Solar Cell Market Projection Reveals a Potential Value of USD 31.3 Billion by 2034
In the realm of renewable energy, thin film solar cells are making significant strides, capturing a substantial share of the market. The utility segment, driven primarily by utility-scale solar projects, holds a 49.2% share.
Leading the charge in the United States is First Solar, the foremost company in the manufacture of thin film solar cells, specifically specialising in cadmium telluride (CdTe) technology. CdTe holds a 45.5% share in the global thin film solar cell market, reflecting First Solar's dominance.
As technology continues to advance, thin film solar cells are expected to see greater efficiencies and broader applications, solidifying their role as a key player in achieving global sustainability goals. This promising outlook is not limited to utility-scale projects; thin film solar cells are being integrated into various surfaces, such as building facades and consumer electronics, due to their attractive properties for urban and remote settings.
Exeger Operations AB, a Swedish company, is focusing on consumer electronics integration for its Powerfoyle solar cell technology. In 2023, they announced a partnership with a major electronics manufacturer for wearable devices, indicating a promising future for thin film solar cells in consumer electronics.
The on-grid segment leads with a 76.3% share in the thin film solar cell sector. Asia-Pacific holds a 47.9% share in this market, valued at around USD 6.9 billion, with China and Japan contributing significantly to its growth. China, in particular, is at the forefront of the APAC market, driven by robust government support for solar energy.
Japan contributes to the APAC's growth through its advanced technological innovations and substantial investments in solar energy research and development. Notably, Canadian Solar is expanding its thin-film solar cell production capacity, having announced the opening of a new manufacturing facility in China for next-generation thin-film solar panels.
The Thin Film Solar Cell Market is projected to expand from USD 14.5 billion in 2024 to around USD 31.3 billion by 2034, a growth expected to occur at a CAGR of 8.0% during the forecast period (2025-2034).
ALPS Technology Inc. is another company focusing on advancing thin-film solar cell technology, particularly in flexible and lightweight solar solutions. Meanwhile, Ascent Solar Technologies is working on integrating its thin-film solar technology into aerospace and defense applications, with partnerships announced in 2023 for satellite and UAV solar solutions.
First Solar has also announced a USD 1.2 billion investment to expand its manufacturing capacity in the United States, supported by the Inflation Reduction Act (IRA), continuing its leadership in thin-film solar technology, particularly with cadmium telluride (CdTe) solar panels.
Glass-based thin film solar cells dominate with a 57.4% share in the market, offering a flexible, cost-effective, and versatile solution to the growing demand for sustainable power. As the world continues to prioritize renewable energy, thin film solar cells are poised to play a crucial role in meeting this demand.
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