Thin Film Solar Cell Market Analysis

Component (Cadmium Telluride (CdTe), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide)

Cadmium telluride segment in the thin film solar cell market is anticipated to exhibit over 9.5% CAGR till 2036. The segment growth is augmented by their ability of high absorption rate as compared to other attributes. Moreover, convenient cadmium-telluride (CdTe) solar cells are easy to make because cadmium can be produced as a byproduct of lead, zinc, and copper mining, smelting, and refining processes.

This photoelectric method enables the production of photovoltaic panels at a relatively low price by using cadmium telluride. This is the only renewable energy source that uses the least amount of water in its production. According to a report by the National Renewable Energy Laboratory (NREL) in 2023, First Solar, an American company, has advanced from producing 25 MWp annually in 2005 to a goal of producing 21 GWp annually by 2024.

Connectivity (Ongrid, Offgrid)

The on-grid segment in the thin film solar cell market is expected to be the fastest-growing segment with a share of 71.2% attributed to the continuous and quickest rate of development owing to the expanding transmission system and electrical distribution. They are a great choice for consumers on a budget who want to use renewable energy as they are significantly affordable.

Furthermore, the off-grid segment is projected to have a significant share during the forecast period. Propelled by its popularity among people who want to use solar energy instead of relying on the power companies. Additionally, when not in use, they can be easily tucked away and folded as they are flexible and lightweight.

Application (Utility, Residential, Commercial)

The utility segment in the thin film solar cell market is slated to be the largest growing segment with a notable size of USD 1.8 billion in 2023. This tremendous gain is credited to the consumers' preference for using fewer fossil fuels. The European Commission 2024 claims that because solar energy can power and heat homes and businesses, it has the potential to integrate into the mainstream energy system. The plan includes adding more than 320 GW of solar photovoltaic capacity by 2025 and nearly 600 GW by 2030.

Moreover, builders and architects search for more visually appealing designs along with renewable energy solutions in their buildings. A report by the National Institutes of Health projected that approximately 2% of the global electricity demand can be covered using PV that exceeds 400 GW. This fuels the rooftop solar PV  demand during the forecasted period.

Our in-depth analysis of the thin film solar cell market includes the following segments: