Thin Film Solar Cells Market Size By Type, By Application, Regional Analysis & Global Forecast, 2024 – 2032

Thin Film Solar Cells Market Size

The global thin film solar cells market was valued at USD 2.26 billion in 2023 and is estimated to grow at a CAGR of 9.2% from 2024 to 2032. Thin film solar cells are a type of photovoltaic (PV) technology used to convert sunlight into electricity. They are characterized by their thin layers of semiconductor materials, which are deposited onto a substrate. They can be made on flexible substrates, allowing for integration into various surfaces, such as building facades, roofs, and even clothing.
 

Ongoing research and development activities to enhance the efficiency of thin film solar cells particularly in materials like CIGS and CdTe will augment the product adoption. Advancements in manufacturing techniques, such as roll-to-roll processing, are reducing the production costs and increasing scalability which will augment the industry landscape. Ongoing integration of solar technology into building materials for applications in facades, roofing, and windows will drive the business outlook.
 

Introduction of cost-effective clean energy technologies, particularly solar photovoltaic modules, are emerging as prime solutions, augmenting the product growth. Shifting focus from traditional fuels to sustainable alternatives, is set to increase the investments in solar PVs. The push for cleaner energy sources and sustainable building practices is driving interest in thin film technologies, particularly those that use less energy in manufacturing and have lower environmental impacts.
 

Thin Film Solar Cells Market Trends

The lightweight and flexible nature of thin film solar cells is leading to their adoption in portable solar applications, such as solar chargers and wearable technology. As production processes become more efficient, thin film solar cells are becoming more cost-competitive, attracting both residential and commercial users looking for affordable solar solutions. Further, growing demand for energy storage solutions along with ongoing collaborations between universities, research institutions, and private companies are driving innovation in thin film technology, improving performance and reducing costs.
 

Thin Film Solar Cells Market Analysis

Based on technology, the thin film solar cells industry is segmented into CdTe, CIGS and A-Si. Cadmium Telluride is projected to grow by more than USD 3.4 billion by 2032 owing to cost effectiveness, efficiency improvement, enhanced deployment across utility scale applications and ongoing integration with the renewable energy technologies. CdTe technology is particularly well-suited for large-scale solar farms. Many utility companies are investing in CdTe systems due to their cost advantages and efficiency, enabling them to provide competitively priced renewable energy, which will complement the business landscape. Additionally, the product adoption of CdTe solar cells is expanding in emerging markets where affordability and efficiency are critical, which will contribute to the market growth.
 

Based on application, the thin film solar cells market is segmented into BIPV, automotive, portable and others. BIPV is anticipated to grow over CAGR 8% by 2032 on account of their design flexibility, visual appeal, enhanced space efficiency and technological advancements. Advances in thin film technology, such as CIGS and CdTe, are enhancing the efficiency of BIPV systems, making them more attractive for commercial and residential applications. Furthermore, retrofitting of the existing structures with BIPV systems is becoming popular as the owners seek to improve energy efficiency and reduce operational costs, influencing the business statistics.
 

Europe Thin Film Solar Cells market is anticipated to grow over USD 1.3 billion by 2032 bolstered by supportive policies, technological advancements, and a growing focus on sustainability. Countries in Eastern Europe are beginning to adopt thin film solar cells as they develop their renewable energy markets, capitalizing on abundant solar resources. Large scale utilization across niche markets comprising portable solar chargers and small-scale solar devices, will support provide lightweight and flexible solutions. In addition, ongoing initiatives aimed at promoting recycling and sustainability are leading to innovations in thin film technology, particularly in recycling cadmium and tellurium from CdTe cells, driving the industry outlook.
 

Thin Film Solar Cells Market Share

The competitive landscape of the thin film solar cell industry is characterized by several key players, technological advancements, market dynamics, and various regional developments. Collaborations between universities, research institutions, and industry players are driving innovation in thin film solar technologies. Companies are forming joint ventures to leverage each other’s strengths, share research costs, and expand market reach. The growing demand for renewable energy will rise, the thin film solar cell market is likely to evolve, with key players adapting to meet emerging opportunities and challenges.
 

Thin Film Solar Cells Market Companies

Eminent players operating in the thin film solar Cells industry are:

• Ascent Solar Technologies
• First Solar
• Hanergy Holding Group
• Hanwha Q Cells
• JINERGY
• Kaneka corporation
• MiaSole Hi-Tech Corporation
• Nanosolar
• REC Solar Holdings
• Tongwei
• Trony Solar
• Vikram Solar
   

Thin Film Solar Cells Industry News

• In December 2022, a U.S. institution programmed a group of engineers to develop ultralight fabric solar cells that can summon energy from any surface in seconds. These solar cell fabrics are incredibly light; they are less than a single strand of hair thick and can be glued onto strong fabric that can be fitted onto any surface. Further, the technology can be integrated into pre-existing structures with little to no effort.
   
• In December 2022, First Solar signed a contract for CadTel based Series 7 thin film modules with National Grid Renewables, which will be delivered between 2026 and 2027. The amount agreed on for this transaction is 1.6 GW DC. This shows their commitment to this industry at this stage of development and as both companies are situated in the field.
   

Thin Film Solar Cells market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “(USD Million & MW)” from 2021 to 2032, for the following segments:

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Market, By Technology

• Cadmium telluride (CdTe)
• Amorphous silicon (A-Si)
• Copper indium gallium diselenide (CIGS)

Market, By Application

• BIPV
• Automotive
• Portable
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • Spain
  • France
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Taiwan