Thin film solar cells find wide application in various end-use industries due to their advantages such as light-weight, flexibility, durability, and easy installation on varied surfaces. They are highly efficient in converting visible light into electricity and offer cost-effective alternative to traditional silicon-based solar panels.
The global Thin Film Solar Cell Market is estimated to be valued at US$ 45.41 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Government initiatives towards renewable energy transition:
One of the major trends driving the growth of the thin film solar cell market includes supportive initiatives and policies by governments across the globe to accelerate transition towards renewable sources of energy. Nations have introduced attractive incentive schemes andtargets to expand solar installations. Subsidies andtax benefits offered on thin film technologies are encouraging more adoption. Focus on achieving set renewable energy generation targets within deadline is estimated to boost demand for thin film photovoltaic panels during the forecast period.
Segment Analysis
Thin Film Solar Cell market is segmented based on technology into cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and amorphous thin-film silicon. Among these, the cadmium telluride (CdTe) segment currently dominates the market and accounts for over 50% of the market share. This is because CdTe-based thin film solar cells have high absorption coefficients and can absorb most of the sunlight in thin layers of around 100 micrometers. This makes CdTe solar cells lightweight and efficient to produce compared to crystalline silicon solar cells.
Key Takeaways
The global Thin Film Solar Cell Market Growth is expected to witness high growth during the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 45.41 Mn and is projected to grow at a CAGR of 4.8% during the forecast period.
North America currently dominates the thin film solar cell market and accounted for over 30% revenue share in 2024. This is attributed to the major presence of thin film solar cell manufacturers and supportive government policies for adoption of renewable energy in the region. Asia Pacific is projected to witness the fastest growth during the forecast period with a CAGR of around 6%. This growth can be attributed to the rising installations of thin film solar power projects in emerging economies like India and China.
Key players operating in the Thin Film Solar Cell market are Teva Pharmaceutical Industries Ltd., AstraZeneca, PARI Medical Holding, Beximco Pharmaceuticals Ltd., OMRON Healthcare Europe, and Boehringer Ingelheim GmbH. Teva Pharmaceutical Industries Ltd. and AstraZeneca are currently dominating the market due to their strong product portfolios and global sales network.
For more insights, read- https://www.newsstatix.com/film-solar-cell-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
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