Thin-Film Solar Panel Market: Current Analysis and Forecast (2022-2030)

The thin-film solar panel is witnessing soaring demand in the last few years. It is mainly due to the need to produce solar energy cost-efficient and competitive with other energy sources.

Thin-film solar panels are thin layers of photovoltaic (PV) materials that convert sunlight into electricity. These layers are usually only a few micrometers thick. They can be applied to various substrates, such as glass, plastic, or metal, making them ideal for limited-space applications.

Factors such as favorable policies to adopt renewable energy as a primary fuel along with continuous research & development to cut costs soon are set to positively cater to the thin-film photovoltaic market growth. Different governments are raising measures to curb national GHG emissions and deploying low-carbon technologies, accelerating the thin-film solar panel market size.

Based on the Type, the market is segmented into amorphous, cadmium telluride (CdTe), and cooper Gallium Indium Diselenide (CIGS). The cadmium telluride (CdTe) segment is expected to witness significant growth during the forecast period. Cadmium telluride (CdTe) panels are the most popular type of thin-film technology used in installations today. These panels are made up of several thin layers: one main renewable energy-producing layer made from the compound cadmium telluride, and surrounding layers for electricity conduction and collection. One of the most well-known manufacturers of CdTe panels is First Solar, an American company headquartered in Tempe, Arizona.

Based on the application, the market is bifurcated into residential and commercial. The residential segment caters to a significant share of the thin-film solar panel market. As thin-solar panels require large space for their installation on rooftops and generate inexpensive solar electricity that withstands variable loads like rough wind conditions. Increasing integration of smart and energy-efficient buildings along with rising awareness in residential consumers to suffice additional energy demand is anticipated to further propel the industry size.

For a better understanding of the market adoption of thin-film solar panels the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), Rest of World. Asia Pacific acquired a dominant share in the thin-films solar panel market. It is mainly due to the continuous evolution of regulatory policies, primarily in India & China, which are mobilizing foreign investments in both countries. Additionally, the declining costs of generation per unit of solar power have also boosted the penetration of solar power across many residential areas in the region. Further, the government implementing schemes, programs, and incentives for installing solar panels is also accelerating the demand for the thin-film solar panel market. For instance: In 2023, the South Korean government allocated ($185.5 million) for its rebate scheme for rooftop PV systems and another small renewable energy system. Furthermore, the large number of solar panel manufacturers in the Asia-Pacific region is accelerating the market size of the thin-film solar panel market...

Some of the major players operating in the market include: First Solar Inc, Kaneka Corporation, Solar Frontier K.K., NanoPV Solar Inc., SoloPower Systems, Inc., ENF Solar, Flisom, Met-Solar, Enecom Power, and Antec Solar.