Thin Film Solar Cell Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is predicted to hold largest revenue share of 46% by 2035. The growth in the region is driven by the surge in demand for solar cells in various industries such as defense and aerospace. A report by Boeing Aircraft in 2023, estimated that by 2042 the airline fleet growth rate would be 6.9% as compared to the airline traffic growth of 9.5%.
In China, there has been an increase in industrialization which demands more thin film solar cells in highways and residential complexes. The State Council of China published a report in 2022 stating that the urbanization rate crossed 60% in 2019, while in 2021 this rate surpassed 64.72% in this country. This also augments for solar PV mounting systems market revenue during the forecast period.
Increasing urbanization & infrastructure development in Japan act as a growing factor for the solar cell market expansion in this landscape. World Bank in 2021 propelled that with a population of 1.6% of the worldwide population, Japan remains on top in terms of rapid development in the modern era.
North America Market Insights
North America will also encounter huge growth in the thin film solar cell market value during the forecast period with a notable size and will hold the second position led by the surge in energy demand. A report by the U.S. Energy Information Administration in 2023 stated that renewable energy consumption and production had made records in 2022, surpassing 13% (13.18 quads and 13.40 quads respectively).
In the United States, there has been an increase in government campaigns and investments aimed at raising awareness about the use of renewable energy. A survey conducted in 2023 revealed that about 66% of U.S. adults are now prioritizing using an alternative energy source like hydrogen, solar, and wind power. Furthermore, the country is set to lead in establishing competitive, energy-efficient, and decentralized CIGS manufacturing and machinery supply for the global energy economy.
Canada is predicted to have a high demand for power demand which is further encouraging collaboration with the energy & power sector. Attributed to this, it is estimated to affect the overall growth of the thin film solar cell industry in Canada. A report in 2023, projected that the energy consumption in Canada significantly increased to 8585 petajoules from 2022 to 2021.
