Thin film solar cells, also known as thin film photovoltaics, are photovoltaic cells made by depositing one or more thin layers, or thin film (TF) of photovoltaic material onto a substrate, such as glass, plastic or metal. Thin-film solar cells are cheaper to make than conventional silicon wafers and are used to power small personal electronic devices like calculators. They are also used in large-scale installations that supply electricity to the grid.

The global 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 Dynamics:

Rising demand for renewable energy sources along with government initiatives and policies supporting the growth of renewable energy is expected to drive the global thin film solar cell market growth over the forecast period. According to BP, renewable power accounted for almost 30% of net new capacity increase in global electricity generation in 2021. Around 280GW of renewable power generation was added which represents the second highest annual increase on record. Moreover, growing environmental concerns over climate change and depleting fossil fuel resources is also propelling the market growth of thin film solar cells. However, high manufacturing cost of thin film solar cells compared to conventional silicon-based photovoltaic technology may hamper the market growth.

SWOT Analysis:

• Strength: Thin film solar cells are lighter and more flexible compared to traditional silicon based photovoltaics. They can be easily integrated into buildings and consumer products. The manufacturing cost of thin film solar cells is lower than wafer based silicon cells due to less usage of raw materials.
• Weakness: Thin film solar cells have a lower efficiency level of energy conversion compared to crystalline silicon solar cells. The efficiency of thin film solar cells degrades faster over time in comparison. Adverse weather conditions like extreme heat and humidity also impact the performance of thin film solar modules.
• Opportunity: The rapid decline in the prices of solar panels has increased the adoption of solar energy worldwide. The increasing focus on renewable energy due to climate change concerns provides growth opportunities for thin film solar cell manufacturers. The scope of integrating thin film solar technology into various consumer products will help expand the market.
• Threats: Fluctuations in the prices of raw materials required for manufacturing thin film solar cells is a major challenge. Established players in the silicon based photovoltaics market are major competitors. Government regulations and policies supporting renewable energy also impact the development of the thin film solar cell industry.

Key Takeaways:

The Global Thin Film Solar Cell Market Demand is expected to witness high growth. The market size is projected to grow from US$ 39.41 Bn in 2023 to US$ 81.48 Bn by 2030, registering a CAGR of 19% during the forecast period. Regional analysis related content comprises North America region is expected to dominate the thin film solar cell market during the forecast period. It held more than 30% of the global market share in 2023. The high adoption of renewable energy in countries like the US, Canada drives demand in the region. Key factors like strong government support through incentives and declining prices of thin film modules will accelerate the growth further.

The Asia Pacific region is projected to be the fastest growing thin film solar cell market during the forecast period. China is expected to be the major contributor to regional market growth. Rising investments, expansion of production facilities to cater to the domestic and foreign demand makes China an attractive market for thin film solar cell manufacturers. Countries like India and Japan are also providing significant growth opportunities.

Key players operating in the Thin Film Solar Cell market are Ascent Solar Technologies, Inc., FIRST SOLAR, Kaneka Corporation, MiaSolé Hi-Tech Corp., and Oxford Photovoltaics. Key players are focussing on expanding production capacities through heavy investments. They are also investing in R&D to continuously improve efficiency levels and lowering manufacturing costs. Partnerships with module manufacturers and project developers are helping key players consolidate their market presence.

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