Thin-Film Solar Cell Market Size, Share and Trend Analysis Report : Global Opportunity Analysis and Industry Forecast 2021-2030
According to a new report published by Allied Market Research, the 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 2021 to 2030.
Thin-Film Solar Cells: A Flexible Approach to Solar Energy
Thin-film solar cells are a type of photovoltaic technology that converts sunlight into electricity using a thin layer of semiconductor materials. They offer unique advantages over traditional crystalline silicon solar cells, making them suitable for various applications.
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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.
The key players operating and profiled in the global thin-film solar cell industry 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.
The thin-film solar cell market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as rise in demand for rooftop solar among residential & commercial application is the important factor of pushing the thin-film solar cells market growth.
The factors that drive the market growth are increase in awareness toward green energy, rise in energy consumption across the globe, growth in installation flexibility, and cost & performance efficiency of thin-film solar cell.
Rise in environmental concerns and increase in research activities in the field of thin-film solar cells provide a substantial growth opportunity to market.
Rise in product modernization and technological advancement is anticipated to create new opportunities for thin-film solar cell market in the coming years.
High initial manufacturing cost and technological complexity associated with the use of thin-film solar cells hamper the market growth.
Thin-films are easier to work with and utilize low cost substrate that make them relatively cheaper compared to silicon. Moreover, several research activities resulted into the increased efficiency of thin-film solar cell, which beat multi-crystalline silicon cells.
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. Cadmium telluride segment holds the largest thin-film solar cell market share in 2020.
According to installation, it is divided into on-grid and off-grid. The on-grid segment accounted for the largest market share in 2020.
As per the end user, it is classified into residential, commercial, and utility. The utility segment accounted for the largest market share in 2020.
- Building-Integrated Photovoltaics (BIPV): Used in windows, roofs, and facades to generate energy while maintaining aesthetic appeal.
- Portable Devices: Ideal for charging small electronics, such as phones and laptops, due to their lightweight nature.
- Large-Scale Solar Farms: Increasingly deployed in utility-scale solar installations where space is not a constraint.
A thin-film solar cell is a second-generation solar cell that is made by depositing one or more thin layers, or thin-film (TF) of photovoltaic material on a substrate, such as glass, plastic, or metal.
Thin-film solar cells are commercially used in several technologies, including cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film silicon (a-Si, TF-Si).
Advantages
- Versatility: Can be integrated into various surfaces, such as building materials, vehicles, and portable electronics.
- Cost-Effective: Generally lower production costs due to reduced material requirements and simpler manufacturing processes.
- Aesthetic Appeal: Can be produced in different colors and shapes, making them suitable for architectural applications.
Thin-film solar cells are cost-effective and is an efficient way to transform sunlight into electricity. These films own the property of bandgap and requires 10 times lesser quantity of material to absorb light as compared to silicon.
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COVID-19 Impact on the 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.
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 the thin-film solar cell market.
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.
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.
Future Trends
- Technological Advancements: Ongoing research aims to improve the efficiency and lifespan of thin-film solar cells, making them more competitive.
- Sustainability Focus: Development of eco-friendly materials and recycling methods for thin-film technologies.
- Hybrid Systems: Combining thin-film cells with other technologies, such as traditional silicon cells, to optimize performance and efficiency.
Conclusion
Thin-film solar cells represent an innovative and flexible approach to harnessing solar energy. With their unique advantages and potential for integration into various applications, they play an essential role in the growing renewable energy landscape. As technology advances and efficiency improves, thin-film solar cells are likely to become an increasingly important component of sustainable energy solutions.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
