Sandy, Utah, USA, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled "Global Thin Film Solar Market Size, Trends and Insights By Type (Cadmium Telluride, Amorphous Thin-film Silicon, Copper Indium Gallium Selenide, Microcrystalline Tandem Cells, Thin-film Polycrystalline Silicon, Others), By Installation (On-grid, Off-grid), By End-Use/Application (Residential, Commercial, Utility), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030" in its research database.
"According to the latest research study, the demand for global Thin Film Solar Market share & share was valued at approximately USD 12.2 Billion in 2021 and is expected to reach a value of around USD 25.7 Billion by 2030, at a compound annual growth rate (CAGR) of about 10% during the forecast period 2022 to 2030."
Thin film solar panels are the newly emerged solar PV panels created by overlapping multiple thin silicone layers. The thin-film layer thickness is barely a few nanometers which would be 20 times lighter than the c-Si wafers. The thin-film semiconductors are embedded in glass, metal, or plastic. These are highly flexible, economically feasible, and lightweight semiconductors for electricity generation. In addition, thin-film solar panels are more convenient than traditional ones as they ensure carbon footprint reduction and easy installation.
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Market Dynamics
Drivers
In the coming years, the thin film solar market is expected to grow at a large scale due to several factors like high electricity demand, increased solar PV capacity, rapid declination of solar prices, usage of renewable energy sources, and technological advancements related to thin-film solar cells. These factors drive the growth of the market. In addition, thin-film solar cells are much more efficient than conventional PV cells due to their lightweight property and easy installation process. This can be the leading factor that drives the adoption of solar-thin film technology.
(A free sample of the Thin Film Solar report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the request
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis.
- Custom Market Insights (CMI) research methodology
(Please note that the Thin Film Solar report sample has been modified to include the COVID-19 impact study before delivery.)
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Restraints
Other alternatives may have more potential due to the complicated configuration of numerous materials in solar thin-film technology, associated with the low output of some solar panels, which may hinder the market's growth. In addition, using some toxic materials, such as cadmium, may be associated with certain risks during operation, maintenance, and disposal.
Opportunities
The upcoming future is expected to witness a considerable contribution of thin-film solar technology for electricity generation due to the rise in demand for the usage of renewable sources of Energy. The thin-film solar cells are made by accumulating thin silicone layers, which are much more feasible and convenient than the conventional PV technique. In addition, the installation cost of thin-film solar is comparatively lower, which can drive market growth during the forecast period. In the upcoming years, thin-film solar panels will likely be implemented in the residential sector. Several entrepreneurs in solar thin-film tend to invest in multiple R&D projects to enhance their product portfolios.
Key questions answered in this report:
- What is the size of the Thin Film Solar market, and what is its expected growth rate?
- What primary driving factors push the Thin Film Solar market forward?
- What are the Thin Film Solar Industry's top companies?
- What are the different categories that the Thin Film Solar Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Thin Film Solar market sample report and company profiles?
Click Here to Access a Free Sample Report of the Global Thin Film Solar Market @ https://www.custommarketinsights.com/report/thin-film-solar-market/
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by Regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Challenges
Although the thin film solar market is expected to grow in the upcoming years, the high installation cost and introduction of third-generation solar panels may be challenging for market growth. Some major challenging factors include the standardization of the equipment for developing CIGR absorber films, improvisation in the processing, adjusting installation cost, and construction of thinner layers. In addition, the CdTe solar cells are efficient in working in low lights but are claimed to lose their efficiency in a short time, which is also a challenging aspect for market growth.
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Report Highlights
Based on type, the cadmium telluride segment is the leading and expected to make the most significant contribution to the thin film solar market. Cadmium telluride solar cells are the latest inventions in the solar market. They can absorb maximum light and have an efficient electricity production capacity. The other attributing factors include its intoxicated nature, lower manufacture, and maintenance cost.
Based on application, the utility segment accounted for a larger market share in 2021 and continues to expand in the forecasting period. This can be attributed to the rise in clean energy demand, leading to rapid urbanization and reducing GHG emissions. In addition, the increased demand for renewable resources for electricity has led to their growth in the utility sector.
Regional Snapshots
The Asia-Pacific dominated the market in 2021 and is predicted to be in the dominant state during the forecast period due to the high demand and the rise in public and private investments in the Asia-Pacific region, driving the market's growth. India and China are the major countries for industrial developments that drive market growth. In addition, the reduced cost per unit generation has also resulted in the penetration of solar power across residential regions.
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In 2021, China nearly dominated the regional market due to government initiatives to reduce the use of fossil fuels and carbon emissions. The Chinese government has announced that by 2030, there will be an increment in market share to increase solar power capacity. The increase in demand for solar power in the upcoming years will uplift the thin film solar market.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 12.2 Billion |
| Projected Market Size in 2030 | USD 25.7 Billion |
| CAGR Growth Rate | 10% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Prominent Players | First Solar, Solar Frontier, Sharp Thin Film, MiaSole, NexPower, Station, Calyx, Kaneka Solartech, Bangkok Solar, Wurth Solar, Global Solar Energy, Hanergy, ENN Energy Holdings, Topray Solar, and Others |
| Key Segment | By Type, Installation, End-Use/Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
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Key Players
Various companies play a significant role in developing the thin film solar market globally due to the high consumer base and demand for sustainable development. These companies focus on organic growth strategies, including product launches, approvals, patents, etc.
- First Solar
- Solar Frontier
- Sharp Thin Film
- MiaSole
- NexPower
- Station
- Calyx
- Kaneka Solartech
- Bangkok Solar
- Wurth Solar
- Global Solar Energy
- Hanergy
- ENN Energy Holdings
- Topiary Solar
Impact of covid-19 on the Solar thin-film market
The covid-19 period harmed industrial development, restricted mobility and the unavailability of manforce and raw materials, and halted the construction process. However, the pandemic significantly impacted the thin-film solar market on a global scale.
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Recent Development in Thin Film Solar Market
- In July 2018, Avancis announced to re-initiate the CGS solar thin-film construction facility to support the government initiative for the increased use of renewable resources for power generation.
Segments covered in the report
By Type
- Cadmium Telluride
- Amorphous Thin-film Silico
- Copper Indium Gallium Selenide
- Microcrystalline Tandem Cells
- Thin-film Polycrystalline Silicon
- Other
By Installation
- On-grid
- Off-grid
By End-Use/Application
- Residential
- Commercial
- Utility
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Based on Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
To know about the assumptions considered for the study, download the pdf brochure @https://www.custommarketinsights.com/report/thin-film-solar-market/
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This Thin Film Solar Market Research/Analysis Report Contains Answers to the following Questions.
- Which Manufacturing Technology is used for Thin Film Solar? What Developments Are Going on in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Thin Film Solar Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was the Global Market Status of the Thin Film Solar Market? What Was the Capacity, Production Value, Cost, and PROFIT of the Thin Film Solar Market?
- What Is the Current Market Status of the Thin Film Solar Industry? What's Market Competition in This Industry, Both Company, and Country Wise? What's Market Analysis of the Thin Film Solar Market by Considering Applications and Types?
- What Are Projections for the Global Thin Film Solar Industry Considering Capacity, Production, and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply, and Consumption? What about imports and exports?
- What Is Thin Film Solar Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact on the Thin Film Solar Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are the Market Dynamics of the Thin Film Solar Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for the Thin Film Solar Industry?
Directly Purchase a copy of the report [220+ Pages] @ https://www.custommarketinsights.com/report/thin-film-solar-market/
Reasons to Purchase Thin Film Solar Market Report
- Thin Film Solar Market Report provides qualitative and quantitative market analysis based on economic and non-economic factors segmentation.
- The Thin Film Solar Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Thin Film Solar Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the significant market players.
- The industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- The Thin Film Solar Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Click Here to Access a Free Sample Report of the Global Thin Film Solar Market @ https://www.custommarketinsights.com/report/thin-film-solar-market/
Reasons for the Research Report
- The study provides a thorough overview of the global Thin Film Solar market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Thin Film Solar market analysis.
- The competitive environment of current and potential participants in the Thin Film Solar market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the critical regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
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Who should buy this report?
- Participants and stakeholders worldwide Thin Film Solar market should find this helpful report. The research will apply to all Thin Film Solar industry market participants.
- Managers in the Thin Film Solar sector are interested in publishing up-to-date and projected data about the worldwide Thin Film Solar market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Thin Film Solar products' market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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