Thin Film Solar Cells Market is set to witness robust growth through 2024-2032, primarily owing to the favorable state-backed initiatives and rising investments in various utility-scale projects. For instance, the European Bank for Reconstruction and Development announced an investment of USD 21.4 million in the construction of utility-grade solar plant in Azerbaijan. The capital will be used to build a 230-MW photovoltaic solar power plant near the Alat settlement in the district.
Overall, the thin film solar cells market is segmented in terms of component, connectivity, application, and region.
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Based on the component, the copper indium gallium diselenide segment is set to grow significantly through 2032. The segmental growth can be accredited to the increasing installation of large modules due to the growing demand for better efficiency and effective product configurations. Moreover, ongoing R&D initiatives are speculated to support the market demand in the coming years. As per credible sources, in 2022, Swiss Federal Laboratories for Material Science and Technology researchers announced developing a new low-temperature production process for bifacial thin-film solar cells based on CIGS. The innovation recorded yields of 19.8% for front lighting and 10.9% for rear lighting.
In terms of connectivity, the market is likely to be characterized by the off-grid segment, which will grow noticeably by 2032. Rising demand for reliable and constant power supply by various developing countries will primarily drive the demand. Besides, the growing amalgamation of decentralized electricity generation sources in remote areas along with regulatory measures to augment the electrification index will further propel the industry growth.
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In the context of the application, the residential segment captured more than 6.5% market share in 2022. The segmental expansion is accredited to the increasing population and rising trend of solar PV modules deployment in residential spaces.
Furthermore, changing lifestyles along with growing awareness toward climate change will also foster the growth of residential applications. As per a survey conducted in 2019 and 2020 by the Pew Research Center, a median of 70% of the total respondents agreed that climate change has indeed affected their geographical location. Besides, in another survey that was carried out across 14 nations, the majority of the respondents agreed that climate change is one of the major threats in their respective countries.
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In the regional context, the Asia Pacific thin film solar cells market is set to witness rapid growth through 2032. The regional market expansion will be driven by rapid population growth in emerging economies. Besides, various governments in the region are focusing on their set solar PV targets, which along with the monetary benefits of solar-plus-storage systems will add impetus to the market progression. For instance, a PV auction in China in July 2020 revealed that there is a clear shift to larger utility-scale projects, and on average, the prices also declined by 18%.
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