decreased efficiency of the technology to limit growth in the market

The biggest drawback with slim-film solar cells lies in their low durability. They are susceptible to breaking or failing easily, particularly when subjected to harsh weather conditions, such as rain. They are also less efficient and require greater coverage to produce similar energy as conventional solar panels. For instance, if you want to use thin-film solar panels that have an efficiency of 10% they will require 50 more space on the roof for the same power output that a standard solar panel with a an efficiency rating of 20.

The high initial cost and poor performance of solar cells made from thin films to hinder the growth of the market

The global market is predicted to face some difficulties including high initial cost and low yield of thin-film solar cells when compared to other options. However, initiatives by governments as well as the growth in the market of fresh players is anticipated to aid in the growth of this market in the next few years. The firms that are in the thin-film solar cell industry are making strategic alliances and range expansions in order to gain a advantage in the marketplace.ture and are increasing more market share every year as research progresses.

Thin Film Solar Cell Market Segment Analysis

Type Insights

The 2023 cadmium Telluride category was the most dominant in the global thin-film solar cells market and it is predicted that it will continue to expand at the fastest rate over the forecast time frame. This this is because it is not toxic and absorbs a wide spectrum and is able to function even in dim lighting however, it rapidly decreased effectiveness. Also, it is low-cost to operate and manufacturing costs.

Since cadmium can be made in the process of mining, smelting, and refining of lead copper, zinc, Cadmium-telluride (CdTe) solar cells made of thin films can be made at a low cost. Cadmium telluride is the material used in this method of photoelectric production to create photovoltaic panels at relatively low costs. This is the sole renewable power technology that requires the least amount of water to manufacture.

 

In comparison to other thin film solar cells CdTe thin-coating PV solar panels offer higher efficiency, that range from 16.7 percent. The manufacturing of CdTe PV is a major manufacturing industry within the US. In charge of the development and research is The National Renewable Energies Laboratory (NREL). In the year 2018, CdTe produced electricity at an expense that was less than or in line with conventional traditional fossil-fuel sources of power. There is room for further growth.

Technology Insights

In 2023 the market for on-grid was the dominant market in the thin-film solar cell market and it is expected that it will continue to expand at a rapid pace over the timeframe of forecast.

It is because of the growing electric distribution and transmission system, which will increase demand in the coming years due to the inclusion of renewable electricity sources to the electric grid.

Application Insights

By 2023 the utilities market led the world small-film solar cells market and it is predicted that it will continue to grow at a rapid pace throughout the forecast time. The adoption of important developments is on the rise as well as research and development costs are escalating to lower the cost of installation and maintenance that could boost the demand of consumers.

Competitive Landscape of the Thin Film Solar Cell Market

• Calyx
• Kaneka Solartech
• Bangkok Solar
• Wurth Solar
• Global Solar Energy
• Hanergy
• ENN Energy Holdings
• Topray Solar
• First Solar
• Solar Frontier
• Sharp Thin Film
• MiaSole
• NexPower
• Station

Recent Developments in Thin Film Solar Cell Market

Aug 29, 2023: Transparent thin-film solar cell developed with flexible substrate and various colours

In February 2023, IIT Madras Research Park and US-based maker First Solar have signed an agreement distinctively mainly R&D activities, comprising the localization of thin-film solar and distinctively next-generation PV technology delivery array in India.

December 9, 2022: Paper-thin solar cell can turn any surface into a power source

• Researchers develop a scalable fabrication technique to produce ultrathin, lightweight solar cells that can be seamlessly added to any surface.

For about Rs 2,100 crore in Mar 2021, Siemens, a significant player in the global market, purchased 99.22 shareholdings of C&S Electrical Ltd from the industry's founders.

To increase the effectiveness of their products, businesses in the thin-film semiconductor market, including Evolar, have incorporated digital technology into their business operations.

In March 2019, Global Solar launched the PowerFLEX+ FG-M1, a 55W thin-film PV module that is more compact, flexible, and only one meter long. The product has extensive applications in mobile units and off-grid locations, expanding the company’s product portfolio.

Thin Film Solar Cell Market Regional Insights

Asia-Pacific was the most populous region of the world with thin-film solar cells in 2023 and it is expected that the market will grow at the fastest rate. Many factors, such as industrialization, a substantial consumer base, as well as urbanization, are responsible for this. China is one of the biggest photovoltaic solar markets in the globe with around 48 percent of the world's usage of solar energy in 2018.

APAC has been responsible for a large portion of the thin-layer solar PV industry due to rapid deployment of solar photovoltaic panels for utility, commercial and residential settings. Solar Photovoltaic installations for utility-scale in China typically use thin-film technology. A draft policy was released by the Chinese National Commission for Development and Reform in 2018 which would increase the goal for the use of renewable energies by 18 percent to 35 percent in 2030.

In 2019, it's expected that 40GW of solar power capacity is connected directly to grids, and around 50% of that capacity coming from large-scale solar installations. Decentralized, smaller systems are expected to make up the remaining market part. It was announced that the Tokyo Olympic Games' organizing committee from Japan has announced that it will exclusively use sustainable power from the year 2018.

In addition, the organizers plan to purchase green power from the utility companies and set up solar panels wherever they are able to. To generate a small portion of the power needed to power 2020's 2020 Games, the board plans to build a number of solar roadways made out of polymer-crystalline silicon.

As a result, it is expected that this will boost the demand for thin-coating PV in the near future. Thin-film photovoltaic is expected to experience a substantial increase over the projected time frame due to factors like the imminent utility-scale solar projects, legislation supporting them as well as incentives.

Segments Covered in the Thin Film Solar Cell Market

Thin Film Solar Cell Market By Type

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

Thin Film Solar Cell Market By Technology

• On-grid
• Off-grid

Thin Film Solar Cell Market By Application

• Residential
• Commercial
• Utility

Thin Film Solar Cell Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the current size of thin film solar cell market?

Global Thin Film Solar Cell Market is expected to grow rapidly at a 8.1% CAGR consequently, it will grow from its existing size of from $13.6 billion in 2023 to $24.1 Billion by 2030.

Who are the prominent players operating in the thin film solar cell market?

The major players operating in the thin film solar cell market are Ascent Solar Technologies Inc., Folsom AG, First Solar, Global Solar, Inc., Hanergy mobile energy, Hankey Asia Ltd., Kaneka corporation, MiaSole Hi-Tech Corp., Mitsubishi Heavy Industries, Oxford Photovoltaics, Shunfeng International Clean Energy, SUNG, Trony Solar., Xunlight Kunshan Co. Ltd.

Which are the driving factors of the thin film solar cell market?

The increasing government efforts to integrate green sources into the grid are what is driving the market for thin film solar cells globally.

Which region will lead the global thin film solar cell market?

Asia Pacific region will lead the global thin film solar cell market during the forecast period 2023 to 2030.