Thin Film Solar PV Market Size (2024 - 2029)

The thin-film solar PV market is experiencing growth driven by factors such as reduced PV module prices and technological advancements that enhance the efficiency of thin-film solar cells. Despite the challenges posed by the larger area requirements of thin-film panels, which impact cost-effectiveness due to lower efficiencies, the market is supported by the competitive pricing of cadmium telluride-based solar cells compared to traditional silicon technologies. Opportunities are emerging from tariff regulations on imported solar cells and modules in the United States, while the Asia-Pacific region, particularly China and Japan, leads in market demand.

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Market Size of Thin Film Solar PV Industry

Thin-Film Solar PV Market - Market Summary
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

Thin Film Solar PV Market Major Players

*Disclaimer: Major Players sorted in no particular order

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
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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.

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Thin Film Solar PV Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity, History, and Forecast in GW, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Cadmium Telluride (CdTe)

      2. 2.1.2 Copper Indium Gallium Selenide (CIGS)

      3. 2.1.3 Amorphous Silicon (a-Si)

    2. 2.2 Geography

      1. 2.2.1 North America

      2. 2.2.2 Asia-Pacific

      3. 2.2.3 Europe

      4. 2.2.4 Rest of the World

Thin Film Solar PV Market Size FAQs

The Thin Film Solar PV Market is projected to register a CAGR of 23.02% during the forecast period (2024-2029)

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.

Thin Film Solar PV Report Snapshots

Thin Film Solar PV Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)