June 20, 2024
Thin Film Solar Cell Market

Thin Film Solar Cell Market is Estimated to Witness High Growth Owing to Increased Efficiency of Thin Film Technologies

The thin film solar cell market has grown significantly in recent years owing to high demand for low-cost solar energy solutions. Thin film solar cells make use of thinly deposited photovoltaic materials, like cadmium telluride and copper indium gallium selenide, to convert sunlight into electricity. These cells are less expensive to produce compared to conventional silicon-based cells and are lightweight and flexible. Their ability to be applied to various surfaces has opened up new applications in building-integrated photovoltaics and portable power devices.

The global thin film solar cell market is estimated to be valued at US$ 45.41 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the thin film solar cell market are Teva Pharmaceutical Industries Ltd., AstraZeneca, PARI Medical Holding, Beximco Pharmaceuticals Ltd., OMRON Healthcare Europe, and Boehringer Ingelheim GmbH.

The market offers various growth opportunities such as increasing adoption of BIPV (Building Integrated Photovoltaics) solutions in construction, rising investments by governments worldwide in solar energy projects, and developing applications of portable thin film solar chargers.

Technological advancements including higher throughput manufacturing techniques, improvements in material efficiency, and flexible cell designs are expected to reduce costs and drive the Thin Film Solar Cell Market Size over the forecast period.

Market drivers

One of the key drivers for the thin film solar cell market is their higher efficiency compared to mono-crystalline and polycrystalline silicon cells. The efficiency of thin film technologies like Cadmium Telluride cells has improved significantly over the last decade. Another major factor fueling market growth is the declining price of solar energy. Thin film cells enable low-cost solar power generation, which is making solar more competitive against traditional fossil fuel-based electricity. Increased investments by leading countries in renewable energy capacity expansion is also propelling the demand for thin film solar cells.

Current Challenges in Thin Film Solar Cell Market

Thin film solar cell technology is still at a nascent stage and has significant challenges to overcome before reaching grid parity with conventional silicon-based solar panels. The key challenges include high manufacturing costs, low conversion efficiencies, stability issues and technological bottlenecks. As thin film uses less material as compared to crystalline silicon, bringing down costs is critical for gaining mass adoption. However, scaling up production is not easy and requires significant investment in R&D and infrastructure development. The efficiencies of thin film panels also need to improve further to achieve parity with crystalline silicon cells. Issues related to degradation of performance over time also pose reliability challenges. Continuous technological breakthroughs are required to overcome these barriers and help thin film solar cells emerge as a mainstream renewable energy solution.

SWOT Analysis

Strength: Higher absorption coefficient allows the usage of very thin active layers, reducing material needs.

Weakness: Lower efficiencies and conversion rates compared to conventional crystalline silicon solar cells.

Opportunity: Potential for significant cost reduction through economies of scale and improved manufacturing techniques. Thinness enables novel applications.

Threats: Competition from rapidly advancing other thin film technologies and third generation solar cells with even better efficiencies. Reliability and degradation issues also pose threats.

Geographical Regions

In terms of value, Asia Pacific currently dominates the thin film solar cell market owing to high solar installations and presence of leading manufacturers in countries like China, India and Japan. Government support through policies and subsidies has also propelled growth. Europe is another major region driven by renewables targets and initiatives for setting up large scale projects utilizing thin film technology.

The fastest growing regional market is expected to be North America led by the US. Increased public and private investments to expand domestic renewable capacity along with focus on self-reliance for energy requirements will drive regional demand. Strategic initiatives to reduce dependence on imports by developing domestic solar manufacturing capabilities present new opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it