Thin Film Solar Cells Market Size Worth $29.01 Billion By 2032 | CAGR: 8.30%

The global thin film solar cells market size is expected to reach USD 29.01 billion by 2032, according to a new study by Polaris Market Research. The report “Thin Film Solar Cells Market Share, Size, Trends, Industry Analysis Report, By Substrate (Plastic, Metal, and Glass); By Type; By End-User; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Easy integration of the product into several types of building materials, such as roofing or siding, makes it an ideal option for building-integrated photovoltaic systems along with the capabilities to produce the product on a variety of substrates like plastic broadens its range of applications where size and weight are critical factors, are driving the market growth significantly. The ongoing R&D in thin film solar cell technologies and rising investments to advance the product, leading to improved efficiencies and lower costs, further create lucrative growth opportunities for the market. For instance, in August 2022, the US Department of Energy announced their new Cadmium Telluride Accelerator Consortium, which is a USD 20 million initiative specially designed to make cadmium telluride solar cells more efficient and less expensive while developing new markets for solar cell products.

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In recent years, there has been a surging demand for renewable energy driven by growing concerns about climate change and the need to reduce greenhouse gas emissions, as these cells provide an efficient and cost-effective way to generate clean energy. Thus, adopting these cells is also gaining traction and popularity with the drastically increased need and demand for clean energy. Furthermore, energy storage systems are also becoming increasingly important for renewable energy, as they can help to overcome the intermittent nature of solar energy. Thin film solar cells can be used in conjunction with energy storage systems to provide a reliable and more enhanced and developed source of clean energy, pushing the market growth forward over the coming years.

Thin Film Solar Cells Market Report Highlights

• Plastic segment is expected to grow at a highest CAGR during the projected period, on account of its numerous benefits including lightweight, durability, flexibility, and cost-effectiveness
• Cadmium telluride segment accounted for largest market share in 2022, which is mainly driven by its growing adoption to reduce the carbon footprint with better product efficiency
• Utility segment held the maximum market revenue share in 2022, mainly due to high technological advancements and introduction to various favorable government programs like subsidies
• Asia Pacific region dominated the market with majority share in 2022, owing to exponential growth in the number of utility projects and rising R&D investments across emerging economies
• The global key market players include Solaronix SA, Sharp Corporation, First Solar, SunPower Corporation, Tata Power Solar Systems, and Kaneka Corporation

Polaris Market Research has segmented the thin film solar cells market report based on substrate, type, end-user, and region:

Thin Film Solar Cells, Substrate Outlook (Revenue - USD Billion, 2019 - 2032)

• Plastic
• Metal
• Glass

Thin Film Solar Cells, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Amorphous Silicon
• Cadmium Telluride
• Gallium Arsenide
• Others

Thin Film Solar Cells, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

• Residential
• Industrial/Commercial
• Utility

Thin Film Solar Cells, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Thin Film Solar Cells Market Report Scope