Global Thin Film Solar Panel Market Research Report: Forecast (2022-27)
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.
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.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy and Others|
|Asia-Pacific: China, India, Japan, South Korea, Australia and Others|
|South America: Brazil, Others|
|Middle East & Africa: GCC, Others|
|Key Companies Profiled||Toledo Solar, Sun Q, Flisom, Enecom power, Solbian, Solara, Antec Solar, Sun works, TS Solar GmbH, Tesla, Others|
|Unit Denominations||USD Million/Billion|
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:
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.
Based on the Type:
Of all types, thin films made using Cadmium Telluride (CdTe) captured the majority share in the Global Thin Film Solar Panel Market in 2021, and the same trend is likely to be followed over the forecast years. It attributes principally to its increasing use for solar energy generation due to its lower costs & higher light absorption capacity than other materials.
The introduction of various programs to increase CdTe solar production, coupled with the surging number of market players in thin-film CdTe solar module manufacturing, would further boost the market during 2022-27. Moreover, governments worldwide are also focusing on increasing the penetration of CdTe since it is considered extremely good at capturing sunlight & converting it to energy. For instance:
Based on End Users:
Thin-film solar panels are deployed mainly in commercial applications & electric vehicle charging stations and are better suited to commercial & utility applications, where there's more room for large-scale installations. As a result, they are not commonly used across the residential sector since it requires big sites for the same purpose. However, many companies have started manufacturing CdTe thin-film solar panels to expand their portfolio across residential markets, which shall boost the production & deployment of thin-film solar panels across the residential sector during the forecast period. For instance:
Geographically, the Global Thin Film Solar Panel Market expands across:
Of all regions, Asia-Pacific dominated the Thin Film Solar Panel Market in 2021. The colossal public & private investments in Asia-Pacific are expected to tripe the regional solar capacity by 2029, from the 2021 level. The continuous evolution of regulatory policies, primarily in India & China, is mobilizing foreign investments in both countries. Additionally, the declining costs of generation per unit solar power have also boosted the penetration of solar power across many residential areas in the region.
In 2021, China completely dominated the regional market owing to the considerable government focus on reducing the reliance upon fossil fuels to minimize carbon emission levels. In December 2021, the Chinese government announced to increase the share of renewable sources (both wind & solar) of energy to 25% by 2030, where solar power is likely to play a prominent role. The country is targeting to increase its solar capacity to 650 GW by 2030. Hence, these developments are projected to spur the demand for thin-film solar panels and fuel the overall regional market growth in the coming years.
On the other hand, North America is also emerging as a hotspot for the thin-film solar panel market. The increasing adoptions & installations of solar panels for electricity generation across North America owing to alarming environmental concerns & rapid shift toward renewable energy generation has boosted the regional market. Thin-film solar panels are a cost-effective & efficient way to transform sunlight into electricity. Hence, many favorable government policies for green energy adoption and burgeoning investments in deploying solar energy technologies across North America have positively impacted the regional market growth. For instance:
Across the region, the significant market growth in the US owes to rapid smart infrastructural developments, surging electricity demand, and soaring investments in developing solar plants within the country. Moreover, advancements in solar technologies, adoption of solar power in the agriculture sector, and mounting demand for electricity supply are other prominent aspects projected to boost the market for thin-film solar panels in the country over the forecast years. For instance:
Key Driver: Rising Awareness about Sustainable Energy Generation Practices
Over the past few years, several countries worldwide have been facing significant challenges like greater dependence on handful economies for their energy requirements, continuously rising geopolitical conflicts, etc., which has negatively impacted the prices of energy products.
Hence, all progressive economies have been working toward reducing their energy dependence on both fossil fuels & other economies to fulfill their energy requirements. Due to this, solar energy has emerged as a robust alternative. The governments across different countries are collaborating on several fronts in solar energy, such as International Solar Alliance, Paris Climate Change, etc., to boost the penetration of solar power in the overall energy mix.
Several countries have defined their respective carbon emission goals to achieve by 2030, in which solar energy is expected to play an anchor role. Therefore, the investments in solar farms, including the floating ones, are likely to surge significantly during the forecast period, which, in turn, would boost the demand for thin-film solar panels.
Recent Developments by Leading Companies
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics:
Frequently Asked Questions
A. The Global Thin Film Solar Panel Market is projected to grow at a CAGR of around 17.29% during 2022-27.
A. Cadmium Telluride (CdTe) would emerge as an area of remunerative opportunities for the leading players in the Global Thin Film Solar Panel Market during 2022-27.
A. The proactive government initiatives for boosting the penetration of solar power in their energy mix across Asia-Pacific, Europe & North America would drive immense growth opportunities for the Global Thin Film Solar Panel Market during 2022-27.
A. Since most production units of solar equipment & materials are based mainly in China & other Asian countries, the slowdown in the production activities negatively impacted the Global Thin Film Solar Panel Market. However, with the marginalization of the Covid-19 impact, the market would continue the usual uptrend in the coming years.