Global Thin Film Solar Cell Market Report and Forecast 2024-2032

Global Thin Film Solar Cell Market Outlook

The global thin film solar cell market size reached approximately USD 14.47 billion in 2023. The market is further projected to grow at a CAGR of 7.8% between 2024 and 2032, reaching a value of USD 28.40 billion by 2032.

Key Trends in the Market

A thin film solar cell is a device that is used for converting light energy into electrical energy with the help of photovoltaic effect. These cells are produced by depositing one or more layers of photovoltaic materials on top of a substrate, including glass, metal, and plastic. This device contains a conductive layer, protective sheet, and photovoltaic material.

• The rising adoption of renewable energy sources due to increased environmental concerns is a key trend supporting the thin film solar cell market growth. Thin film solar cells convert sunlight into electricity without releasing any toxic pollutants or gasses.

• Increasing utilisation by residential sector is another major trend aiding the market expansion. This rapid adoption can be attributed to the various benefits associated with the usage of thin film solar cells including increased home value and cost saving, among others.

• Continued investments towards research and development activities for optimisation of solar cell materials, surface texturing, and anti-reflective coatings in order to enhance the absorption capabilities and efficiency of thin film solar cells are offering lucrative opportunities for market growth.

Global Thin Film Solar Cell Market Analysis

On the basis of type, the market is divided into cadmium telluride, amorphous thin-film silicon, copper indium gallium selenide, microcrystalline tandem cells, and thin-film polycrystalline silicon. Based on technology, the market is bifurcated into on-grid and off-grid. On the basis of application, the market is classified into residential, commercial, and utility. Based on region, the thin film solar cell market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• SUNQ Sarl

• Ascent Solar Technologies, Inc.

• Hanergy Thin Film Power EME B.V.

• First Solar, Inc.

• Kaneka Corporation

• Trony Solar Holdings Co. Ltd.

• Mitsubishi Heavy Industries, Ltd.

• PowerFilm, Inc.

• MiaSolé Hi-Tech Corp.

• Flisom AG

• Others

Market Share by Type

Cadmium telluride is expected to account for a significant thin film solar cell market share in the coming years. This growth can be attributed to the high absorption provided by the material. Cadmium telluride has a bandgap energy that is optimal for conversion of solar energy into electrical energy with the help of a single junction. Additionally, the cost of manufacturing cadmium telluride thin film solar cells is relatively lower and require significantly less water during the manufacturing process.

Market Share by Region

The Asia Pacific is anticipated to witness significant growth over the forecast period owing to the rising deployment of thin film solar cells in residential, commercial, and utility scale applications. Thin film solar cells are used for generating electricity in places where the utilisation of photovoltaic cells will not be feasible including curved surfaces and cars, among others. Supportive government policies and provision of subsidies are also aiding the thin film solar cell market growth in the region.

Competitive Landscape

SUNQ Sarl, headquartered in Casablanca, Morocco, specialises in the production of thin film solar modules that are based on cadmium telluride technology. They also offer a wide range of DC accessories, invertors, and solar components, among others.

Ascent Solar Technologies, Inc. is known for developing thin film photovoltaic cells and modules with high flexibility and durability and low weight. The company was founded in 2005 and is headquartered in Colorado, United States.

Hanergy Thin Film Power EME B.V. is a thin film solar company that offers flexible solutions for large projects, home systems, BIPV, and agriculture, among others. The company also provides services including construction of photovoltaic power stations, among others.

Other thin film solar cell market key players include First Solar, Inc., Kaneka Corporation, Trony Solar Holdings Co. Ltd., Mitsubishi Heavy Industries, Ltd., PowerFilm, Inc., MiaSolé Hi-Tech Corp., and Flisom AG, among others.

Key Highlights of the Report