Thin Film Solar Cell Market Overview:
Global Thin Film Solar Cell Market was valued at $11,421 million in 2016, which is projected to grow at a CAGR of 19.4% from 2017 to 2023, to reach $39,512 million by 2023. Thin film solar is particularly made by placing one or more layers of photovoltaic material on a surface, such as plastic, glass, or metal. The thickness of these cells varies from few nanometers to micrometers and are relatively lightweight and flexible. These cells are ideal for variety of applications, owing to their non-penetrating peel and flexibility. These are widely employed for residential, commercial, and utility purposes. Thin film solar cells are cost-effective and is an efficient way to transform sunlight into electricity. These films own the property of bandgap and requires ten times lesser quantity of material to absorb light as compared to silicon. Thin films are easier to work with and utilized low cost substrate that make them relatively cheaper as compared to silicon. Moreover, several research activities resulted into the increased efficiency of thin film solar cell, which beat multi-crystalline silicon cells.
The factors that drive the market growth are increase in awareness toward boosting green energy, rise in energy consumption globally, growth in installation flexibility, and cost & performance efficiency of thin film solar cell. However, high initial manufacturing cost and technological complexity associated with the use thin-film solar cells are expected to hamper the market growth. Furthermore, rise in environmental concerns and increase in research activities in the field of thin film solar cells are expected to provide a substantial growth opportunity in the near future.
The report emphasizes on different types of thin-film solar cells, which include cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film silicon. Based on end-user, the market is classified into residential, commercial, and utility. Based on installations, it is bifurcated into on-grid and off-grid. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In addition, it highlights various factors that impact the growth of the global market, such as key drivers, restraints, growth opportunities, and the role of different key players.
Global Thin Film Solar Cell Market Segmentation
In 2016, Europe dominates the global thin film solar cell market, in terms of both value and volume. Moreover, LAMEA is expected to witness the highest growth rate from 2017 to 2023, owing to the continual occurrence of solar radiation and high use of renewable energy due to the extensive use of hydropower. Moreover, increase in investment in wind and solar sector in Brazil is expected to boost the LAMEA thin film solar cell market growth in the near future.
Thin Film Solar Cell Market Share, By Geography, 2016 (%)
Top Investment Pocket
The copper indium gallium diselenide (CIGS) is the most lucrative in the market, followed by cadmium telluride (CdTe). CIGS solar cells have the superior performance efficiency as compared to other cells along with reduced manufacturing cost and comprises less amount of the toxic material. It is manufactured by depositing a thin layer of copper, indium, gallium, and selenide on substrate. These materials have a high absorption coefficient, which helps absorb more sunlight.
Top Investment Pocket
Europe Thin Film Solar Cell Market Size
In 2016, Europe witnessed the highest demand for thin film solar cell, owing to the government support to develop innovative business model and increase the availability of electricity demand by energy-intensive industries. Moreover, regulatory measures for the reduction of carbon emission and increase in demand for solar system installation are expected to drive the market growth in this region. Germany dominated the European thin film solar cell market in 2016, in terms of both value and volume.
Germany Thin Film Solar Cell Market Growth, 2016-2023 ($Million)
The key players profiled in the report are Oxford Photovoltaics, Hankey Asia Ltd., Global Solar, Inc., Xunlight Kunshan Co. Ltd., Kaneka Corporation, First Solar, Ascent Solar Technologies Inc., MiaSole Hi-Tech Corp., Trony Solar, and Mitsubishi Electric US, Inc.
The other major players (not profiled in report) in the market include The United Solar, Inc., Solar Frontier K.K., Solopower Systems, General Electric, Sharp Corporation, and XsunX Inc.
Key Market Benefits
- This report provides an extensive analysis of the current and emerging market trends and dynamics of the global thin film solar cell market.
- The market trend analysis for all the regions is conducted by constructing estimations for key segments from 2017 to 2023 to identify the prevailing opportunities.
- The report assists to understand the strategies adopted by the leading companies in the industry.
- This study evaluates competitive landscape of the thin film solar cell industry to understand the market scenario globally.
- Extensive analysis is conducted by key player positioning and monitoring the top competitors within the global market.
Thin Film Solar Cell Market Key Segments:
- Cadmium Telluride (CdTe)
- Copper Indium Gallium Diselenide (CIGS)
- Amorphous Thin-film Silicon
By End User
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA