Market Size of Thin Film Solar PV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 23.02 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thin Film Solar PV Market Analysis
The market for thin-film solar PV is expected to register a CAGR of 23.02% during the forecast period of 2020 - 2025.
- Factors, such as low PV module prices and technological advancements made to improve the efficiency of thin-film solar cells, are the major drivers of the market studied. However, as thin-film panels require a larger area than alternative types of solar PV modules, the mere size of the system negatively affects the cost-effectiveness of the thin-film PV module systems, as the panel output losses offset less installation cost due to lower efficiencies. This factor, in turn, is expected to hinder the growth of the market studied.
- Globally, the photovoltaic (PV) solar cells based on cadmium telluride (CdTe) represent the largest segment of commercial thin-film module production as it is a lower-cost alternative to conventional silicon-based technologies.
- Tariffs on Imported Solar Cells (c-Si) and Modules in the United States is expected to create an ample opportunity for thin-film manufacturers.
- Asia-Pacific dominated the market across the world with the majority of the demand coming from the countries, such as China, and Japan.
Thin Film Solar PV Industry Segmentation
The thin-film solar PV market report include:
| Type | |
| Cadmium Telluride (CdTe) | |
| Copper Indium Gallium Selenide (CIGS) | |
| Amorphous Silicon (a-Si) |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| Rest of the World |
Thin Film Solar PV Market Size Summary
The thin film solar PV market is poised for substantial growth, driven by factors such as decreasing photovoltaic module prices and advancements in technology that enhance the efficiency of thin-film solar cells. Despite the challenge posed by the larger area requirement of thin-film panels compared to alternative solar PV modules, which affects cost-effectiveness due to output losses, the market is expected to expand significantly. Cadmium telluride (CdTe) solar cells, a key segment in this market, offer a cost-effective alternative to traditional silicon-based technologies and are particularly prominent in the Asia-Pacific region, with China and Japan leading in demand. The United States also plays a significant role in CdTe PV manufacturing, supported by research and development efforts from institutions like the National Renewable Energy Laboratory.
The Asia-Pacific region dominates the thin film solar PV market, with China being a major player due to its substantial solar power demand and utility-scale projects. Japan's initiatives, such as powering the Tokyo Olympic Games with renewable energy, further bolster the market's growth. The market's expansion is supported by favorable policies and subsidies, alongside the strategic positioning of major companies like First Solar Inc., Kaneka Corporation, and Solar Frontier K.K. Despite being partially consolidated, these companies are pivotal in driving the market forward, leveraging opportunities created by tariffs on imported solar cells and modules in the United States.
Thin Film Solar PV Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Capacity, History, and Forecast in GW, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Cadmium Telluride (CdTe)
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2.1.2 Copper Indium Gallium Selenide (CIGS)
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2.1.3 Amorphous Silicon (a-Si)
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2.2 Geography
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2.2.1 North America
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2.2.2 Asia-Pacific
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2.2.3 Europe
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2.2.4 Rest of the World
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Thin Film Solar PV Market Size FAQs
What is the current Thin Film Solar PV Market size?
The Thin Film Solar PV Market is projected to register a CAGR of 23.02% during the forecast period (2024-2029)
Who are the key players in Thin Film Solar PV Market?
First Solar Inc., Kaneka Corporation, Solar Frontier K.K., NanoPV Solar Inc. and SoloPower Systems, Inc. are the major companies operating in the Thin Film Solar PV Market.
