Thin Film Solar Cell Market Size

Thin Film Solar Cell Market size was over USD 13.2 billion in 2023 and is poised to exceed USD 37.7 billion by the end of 2036, witnessing over 9.1% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of thin film solar cell is assessed at USD 14.3 billion.

The global thin film solar cell market has entered a new phase with its large-scale residential and industrial applications. In an emissions-constrained energy economy, energy-efficient, environmentally friendly, and high-volume solar cell or photovoltaic (PV) manufacturing plays a central role. This emerging sustainability and affordability paradigm is anticipated to open up new market opportunities for solar deployment. Furthermore, the inherent advantages and the continuous innovations in Copper indium gallium selenide (CIGS) thin film PV are positioned to replace traditional silicon solar cells over the next few years. A 2023 report by the Center for Climate and Energy Solutions estimated that renewables held about 29% of global energy generation in 2020 and will increase manifold during the forecast period.

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of the thin film solar cell market was over USD 13.2 billion.

The market size of the thin film solar cell market is projected to cross USD 37.7 billion by the end of 2036 expanding at a CAGR of 9.1% during the forecast period i.e., between 2024â€“2036

The major players in the market are Hanwha Qcells GmbH, Alps Technology Inc., GreenBrilliance Renewable Energy LLP, Hevel Energy Group, Indosolar Limited, Sharp Corporation, Suniva Inc., Tata Power Solar Systems Ltd., Panasonic Corporation, and others.

In terms of components, the military segment is anticipated to garner the largest market share of 34.1% by 2036 and display lucrative growth opportunities during 2024â€“2036.

The market in the Asia Pacific is projected to hold the largest market share of 45.9% by the end of 2036 and provide more business opportunities in the future.

Thin Film Solar Cell Market Size