April 12, 2024
Thin Film Solar Cell Market

The Rapid Rise Of Renewable Energy Generation Drives The Thin Film Solar Cell Market

Thin film solar cells are cost-effective alternatives to conventional silicon-based photovoltaic cells and are manufactured using a variety of thin film deposition technologies and materials such as cadmium telluride (CDTE), copper indium gallium diselenide (CIGS), and amorphous silicon (A-Si). These solar cells are lightweight, flexible, and can be easily integrated into buildings and consumer products. They find extensive uses in solar powered vehicles, street lamps, rooftop power generators, portable consumer electronics and more.

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 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

One of the key trends driving growth in the thin film solar cell market is the increasing demand for building-integrated photovoltaic (BIPV) applications. BIPV incorporates thin film solar cells into the exterior design of buildings such as rooftops and fa├žades. It adds an architectural appeal to buildings while doubling up as a sustainable source of energy. The use of thin film solar cells in BIPV is expected to gain significant traction as architects and construction companies recognize their aesthetic and economic benefits. The market is also witnessing growing demand for thin film solar modules from the portable electronics industry. Devices such as smartwatches, laptops, tablets and power banks are increasingly incorporating thin film photovoltaic technologies to enhance their battery life.

Porter’s Analysis

Threat of new entrants: Low- moderate as the market requires significant R&D investments and manufacturing capabilities. However, new technologies can disrupt the market.

Bargaining power of buyers: Moderate-High as buyers have sufficient supplier choices and price transparency reduces their costs.

Bargaining power of suppliers: Moderate as key raw materials include glass, TCO and metals which have many global suppliers. However, technology licensing is concentrated.

Threat of new substitutes: High as new thin film technologies or other renewable sources like perovskites can replace thin film solar cells.

Competitive rivalry: Intense as major players compete on cost reductions, efficiencies and technological innovations. Market shares fluctuate frequently.

Key Takeaways

The global Thin Film Solar Cell Market Growth is expected to witness high growth over the forecast period of 2024 to 2031. 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 2024-2031.

The Asia Pacific region currently dominates the market owing to strong presence of manufacturers and government support for renewable sources in major countries like China, India, Japan, and South Korea. Europe and North America are also significant markets driven by large solar renewable targets. Government incentives are driving adoption in these regions.

Key players operating in the thin film solar cell market are Teva Pharmaceutical Industries Ltd., AstraZeneca, PARI Medical Holding, Beximco Pharmaceuticals Ltd., and OMRON Healthcare Europe. Boehinger Ingelheim GmbH primarily competes on technological innovations to improve efficiencies. Their focus is on cadmium telluride (CdTe) and copper indium gallium selenide (CIGS) thin film technologies.

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