According to MarkNtel Advisors study the Global Thin Film Solar Panel Market is projected to grow at a CAGR of around 17.29% during the forecast period, i.e., 2022-27.

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Key Findings of the Study: Thin Film Solar Panel market

Key Driver: Rising Awareness about Sustainable Energy Generation Practices

Over the past few years, several countries worldwide have been facing significant challenges like greater dependence on handful economies for their energy requirements, continuously rising geopolitical conflicts, etc., which has negatively impacted the prices of energy products.

Hence, all progressive economies have been working toward reducing their energy dependence on both fossil fuels & other economies to fulfill their energy requirements. Due to this, solar energy has emerged as a robust alternative. The governments across different countries are collaborating on several fronts in solar energy, such as International Solar Alliance, Paris Climate Change, etc., to boost the penetration of solar power in the overall energy mix.

Several countries have defined their respective carbon emission goals to achieve by 2030, in which solar energy is expected to play an anchor role. Therefore, the investments in solar farms, including the floating ones, are likely to surge significantly during the forecast period, which, in turn, would boost the demand for thin-film solar panels.

For more detailed information about the Thin Film Solar Panel market report, click here – https://www.marknteladvisors.com/research-library/thin-film-solar-panel-market

Scope of the Report and Thin Film Solar Panel Market Segmentation:

By Type

  • Amorphous Silicon (a-Si)
  • Cadmium Telluride (CdTe)
  • Copper Indium Gallium Selenide (CIS/CIGS)
  • Others (Gallium Arsenide (GaAs))

By End-User

  • Residential
  • Commercial
  • Industrial

Thin-film solar panels are deployed mainly in commercial applications & electric vehicle charging stations and are better suited to commercial & utility applications, where there's more room for large-scale installations.

Thin Film Solar Panel Market Development:

  • In 2021, the US International Development Finance Corp. offered USD 500 million of debt financing for thin-film module manufacturer First Solar. The company plans to set up a 3.3 GW vertically integrated solar module manufacturing facility in the Indian state of Tamil Nadu.
  • The same year, solar manufacturer First Solar invested USD 680 million in a third CdTe solar factory in Northwest Ohio. The facility is scheduled to be ready in 2025 and would make 6 gigawatts’ worth of solar panels in the area.
  • In 2019, Sprague Energy installed flexible thin-film solar panels on its oil storage tanks for energy savings while enhancing its sustainability efforts

Geographical Analysis:

By Region

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East and Africa

Of all regions, Asia-Pacific dominated the Thin Film Solar Panel Market in 2021.

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