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Growth of Thin Film Solar Cell Market

Thin Film Solar Cell Market

The global Thin Film Solar Cell Market is estimated to be valued at US$ 39.41 Bn or Mn 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 thin layers of photovoltaic material deposited or grown onto a substrate such as glass, plastic or metal. They are more efficient than traditional silicon-based solar panels and are lightweight and flexible. Their advantages include low material usage, simple manufacturing process and flexibility in design.

Market key trends: -

One of the key trends in the thin film solar cell market is the development of Cadmium Telluride (CdTe) thin film technology. CdTe thin film solar modules offer higher conversion efficiencies compared to other thin film technologies such as Amorphous Silicon and CIGS. Research is ongoing to further enhance the efficiencies of CdTe thin film solar panels. For example, in 2019, researchers at the University of Toledo developed a quantum dot technique to boost the efficiency of CdTe thin film solar cells from current levels of around 22% to over 30%.

SWOT Analysis: -

  • Strength: - Thin film solar cells offer various advantages over traditional silicon-based photovoltaics such as lower manufacturing cost, flexibility and lightweight nature.
  • Weakness: - The initial investment cost of setting up a thin film solar plant is high. Also, the efficiency of thin film solar cells is generally lower than polycrystalline silicon solar modules.
  • Opportunity: - Increasing government support through subsidies and initiatives towards promoting renewable energy adoption provides big opportunities for thin film solar cell manufacturers.
  • Threats: - Availability of cheaper alternatives such as conventional fossil fuels and hybrid energy sources can hamper the growth of thin film solar cell market. Trade barriers and import tariffs also pose threats.

Key Takeaways: -

The Global Thin Film Solar Cell Market Growth is expected to witness high, exhibiting 19% CAGR over the forecast period of 2023 to 2030, due to increasing government focus on renewable energy sources and carbon emission reduction targets.

Regional analysis: - North America dominated the thin film solar cell market in 2023 and is expected to continue leading over the forecast period. Asia Pacific region is anticipated to showcase highest growth fueled by rapid industrialization and surging investments in solar energy in major economies like India and China.

Key players operating in the thin film solar cell market include Ascent Solar Technologies, Inc., FIRST SOLAR, Kaneka Corporation, MiaSolé Hi-Tech Corp., and Oxford Photovoltaics. Companies are focusing on expanding their production capacities as well as developing innovative technologies to strengthen market presence. For instance, in 2025, First Solar invested $270 million to triple its nameplate thin film solar panel manufacturing capacity at its new facility in Ohio.

 

Read More - https://www.insightprobing.com/thin-film-solar-cell-market-forecasts-and-outlook-analysis/

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