Portland, OR, May 31, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global thin film solar cell market generated $11.3 billion in 2020, and is projected to reach $25.3 billion by 2030, witnessing a CAGR of 8.4% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in electricity prices, reduced dependence on foreign oil and fossil fuels, and the storage and later usage of power drive the growth of the global thin film solar cell market. However, high upfront cost of solar energy and low energy conversion rate restrain the market to some extent. On the other hand, rise in electricity demand in remote areas and surge in clean and renewable energy sources present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of manufacturing of thin film solar cell, thereby affecting the overall growth of the global thin film solar cell market.
- Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using thin film solar cell, thereby affecting the global thin film solar cell market.
- However, the bioenergy market is expected to recover by the second quarter of 2022 as COVID-19 vaccination has started in various economies across the globe, which is expected to improve the global economy.
The report offers detailed segmentation of the global thin film solar cell market based on type, installation, end user, and region.
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Based on installation, the on-grid segment held the highest market share in 2020, holding around three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 8.5% from 2021 to 2030.
Based on end user, the utility segment held the largest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. However, the commercial segment is projected to register the highest CAGR of 8.6% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. Moreover, LAMEA is projected to manifest the fastest CAGR of 8.7% during the forecast period.
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Leading players of the global thin film solar cell market analyzed in the research include Ascent Solar Technologies, Filsom AG, First Solar, Hanergy mobile energy, Kaneka corporation, Miasole, Mitsubishi Heavy Industries, Shunfeng International Clean Energy, SUNQ, and Trony Solar.
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