Thin Film Solar PV Market Inclinations and Development Status Highlighted During Forecast Period 2022-2031
The market for thin-film solar PV is expected to register a CAGR of 23.02% during the forecast period
– Factors, such as low PV module prices and technological advancements made to improve the efficiency of thin-film solar cells, are the major drivers of the market studied. However, as thin-film panels require a larger area than alternative types of solar PV modules, the mere size of the system negatively affects the cost-effectiveness of the thin-film PV module systems, as the panel output losses offset less installation cost due to lower efficiencies. This factor, in turn, is expected to hinder the growth of the market studied.
– Globally, the photovoltaic (PV) solar cells based on cadmium telluride (CdTe) represent the largest segment of commercial thin-film module production as it is a lower-cost alternative to conventional silicon-based technologies.
– Tariffs on Imported Solar Cells (c-Si) and Modules in the United States is expected to create an ample opportunity for thin-film manufacturers.
– Asia-Pacific dominated the market across the world with the majority of the demand coming from the countries, such as China, and Japan.
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Key Market Trends
Cadmium-Telluride (CdTe) Thin Film Solar Cells to Dominate the Market
– Cadmium-Telluride (CdTe) thin film solar cells can be manufactured at low costs, as cadmium can be generated as a byproduct of mining, smelting, and refining of zinc, lead, and copper.
– This photovoltaic technology uses cadmium telluride, which enables the production of solar cells at a relatively low cost. Of all solar energy technologies, this is the only one that requires the least amount of water for production.
– CdTe thin film PV solar cells have higher cell efficiencies up to 16.7% than other thin film technologies.
– The United States is a global leader in CdTe PV manufacturing. National Renewable Energy Laboratory (NREL) has been at the forefront of research and development (R&D) in this area.
– In 2018, CdTe generated electricity at considerable cost that is less than or equal to traditional fossil-fuel energy sources. It has a scope for further improvement.
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