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Visiongain Publishes Thin Film Solar Cells Market Report 2023-2033

26 May 2023

Visiongain has published a new report entitled Thin Film Solar Cells Market Report 2023-2033: Forecasts by Connection Type (On-Grid, Off-Grid), by Distribution Channel (Third-party Distributors, Direct Sales, Online Sales), by (Installation Type, Ground-mounted, Rooftop, Building Integrated Photovoltaic (BIPV), Other), by End-user (Residential, Commercial, Utility, Industrial, Other), by Type (Cadmium Telluride (CdTe), Amorphous Silicon (a-Si), Copper Indium Diselenide (CIS), Organic Photovoltaic (OPV), Dye-Sensitised Solar Cells (DSSCs), Gallium Arsenide (GaAs)) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global thin film solar cells market was valued at US$5.44 billion in 2022 and is projected to grow at a CAGR of 10.6% during the forecast period 2023-2033.

Increasing Demand for Renewable Energy Sources, Government Initiatives to Promote Solar Energy Are Driving the Market Growth
Thin film solar cells utilize thin layers of semiconductor material to convert sunlight into electricity. The global market for this technology is influenced by various factors, including the growing demand for renewable energy sources, government initiatives supporting solar energy, and the decreasing costs of solar cells. However, the market faces challenges such as competition from other renewable energy options and the comparatively lower efficiency of thin film solar cells when compared to traditional silicon-based solar cells. The thin film solar cells market is highly competitive, with notable players like First Solar Inc., Solar Frontier K.K., and Hanergy Holding Group Ltd. focusing on research and development efforts to enhance efficiency and decrease costs. These companies are also employing strategies like partnerships, collaborations, mergers, and acquisitions to expand their product portfolios and global reach. Additionally, some organizations are investing in exploring new applications for thin film solar cells, particularly in industries like automotive and consumer electronics.

How has COVID-19 had a significant negative impact on the Thin Film Solar Cells Market?
The pandemic has underscored the significance of energy resilience and self-sufficiency, prompting numerous businesses and households to adopt solar energy systems as a means to decrease dependence on the power grid and ensure a reliable electricity source. This inclination is projected to persist even after the pandemic, presenting opportunities for manufacturers of thin film solar cells.

However, the thin film solar cells market has encountered challenges due to the pandemic. Disruptions in global supply chains have caused shortages of crucial components and delays in the delivery of solar energy systems. As a result, some manufacturers of thin film solar cells have experienced increased costs and reduced profitability.

Moreover, the pandemic has caused a decline in demand for solar energy systems in certain markets, particularly in countries heavily affected by the economic consequences of the pandemic. For instance, the Indian solar market has suffered setbacks due to the pandemic, including project execution delays and reduced demand for solar energy systems.

How will this Report Benefit you?
Visiongain’s 383-page report provides 156 tables and 220 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global thin film solar cells market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for thin film solar cells. Get financial analysis of the overall market and different segments including connection type, distribution channel, installation type, and end-user, capture higher market share. We believe that there are strong opportunities in this fast-growing thin film solar cells market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

The Global Push to Transition Away from Fossil Fuels and Towards Cleaner Energy Sources Is a Major Driver for the Thin Film Solar Cells Market
The global thin film solar cells market is primarily propelled by the rising demand for renewable energy sources. With the world facing the imminent challenges of climate change and environmental issues, there is an increasing urgency to shift away from fossil fuels and embrace cleaner energy alternatives. Thin film solar cells provide a sustainable and renewable solution that can effectively reduce carbon emissions and mitigate the adverse effects of climate change.

A prominent example of the growing demand for renewable energy sources can be observed in the United States. In recent years, numerous cities and states within the country have set ambitious targets to transition towards 100% clean energy, incorporating solar energy into their plans. California, for instance, has established a goal to generate 100% of its electricity from carbon-free sources by the year 2045. In support of this objective, the state has implemented various policies and incentives to encourage the adoption of solar energy, including the utilization of thin film solar cells.

Growing Awareness of Environmental Issues
The thin film solar cells market is being driven by the growing recognition of environmental concerns. As individuals and organizations become increasingly aware of the implications of climate change and the environmental consequences of relying on fossil fuels, there is a heightened interest in renewable energy sources, such as solar power. This increased awareness is playing a significant role in driving the demand for thin film solar cells within the market.

Furthermore, the rising awareness of environmental issues has led to a surge in the demand for green energy solutions like solar power. This, in turn, has contributed to an increased need for thin film solar cells, which are an essential component of solar energy systems.

Moreover, many companies have begun recognizing the importance of minimizing their environmental footprint and are actively committing to utilizing renewable energy sources. Prominent companies like Apple and Google, for instance, have made public commitments to power their operations entirely with renewable energy, leading to a substantial rise in the demand for thin film solar cells.

Where are the Market Opportunities?

Increasing Demand for Green Buildings
The thin film solar cells market is presented with a significant opportunity due to the escalating demand for green buildings. The global construction industry is transitioning towards sustainable practices, and there is a rapid growth in the desire for green buildings. Green buildings are specifically designed to minimize energy consumption and carbon emissions, and thin film solar cells offer a valuable solution for generating renewable electricity within building design.

Integrating thin film solar cells into building design can be accomplished through various approaches. One example is incorporating them into the facade of a building, where they replace conventional cladding materials with solar panels. This method has been successfully employed in several renowned buildings worldwide, such as the Cochin International Airport in India, which boasts a terminal building covered with solar panels.

Significant Potential for the Thin Film Solar Cells Market in Emerging Markets
The thin film solar cells market has a significant opportunity in the form of emerging markets, particularly in developing countries. With the increasing demand for clean energy solutions, many countries are turning to solar power as a viable solution for their energy requirements. This scenario presents a promising opportunity for manufacturers of thin film solar cells to enter these emerging markets and establish a strong presence in the industry.

One noteworthy example is India, which is experiencing rapid growth in its solar market. The Indian government has set an ambitious target of achieving 110 GW of solar capacity by 2023. The country already hosts some of the largest solar projects globally, and the government is actively providing incentives and subsidies to promote solar power adoption. Thin film solar cells manufacturers can capitalize on the surging demand for solar power in India, particularly in segments like rooftop installations and off-grid systems.

Competitive Landscape
The major players operating in the thin film solar cells market are ABB Ltd., Canadian Solar Inc., Eaton Corporation plc, Emmvee Photovoltaic Power Private Limited, First Solar, Inc., Hanwha Q CELLS, JA Solar Holdings Co., Ltd, JinkoSolar Holding Co., Ltd., LG Electronics Inc., LONGi Green Energy Technology, Mitsubishi Electric Corporation, Sharp Corporation, Suntech Power Holdings Co., Ltd., Trina Solar Co., Ltd., Waaree Energies Limited. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments
• 10 Jan 2023, JinkoSolar Holding Co., Ltd. unveiled its Second-Generation Tiger Neo panel family, one of the most efficient and powerful solar panels on the market.
• 04 Jan 2023, Canadian Solar Inc,CSI Energy Storage, a majority-owned subsidiary of the Company, has been selected to provide up to 550 MWh of SolBank energy storage products to Pulse Clean Energy ("Pulse") for use in various UK-based projects.
• 26 Oct 2022, First Solar, Inc. signed an agreement to supply Swift Current Energy with 2 gigatonnes (GW)DC of high-performance, responsibly produced thin film solar modules in 2025 and 2026.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to contactus@visiongain.com or call +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest-growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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