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Global Thin Film Solar Cell Market Size, Share, Forecast: By Type: Cadmium Telluride, Amorphous Thin-Film Silicon, Copper Indium Gallium Selenide, Microcrystalline Tandem Cells, Thin-Film Polycrystalline Silicon; By Technology: On-Grid, Off-Grid; By Application: Residential, Commercial, Utility; Regional Analysis; Competitive Landscape; 2024-2032
Global Thin Film Solar Cell Market Outlook
The global thin film solar cell market size reached approximately USD 14.47 billion in 2023. The market is further projected to grow at a CAGR of 7.8% between 2024 and 2032, reaching a value of USD 28.40 billion by 2032.
Key Trends in the Market
A thin film solar cell is a device that is used for converting light energy into electrical energy with the help of photovoltaic effect. These cells are produced by depositing one or more layers of photovoltaic materials on top of a substrate, including glass, metal, and plastic. This device contains a conductive layer, protective sheet, and photovoltaic material.
- The rising adoption of renewable energy sources due to increased environmental concerns is a key trend supporting the thin film solar cell market growth. Thin film solar cells convert sunlight into electricity without releasing any toxic pollutants or gasses.
- Increasing utilisation by residential sector is another major trend aiding the market expansion. This rapid adoption can be attributed to the various benefits associated with the usage of thin film solar cells including increased home value and cost saving, among others.
- Continued investments towards research and development activities for optimisation of solar cell materials, surface texturing, and anti-reflective coatings in order to enhance the absorption capabilities and efficiency of thin film solar cells are offering lucrative opportunities for market growth.
Global Thin Film Solar Cell Market Analysis
On the basis of type, the market is divided into cadmium telluride, amorphous thin-film silicon, copper indium gallium selenide, microcrystalline tandem cells, and thin-film polycrystalline silicon. Based on technology, the market is bifurcated into on-grid and off-grid. On the basis of application, the market is classified into residential, commercial, and utility. Based on region, the thin film solar cell market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- SUNQ Sarl
- Ascent Solar Technologies, Inc.
- Hanergy Thin Film Power EME B.V.
- First Solar, Inc.
- Kaneka Corporation
- Trony Solar Holdings Co. Ltd.
- Mitsubishi Heavy Industries, Ltd.
- PowerFilm, Inc.
- MiaSolé Hi-Tech Corp.
- Flisom AG
- Others
Market Share by Type
Cadmium telluride is expected to account for a significant thin film solar cell market share in the coming years. This growth can be attributed to the high absorption provided by the material. Cadmium telluride has a bandgap energy that is optimal for conversion of solar energy into electrical energy with the help of a single junction. Additionally, the cost of manufacturing cadmium telluride thin film solar cells is relatively lower and require significantly less water during the manufacturing process.
Market Share by Region
The Asia Pacific is anticipated to witness significant growth over the forecast period owing to the rising deployment of thin film solar cells in residential, commercial, and utility scale applications. Thin film solar cells are used for generating electricity in places where the utilisation of photovoltaic cells will not be feasible including curved surfaces and cars, among others. Supportive government policies and provision of subsidies are also aiding the thin film solar cell market growth in the region.
Competitive Landscape
SUNQ Sarl, headquartered in Casablanca, Morocco, specialises in the production of thin film solar modules that are based on cadmium telluride technology. They also offer a wide range of DC accessories, invertors, and solar components, among others.
Ascent Solar Technologies, Inc. is known for developing thin film photovoltaic cells and modules with high flexibility and durability and low weight. The company was founded in 2005 and is headquartered in Colorado, United States.
Hanergy Thin Film Power EME B.V. is a thin film solar company that offers flexible solutions for large projects, home systems, BIPV, and agriculture, among others. The company also provides services including construction of photovoltaic power stations, among others.
Other thin film solar cell market key players include First Solar, Inc., Kaneka Corporation, Trony Solar Holdings Co. Ltd., Mitsubishi Heavy Industries, Ltd., PowerFilm, Inc., MiaSolé Hi-Tech Corp., and Flisom AG, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Technology |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Thin Film Solar Cell Market Analysis
8.1 Key Industry Highlights
8.2 Global Thin Film Solar Cell Historical Market (2018-2023)
8.3 Global Thin Film Solar Cell Market Forecast (2024-2032)
8.4 Global Thin Film Solar Cell Market by Type
8.4.1 Cadmium Telluride
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Amorphous Thin-Film Silicon
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Copper Indium Gallium Selenide
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Microcrystalline Tandem Cells
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Thin-Film Polycrystalline Silicon
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.5 Global Thin Film Solar Cell Market by Technology
8.5.1 On-Grid
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Off-Grid
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Thin Film Solar Cell Market by Application
8.6.1 Residential
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Utility
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Thin Film Solar Cell Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Thin Film Solar Cell Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Thin Film Solar Cell Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Thin Film Solar Cell Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Thin Film Solar Cell Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Thin Film Solar Cell Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 SUNQ Sarl
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Ascent Solar Technologies, Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Hanergy Thin Film Power EME B.V.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 First Solar, Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Kaneka Corporation
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Trony Solar Holdings Co. Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Mitsubishi Heavy Industries, Ltd.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 PowerFilm, Inc.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 MiaSolé Hi-Tech Corp.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Flisom AG
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Thin Film Solar Cell Market: Key Industry Highlights, 2018 and 2032
2. Global Thin Film Solar Cell Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Thin Film Solar Cell Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Thin Film Solar Cell Historical Market: Breakup by Technology (USD Billion), 2018-2023
5. Global Thin Film Solar Cell Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6. Global Thin Film Solar Cell Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Thin Film Solar Cell Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Thin Film Solar Cell Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Thin Film Solar Cell Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Thin Film Solar Cell Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Thin Film Solar Cell Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Thin Film Solar Cell Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Thin Film Solar Cell Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Thin Film Solar Cell Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Thin Film Solar Cell Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Thin Film Solar Cell Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Thin Film Solar Cell Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Thin Film Solar Cell Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Thin Film Solar Cell Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Thin Film Solar Cell Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 14.47 billion in 2023.
The market is projected to grow at a CAGR of 7.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 28.40 billion by 2032.
The major market drivers include cost efficiency, introduction of supportive government policies and initiatives, and rising environmental concerns.
The key trends fuelling the growth of the market include increasing research and development activities and rising adoption by the residential sector.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The applications of thin film solar cells include residential, commercial, and utility.
The key players in the market are SUNQ Sarl, Ascent Solar Technologies, Inc., Hanergy Thin Film Power EME B.V., First Solar, Inc., Kaneka Corporation, Trony Solar Holdings Co. Ltd., Mitsubishi Heavy Industries, Ltd., PowerFilm, Inc., MiaSolé Hi-Tech Corp., and Flisom AG, among others.
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