Energy

Thin Film Photovoltaic Market Size- Revenue, Share, Growth by 2030

The popularity of renewable energy sources is at an all-time high. All sources of renewable energy, such as water, wind, and heat, among others, are gaining traction in the global society as the cost of conventional energy sources has spiked considerably. The understanding of the negative impact of the current energy generation methods on the environment has become more apparent, leading to the investment in the development of energy resources that are symbiotic with the environment and not antagonistic. The positive consumer sentiment is expected to remain as the key factor that will drive the adoption of renewable energy on a broader scale in the coming years.

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Solar energy is one of the leading renewable sources that can be harnessed by individuals of public utility bodies alike. The scalability of the tools used to harness solar energy, such as solar panels, has added to their demand. The second-generation solar cells are made by putting one or more thin film (TF) of material that is photovoltaic on a substrates like plastic, glass, or metal. The use of thin-film solar cells has seen incorporation in several technologies such as that of copper indium gallium diselenide, cadmium telluride, and amorphous thin-film silicon to name a few.

The development of solar panels since its inception has been bolstered by innovation in solar technology that is going up on a regular basis. Among the several pioneering efforts seen in the panel manufacturing space, the thin-film photovoltaic solar panels are getting the most attention. With a thin design and semi-conductor built into their cells, the most light PV cell are thin-film solar cells that can maintain strong stability.

However, research activities are still being carried out with the intention to achieve a higher level of efficiency. Recently, a group of scientists from imec, Hasselt University in Belgium, VITO, EnergyVille, and international partners within the PERCISTAND consortium have achieved an energy efficiency of about 25% with a thin-film solar cell. This progress demonstrates that thin-film solar can produce as much energy as a conventional silicon solar cell. Imec's R&D on thin-film photovoltaic solar energy (TFPV) is a component of Solliance, a joint venture of R&D organizations from Belgium, Netherlands, and Germany. Though the demand for solar energy has risen steadily around the globe, the market players are focusing on refining their product offering in terms of efficiency and output so that the decision between renewable and conventional energy sources stands on the same level one day.

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The development of the thin-film photovoltaic market has been steady with improvements in Thin-film technology, leading them to be priced more economically. The price factor has always played a crucial role in the development of any market, and it's true in this case too. Most of the thin-film photovoltaic solar panels are made with Cadmium Telluride (CdTe), which is the most commonly used thin-film technology. Roughly about half of the thin-film solar panels are made through the CdTe process. The application of these panels in utility-scale and commercial installations like solar panel farms are the main drivers of the market currently, with market players strategizing to tap into mainstream demand in the coming years.