The Thin Film Solar Cell Market is estimated to be valued at US$ 39.41 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: - Thin film solar cells are photovoltaic cells that utilize thin layers of photovoltaic material to transform sunlight into electricity. They are thinner and more flexible than traditional silicon-based solar panels. The commonly used materials for thin film solar cells include cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film silicon (a-Si). They find applications in buildings, automobiles, spacecraft, portable devices and military applications due to their flexibility and lightweight properties. Market Dynamics: - Thin film solar cells market is primarily driven by growing adoption of renewable energy sources. According to International Energy Agency (IEA), renewable energy capacity worldwide accounted for over 32% of global power generation capacity in 2021 and its share is estimated to rise further due to supportive government policies and climate change initiatives. Moreover, thin film solar cells offer benefits such as less usage of raw materials during manufacturing, reduced carbon footprint and low manufacturing costs as compared to silicon wafers. This is helping thin film solar cells gain traction among commercial and residential customers. However, higher upfront installation costs as compared to traditional silicon panels could hinder market growth during the forecast period. Segment Analysis: - The global thin film solar cell market is dominated by cadmium telluride (CdTe) solar cell segment, which held more than 60% share of the overall market in 2022. CdTe solar cells have relatively high conversion efficiencies compared to other thin film technologies like amorphous silicon and copper indium gallium selenide. CdTe solar modules are less brittle and more tolerant to partial shading as compared to crystalline silicon panels. PEST Analysis: - · Political: - Growing support from governments worldwide in the form of subsidies and tax benefits is boosting the demand for thin film solar cells. The Inflation Reduction Act, 2022 passed in the US provides incentives for renewable energy generation and installation. · Economic: - Cheaper manufacturing costs and competitive pricing compared to crystalline silicon modules is driving the adoption of thin film solar technology. Further, declining production costs are making thin film solar more economical. · Social: - Increasing public awareness about climate change and carbon footprint reduction is propelling the growth of renewable energy sources like thin film solar. · Technological: - Continuous R&D is improving the conversion efficiencies and stability of thin film materials like CdTe and CIGS. Improved manufacturing processes are resulting in larger area modules. Key Takeaways: - The Global Thin Film Solar Cell Market Demand is expected to reach US$ 139.32 Bn by 2030, expanding at a CAGR of 19% during the forecast period. Rapid urbanization and industrialization are driving the demand for energy globally. Thin film solar cells, with their advantages of lightweight construction and flexibility, can be easily integrated into buildings. Regional analysis: - Asia Pacific dominated the global market in 2022 and is expected to maintain its lead through 2030. China, India, and Japan are major markets, attributable to huge investments in solar energy generation. Supportive government policies and declining production costs are boosting the deployment of thin film solar in the region. Key players: - Key players operating in the thin film solar cell market are Ascent Solar Technologies, Inc., FIRST SOLAR, Kaneka Corporation, MiaSolé Hi-Tech Corp., and Oxford Photovoltaics. Leading players are focusing on new product launches, capacity expansions, and acquisitions to enhance their market presence. Read More - https://www.newsstatix.com/thin-film-solar-cell-market-size-and-trends-analysis/
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