PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092209
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092209
The global Silicon Thin-Film Solar Cell market is estimated to be worth $11,407.2 million in 2021. Silicon Thin-Film Solar Cell market is expected to expand at an 9.1% CAGR during the forecast period.
Thin-film solar cells are a new generation of photovoltaic cells that have numerous thin-film layers of photovoltaic materials. Thin-film solar cells (TFSC) or thin-film photovoltaic cells (TFPC) are other names for thin-film solar cells (TFPV). When compared to standard P-N junction solar cells, thin-film layers are much thinner (a few nanometers, often 20 times thinner than c-Si wafers). Thin-film solar panels are also formed of semiconductor thin films placed on glass, plastic, or metal. Thin-film solar panels are therefore flexible and light. Furthermore, thin-film cells are always enclosed in plastic so that the result may be flexible enough to mold to the shape of a roof, and thin-film panels are more rigid and heavier when glass is employed.
The Silicon Thin-Film Solar Cell market is expected to increase at an exponential rate during the forecast period. Growing concern about fossil fuel depletion, falling solar part prices in conjunction with rising demand for sustainable energy, and increased awareness of the benefits of clean energy techniques are some of the major divers for the Silicon thin-film solar cell market, while high manufacturing costs and technological complications are a few of the market's restraining factors. Growing research into renewable energy resources, on the other hand, will open up new potential for the silicon thin-film solar cell market. During the forecast period, the global silicon thin-film solar cells market is expected to witness high growth mainly owing to their low manufacturing costs and their wide availability in different sizes and shapes. Other drivers are the widespread accessibility of amorphous silicon and its non-toxic nature. The high demand for environment-friendly photovoltaic technologies that do not employ heavy metals like cadmium or lead will further provide growth prospects for the global Silicon Thin-film Solar Cells Market.
Silicon Thin-Film Solar Cell Market is segmented By type, installation, application, and geography. Based on type, Amorphous Silicon dominates the global market with a 48% market share. Thin-Film Silicon Amorphous-Silicon (a-Si) technology is used to make solar cells. Amorphous silicon thin film is the most well-developed solar cell manufacturing technique that is utilized in a variety of applications, including pocket calculators, solar wristwatches, electronic calculator powering, and automotive accessories.
Amorphous silicon is a primary input that only requires about 1% of silicon to make crystalline silicon-based solar cells. They can be deposited on a variety of substrates at temperatures lower than 300°C, making them excellent for roll-to-roll manufacturing procedures. Thin-film layers improve efficiency in low-light circumstances while also making it lighter, more flexible, and easier to handle, all of which are projected to open up new commercial prospects in the coming years.
The global Silicon Thin-Film Solar Cell market is fairly competitive, with a presence of a large number of international and national players. Some of the major players in the market are First Solar, Ascent Solar, Technologies Inc., and PowerFilm Solar Inc. Industry players are relying on product approvals, product launches, mergers, and acquisitions to gain a significant share of the global Silicon Thin-Film Solar Cell market. For instance, in November 2020, Magnora ASA acquired a 28.4% interest in Evolar. In 2021, Evolar entered into a joint development project with an Indian silicon solar module manufacturer. This partnership aims to develop highly efficient silicon tandem solar modules for the South Asian market.
The scope of this report covers the market by its major segments, which include as follows: