Thin-film solar cell market is expected to reach $25.3

Portland, OR, May 31, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the thin film solar cell market generated $11.3 billion in 2020 and is expected to reach $25.3 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030. The report provides a detailed analysis of the changing dynamics of the market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.

Rising electricity prices, reduced reliance on foreign oil and fossil fuels, and storage and further utilization of energy are driving the growth of the global solar cell market thin layers. However, the high initial cost of solar energy and the low energy conversion rate restrict the market to some extent. On the other hand, the increasing demand for electricity in remote areas and the rise of clean and renewable energy sources present new opportunities in the coming years.

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COVID-19 scenario:

  • The outbreak of the COVID-19 pandemic has resulted in the global lockdown and temporary shutdown of thin film solar cell manufacturing, thus affecting the overall growth of the global thin film solar cell market.
  • In addition, import and export business has been significantly affected, which in turn has adversely affected industries using thin film solar cells, thereby affecting the global thin film solar cell market.
  • However, the bioenergy market is expected to recover by the second quarter of 2022 as the vaccination against COVID-19 has started in various economies around the world, which is expected to improve the global economy.

The report offers a detailed segmentation of the global thin film solar cell market on the basis of type, installation, end user and region.

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Based on installation, the network segment held the highest market share in 2020, holding around three quarters of the total market share, and is expected to maintain its leading status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 8.5% from 2021 to 2030.

On an end-user basis, the Utilities segment held the greater market share in 2020, holding more than half of the total market share, and is expected to maintain its leading status during the forecast period. However, the commercial segment is expected to register the highest CAGR of 8.6% from 2021 to 2030.

Based on region, Asia-Pacific contributed the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is expected to maintain its dominant share by 2030. Additionally, LAMEA is expected to manifest the fastest CAGR of 8.7% during the forecast period.

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The major players in the global thin film solar cell market analyzed in the research include Ascent Solar Technologies, Filsom AG, First Solar, Hanergy mobile energy, Kaneka corporation, Miasole, Mitsubishi Heavy Industries, Shunfeng International Clean Energy, SUNQ, and Trony Solar.

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