Thin Film Solar Cell Market size was valued at US$ 33.01 Bn in 2022 and is projected to reach US$ 136.35 Bn by 2030, recording a CAGR of 19.40% during the forecast period.
Thin Film Material Market is poised to grow at a CAGR of 4% by 2027. Major factor driving the growth of the market is its wide applications in solar photovoltaic cells for solar power generation.
Thin film solar panels have an average cost of between $0.50 and $1 a watt for the materials. Installation has additional costs of between $0.50 and $1.20 a watt. Most panels have between 250 and 400 watts each, with most homes requiring between 3,000 kW and 5,000 kW to meet their needs.
The most common type of thin-film solar cell is cadmium telluride (CdTe), which holds over 50 percent of the market share today. This type of solar cell is the most efficient and durable. They have a lot of potential to grow in the future, and they are gaining more market share each year as research continues.
The Asia-Pacific region accounts for the largest market share in the thin film material market globally and is also forecasted to be the fastest-growing region over the forecast period. India and China own most of the largest solar photovoltaic power plants in terms of capacity across the globe.
Europe is another important market for thin-film solar cells as it has been adopting clean & renewable solar energy as a primary fuel for power generation, which is driving the growth of this segment.