Thin-Film Solar Panel Market: Current Analysis and Forecast (2022-2030)
Emphasis on Type (Amorphous, Cadmium Telluride (CdTe), Copper Gallium Indium Diselenide (CIGS)); Application (Residential, Commercial); and Region/Country
The Thin-Film Solar Panel Market was valued at USD 2500 million in 2021 & is expected to grow at a CAGR of 9.8% from 2022-2030. Owing to need to produce solar energy cost-efficient and competitive with other energy sources. Moreover, 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.
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.
Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, the cadmium telluride (CdTe) segment held a dominating share of the market in 2022”
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.
“Amongst application, the residential segment held the majority share of the market in 2022”
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.
“Asia Pacific Caters Considerable Share in the Thin-film solar panel Market in 2022”
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.
.Thin-film solar panel Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Thin-film solar panel market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Thin-film solar panel Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Thin-film solar panel market were the three major steps undertaken to create and analyze the adoption of Thin-film solar panel in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global thin-film solar panel market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Thin-film solar panel market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Thin-film solar panel market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the thin-film solar panel market. Further, we conducted factor analysis using dependent and independent variables such as the type and application of the thin-film solar panel market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Thin-film solar panel market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global thin-film solar panel market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Thin-film solar panel market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global thin-film solar panel market in terms of product offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global thin-film solar panel market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type and application in the global thin-film solar panel market.
The Main Objective of the Global Thin-Film Solar Panel Market Study
The current & future market trends of the global Thin-film solar panel market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Thin-film solar panel market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the type and application.
- Define and analysis of the regulatory framework for the thin-film solar panel
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Thin-film solar panel market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Thin-film solar panel market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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February 11, 2025
