The Europe Thin Film Solar Cell Market is esteemed to grow with a CAGR of 8.7% during the forecast period 2022-2027.
Thin Film Solar Cells are a type of device made up of micron-thick photon-absorbing material layers placed on a flexible substrate and intended to convert light energy into electrical energy. Thin-film solar cells are expected to surpass the traditional rigid photovoltaic technologies used since the middle of the 20th century as their efficiency keeps rising. Thin-film sheets may be used to generate electricity in more locations inaccessible to traditional solar cells, including curved surfaces of buildings or automobiles, or even on clothing to portable power gadgets. It is utilized in semi-transparent solar glass that may be laminated onto windows and in building-integrated photovoltaics. Some of the biggest photovoltaic power plants in the world use stiff thin film solar panels for other commercial applications.
Market Drivers and Restraints:
Thin Film Solar Cells are of a new generation and feature numerous photovoltaic thin-film layers. As they are incredibly cost-effective, use less material, have no harmful components, produce less waste, and are very simple to make, thin-film solar panels are the way of the future for the solar business. The market for thin-film solar cells is also being driven by improvements in performance over crystalline silicon (c-Si) cells. Due to increased conversion efficiency, thin-film solar cells are anticipated to have a lower Levelized Cost of Electricity (LCOE), fueling this market's expansion in recent years. Thin-film solar cells also greatly benefit from government backing and the scarcity of raw materials required for c-Si PV modules. In addition, due to their simpler design and less labor-intensive installation, thin-film solar cells have reduced installation costs.
Furthermore, the constant decline in solar energy prices has led to a rise in the use of solar energy globally. Because of this, opportunities for players in the global solar cell thin film business to make money are growing. Businesses in the global solar cell thin film market concentrate on technological advancement. However, compared to its crystalline predecessors, this technique has some drawbacks. Their efficiency ranges from 7 to 18% and is the main problem. The maximum efficiency of crystalline silicon solar cells is 29%, almost twice that of thin films. However, theoretically, they could be more efficient than other technologies, and recent developments have made it possible to attain parity between these devices and their crystalline equivalents. Space is still another concern. Because of their lower efficiency, more panels are required to convert the same amount of energy as silicon-based solar cells. This restricts their use in home settings, where silicon technologies are still frequently used to satisfy power requirements. In addition, they need enhancer technologies, which can be difficult and expensive to install because of their low space efficiency. The market has a lot of challenges, including intense competition and a regulatory framework that is always changing. One of the major global industrial trends that may make it harder for firms to succeed is the quickening speed of technology development. One of the main challenges the thin-film photovoltaic industry has is the lack of a technically competent commercial environment that could support R&D activities. In addition, the availability of limited financial resources and funds may restrict businesses' ability to offer customers efficient thin-film solar solutions. Additionally, it promotes better health because fewer air pollutants are created.
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 – 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 - 2027 |
|
CAGR |
8.7% |
|
Segments Covered |
By Type, Technology, Application, and Country. |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Victron Energy, Photowatt, Hanwa Q cells, BMC Energy Solutions, REC Group, PWR Station, Kioto olar, Greentec-service, Lorentz, and Others. |
Market Segmentation:
The cadmium telluride segment is expected to have the dominant shares in the coming years. Numerous thin photovoltaic layers are piled on top of one another to form the module for thin film solar cells. Thin film solar cells come in several distinct varieties, and what sets them apart is the substance employed for the PV layers. Crystalline silicon (c-Si) wafers, cut from massive ingots manufactured in laboratories, make up about 85% of solar cells. These ingots can develop into single or numerous crystals and can take up to a month to grow. Monocrystalline solar panels and cells (mono-Si) are made from single crystals, whereas polycrystalline panels and cells are made from numerous crystals. Monocrystalline cells are cylindrical, have a characteristic appearance, and are often colored. Although they can be wasteful because they are cut to form, these cells offer the highest levels of efficiency. Since the silicon is heated and poured into square molds, polycrystalline cells need not be trimmed to shape. In terms of cost and effectiveness, thin film polycrystalline solar panels are regarded as a mid-range alternative and are projected to show significant growth in the market.
The on-grid segment is ruling with the highest shares, whereas the off-grid segment is likely to hit the highest CAGR by 2027. The utility grid is connected to an on-grid solar energy system, but an off-grid solar energy system is not. Whether you have an on-grid or off-grid system will affect your access to electricity, the equipment required for extra production, what happens when the grid goes down, and how you are billed for electricity. With an off-grid solar system, the only power sources for your house or place of business are the sun and energy kept in batteries. Or whether your solar system is producing energy or if you have batteries, if you choose to build an on-grid solar system, you will always have access to electricity. You won't have access to more electricity if you use an off-grid solution. The only resources available to power your equipment are what you are creating and what you have stored. In an on-grid solution, you can draw energy from the utility grid to augment your system if it is not producing any electricity or not producing enough electricity to operate the appliances, lights, equipment, etc., you are using. This ensures that there will always be adequate electricity available to consumers.
The utility sector dominated the Europe thin-film solar cell market in 2022, and it is predicted that it will continue to grow at the fastest rate over the next five years. Significant improvements are increasingly being put into practice, and funding for research and development is increasing to reduce installation and maintenance costs, which could potentially increase customer demand. To be installed in institutional and commercial buildings with vast rooftops/open areas, thin-film solar panels need a bigger area. These panels can be mounted on the roof of buses and recreational vehicles to power fans, Wi-Fi modems, and other small gadgets. They may also assist in keeping a bus's temperature stable. In addition, large steel water tanks can be equipped with thin-film solar panels to generate electricity for water pumps.
The European market for thin-film solar cells is anticipated to grow as a result of factors such as rising electricity demand, expanding solar photovoltaic (PV) installed capacity, falling solar energy costs, expanding use of renewable energy, incorporation of thin-film solar cells in electric vehicles, technological developments related to thin-film solar cells, etc. In terms of renewable energy, Germany is the leader in Europe. The country had 59 GW of solar capacity as of 2021. Germany increased its capacity by more than 3.8 GW in the first half of 2022. When looking at the countries with the highest solar electricity generation in the energy mix during the summer of 2022, the Netherlands and Spain come out on top with 15% and 13%, respectively. This indicates that only 3.7% of the 29 million homes in the UK use solar panels to produce electricity, so there is undoubtedly potential for improvement.
Europe Thin Film Solar Cell Market Key Players:
Frequently Asked Questions
The major key players are REC Group, BMC Energy Solutions, PWR station, Victron energy, Photowatt Lorentz, Greentec-service, and others.
The market for Europe Thin Film Solar Cell Market is to grow at a CAGR of 8.7% from 2022 to 2027.
an increase in the end-user such as Residential, Commercial, and Utility primarily drives the Europe Thin Film Solar Cell market.
The Commercial sector in the End-User Industry segment is leading with a substantial market share.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1400
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region