Global Thin Film Solar Panel Market Research Report: Forecast (2022-27)

Market Definition

Thin-film solar panels are used widely for generating electricity, primarily in areas where other photovoltaic cells do not suffice. These panels are made up mainly of thin films of semiconductors embedded on glass, plastic, or metal that are generally 20 times thinner than c-Si wafers, making them highly flexible, economical, & lightweight. Various studies cite that among all PV technologies, thin-film solar panels, especially perovskite solar cells, have promising potential to attain the most suitable sustainable solution in the coming years.

Market Insights

The Global Thin Film Solar Panel Market is projected to grow at a CAGR of around 17.29% during the forecast period, i.e., 2022-27. The market has witnessed significant growth over the last few years due to the prominent features of thin-film solar panels, such as less waste generation, containing no toxic components, and being affordable & easy to manufacture & install in both developed & emerging economies.

The penetration of thin-film solar panels is soaring significantly across Northern & Sub-Saharan Africa, primarily due to their cost competitiveness. They are used mainly in commercial or institutional buildings with open spaces or large rooftops. Moreover, being lightweight, their deployment is high in solar kits for camping, portable solar systems, solar panels on backpacks, & solar-integrated products like solar tents.

Furthermore, numerous renewable energy goals by various countries worldwide to address rapid climatic changes, rapid installations of thin-film solar panels across the industrial sector, and the burgeoning demand for solar energy globally are other crucial aspects expected to drive the thin-film solar panel market in the coming years. 

Covid-19 Negatively Impacted the Global Thin Film Solar Panel Market

In 2020 & early 2021, the Covid-19 pandemic massively undermined the growth of the Global Thin Film Solar Panel Market. Several projects across different regions & greenfield investments proposed by mega manufacturers were either suspended or delayed and, in many cases, canceled.

In addition, around 70% of the solar cells & modules globally are supplied by China & other neighboring countries. Hence, extremely high dependence upon these selective economies resulted in a substantial logjam in the market growth amidst the blockade in industrial activities to counter the virus spread. For instance:

• In 2019, India’s 80% demand for solar modules was fulfilled mainly by Chinese manufacturers. Around 78% of the European solar cells, modules, equipment like inverters, prefabricated structures, raw materials, etc., were sourced from China in the same year.

Eventually, thin-film solar panel projects across these geographies suffered considerable losses in 2020. However, the market registered a gradual revival in 2021. With the reduction in the severity of the Covid-19 and resumption of industrial activities, the market would register considerable growth during 2022-27.