The Business Research Company’s report on the Thin Film Solar Cell Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the thin film solar cell market?
The rise in electricity demand in remote areas is expected to propel the growth of the thin film solar cell market. Electricity demand is the measurement rate at which a home or business consumes electricity over a given time period. The rise in electricity demand is being aided by thin-film solar panels, which convert solar energy to electrical energy using the photovoltaic effect and can be used to power pumps, traffic lights, and street lights, among other things. For instance, in February 2022, according to a research report by the Energy for Sustainable Development, an India-based journal for decision-makers, there is a 38% annual increase in Nepal’s rural electrified zones, while in 2030, electricity demand in the West African region is estimated to be 5 times more. Therefore, the rise in electricity demand in remote areas is driving the growth of the thin film solar cell market.
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How has the thin film solar cell market size evolved, and what are the latest forecasts for its expansion?
The thin film solar cell market size has grown strongly in recent years. It will grow from $14.44 billion in 2024 to $15.73 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%. 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 $22.28 billion in 2029 at a compound annual growth rate (CAGR) of 9.1%. 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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Which major companies dominate the thin film solar cell market?
Major companies operating in the thin film solar cell market are 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, Solar Frontier K.K., NanoPV Solar Inc., Oxford Photovoltaics Ltd., Global Solar Inc., Solara GmbH, Toledo Solar Inc., Flisom Ltd., ENN Energy Holdings Ltd., Sharp Corp., Kaneka Corp., NexPower Technology Corp., 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.
What trends will shape the future of the thermal systems 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 April 2024, Zentrum für Sonnenenergie- und Wasserstoff-Forschung Baden-Württemberg (ZSW), a German-based research institute specializing in renewable energy and hydrogen technologies, and First Solar, Inc. announced a strategic research collaboration to advance thin-film photovoltaic (PV) technology. The partnership aims to enhance performance while exploring opportunities to develop and optimize all-thin-film tandem technologies at a gigawatt scale. First Solar, Inc., a US-based solar technology company, is a global leader in the production of eco-friendly and sustainably manufactured solar modules.
Which region dominates the thin film solar cell market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the thin film solar cell market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the thin film solar cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the thin film solar cell market segmented, and which segment holds the largest share?
The thin film solar cell market covered in this report is segmented –
1) By Type: Cadmium Telluride, Amorphous Thin-Film Silicon, Copper Indium Gallium Selenide, Microcrystalline Tandem Cells, Thin-film Polycrystalline Silicon, Other Types
2) By Technology: On-Grid, Off-Grid
3) By Application: Residential, Commercial, Utility
Subsegments:
1) By Cadmium Telluride (CdTe): CdTe Thin Film Modules, CdTe Bifacial Modules
2)By Amorphous Thin-film Silicon (a-Si): Single Junction a-Si, Tandem a-Si
3)By Copper Indium Gallium Selenide (CIGS): CIGS Thin Film Modules, Bifacial CIGS Modules
4)By Microcrystalline Tandem Cells: Tandem Cells With Microcrystalline Layers, Tandem Structures With Silicon And CIGS
5)By Thin-Film Polycrystalline Silicon: Polycrystalline Thin Film Modules, Bifacial Polycrystalline Modules
6) By Other Types: Organic Photovoltaics (OPV), Perovskite Solar Cells, Flexible Thin Film Technologies
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How is the thin film solar cell market defined, and what are its core characteristics?
A thin film solar cell refers to a device that converts light energy into electrical energy and is made up of micron-thick photon-absorbing material layers placed over a flexible substrate. The thin film solar cell is appropriate for use in solar farms and is used to power traffic and street lights.
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