The global 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 2020 to 2030. Thin-film solar cell is the new generation solar cell that contains multiple thin-film layers of photo voltaic materials.
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Thin-film solar cells (TFSC) are also known as thin-film photo voltaic cell (TFPV). The thicknesses of thin-film layers are very less (few nano meters often 20 times thinner than c-Si wafers) compared to traditional P-N junction solar cells. According to the type of photo voltaic material used, the thin-film solar cells are classified into four types, which include amorphous silicon (a-Si) & other thin-film silicon (TF-Si), cadmium telluride (CdTe), copper indium gallium deselenide (CIS or CIGS), and dye-sensitized solar cell (DSC) & other organic solar cells. In addition, the thin-film solar panel is made of thin-films of semiconductors deposited on glass, plastic, or metal. This makes thin-film solar panels flexible and lightweight. In addition, the thin-film cells are always encased in plastic, so that the product could be flexible enough to mold to a roof’s shape and when glass is used, thin-film panels are more rigid & heavier.
Urbanization led to increase in demand for solar panel, which, in turn, increases the demand for thin-film solar cell, driving the market. In addition, surge in demand for solar lights on road divider and streets create ample opportunities for the thin-film solar cell market.
The thin-film solar cell market is segmented on the basis of type, installation, end-user, and region. 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. On the basis of installation, it is divided into on-grid and off-grid. According to end-user, it is classified into residential, commercial, and utility. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global thin-film solar cell industry analysis covers in-depth information about the major industry participants. The key players operating and profiled in the 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.
Global Thin-film Solar Cell Market, By Type
Depending on type, the cadmium telluride segment 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 its nontoxic nature and absorbs a wide range of the light spectrum and performs well in low light but loses efficiency quickly. In addition, it has low manufacturing and maintenance cost.
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Global Thin-film Solar Cell Market, By Installation
According to installation, the on-grid segment 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 growing electricity transmission and distribution network pertaining to integration of electricity produced by renewable sources to the grid will propel the demand during forecast period.
Global Thin-film Solar Cell Market, By Region
Region wise, 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.
Key Stakeholder Benefits:
- Comprehensive Market Analysis: This report offers an in-depth examination of global thin-film solar cell market trends, providing stakeholders with a thorough understanding of current conditions and future forecasts.
- Insightful Market Insights: Discover key market drivers, opportunities, and challenges, and gain valuable insights into their potential impacts during the forecast period.
- Strategic Guidance: Utilize Porter's Five Forces analysis to assess the market's competitive landscape, buyer-supplier dynamics, and strategic planning opportunities.
- Holistic Market Projections: Access a comprehensive forecast of the global thin-film solar cell market that covers both growth-driving factors and potential limitations.
- Market Dynamics and Trends: Explore qualitative data in this report to stay updated on market dynamics, emerging trends, and noteworthy developments.
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The Impact of COVID-19 on the Global Market:
The Impact of COVID-19 on the Global Market: During the height of the COVID-19 pandemic, the production of thin-film solar cells came to a halt, leading to a significant downturn in their sales. This decline in sales was closely tied to the demand for solar panels, which saw a sharp decrease as solar projects faced disruptions due to pandemic-related lockdowns.
COVID-19's widespread impact reverberated across industries, causing disruptions in various industrial operations and supply chains. Many companies suspended their operations due to reduced workforces. Consequently, the global thin-film solar cell market experienced a gradual decline in activity due to the pandemic's influence.
The pandemic also had a substantial impact on import and export activities, affecting industries that rely on thin-film solar cells and, consequently, the global thin-film solar cell market itself.
According to the United Nations Industrial Development Organization (UNIDO), a significant percentage of the workforce across various industries, including chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, and other third-party vendors, migrated to their hometowns during the lockdown period due to income uncertainties and loss of livelihood. This labor shortage is expected to directly impede production and manufacturing activities, leading to reduced demand for raw materials used in thin-film solar cells and contributing to a slowdown in market growth during the forecast period.
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