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 solar photovoltaic made by depositing one or more thin layers, or thin film (thickness in micrometers or nanometers) of photovoltaic material on a substrate, such as glass, plastic or metal. The material deposited includes amorphous silicon (a-Si), cadmium telluride (CdTe) and copper indium gallium selenide (CIGS). Thin film solar cells are advantage as they can be easily manufactured and are less expensive than traditional silicon-based solar panels. Given their flexible nature, thin film solar cells are increasingly used in building-integrated photovoltaics and transportation.
Market key trends: –
Increasing electricity demand from developing economies is driving the thin film solar cell market. Rapid industrialization and growth in population has increased the electricity requirement in developing nations such as India and China. However, high installation cost of traditional silicon based solar panels is limiting the development of large grid-connected solar power projects in these nations. Comparatively, thin film solar technology offers a less expensive alternative. Furthermore, technological advancement is improving the efficiency and stability of thin film solar cells. Recently developed kesterite and perovskite thin film solar cells exhibit high power conversion efficiency, which is attracting investors in the market.
Porter’s Analysis: –
- Threat of new entrants: – Low capital requirement lowers the entry barriers, however established players have advantages of economies of scale and brand loyalty.
- Bargaining power of buyers: – Buyers have high bargaining power due to availability of substitute renewable energy sources. They can negotiate on price and demand value-added services.
- Bargaining power of suppliers: – Suppliers of raw materials like tellurium and cadmium have moderate bargaining power due to availability of substitute materials.
- Threat of new substitutes: – Emerging technologies in renewable energy like perovskite solar cells pose threat of substitution.
- Competitive rivalry: – Intense competition exists among global players to gain market share through strategic innovations and partnerships.
SWOT Analysis: –
- Strengths: – Thin film solar cells are lightweight, flexible and can be easily integrated into building structures. They have high conversion efficiency.
- Weaknesses: – Initial production costs are high. Efficiency is still lower than crystalline silicon solar panels. Film durability needs improvement.
- Opportunities: – Growing demand for renewable energy sources from residential, commercial and utility sectors. Supportive government policies and investments in solar energy worldwide.
- Threats: – Trade restrictions and tariffs impact supply chain. Climate change affecting solar radiation intensity in some regions.
Key Takeaways: –
The Global Thin Film Solar Cell Market Demand is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing demand for renewable energy solutions. Asia Pacific dominates the global market with largest share of over 35% in 2023, led by China and India.
Regional analysis: – North America and Europe also hold significant shares and are expected to grow at faster rates during the forecast period. This is attributed to government incentives and investments in solar rooftop projects across U.S., Germany, UK and France.
Key players related content: – Key players operating in the thin film solar cell market are Ascent Solar Technologies, Inc., FIRST SOLAR, Kaneka Corporation, and Oxford Photovoltaics. FIRST SOLAR is the market leader with around 20% share while Kaneka Corporation and Ascent Solar Technologies focus on niche flexible 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
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