Ultra-thin Solar Cells Market Size, Share & Industry Analysis, By Material (Cadmium Telluride, Copper Indium Gallium Selenide, Perovskite Solar Cell, Organic Photovoltaic, and Others), By Installation (On-grid and Off-grid), and By End-User (Residential and Commercial) and Regional Forecast, 2024-2032

The global ultra-thin solar cells market size was valued at USD 18.54 million in 2023 and is projected to grow from USD 22.44 million in 2024 to USD 133.85 million by 2032, exhibiting a CAGR of 25.01% during the forecast period.

Sheets of thin films are being used to generate electricity progressively in places where other photovoltaic cells cannot be applied, such as on curved surfaces on cars or buildings or even on clothing to charge handheld and fixed devices. Solar cells, also known as photovoltaic cells with the latest technological advancement, directly convert energy into electricity from the sun's rays. The new trend of renewable energy is derived from solar cells, which are sturdy, solid, and low-maintenance. In isolated environments, solar cells frequently generate electricity, powering machines far from the closest electrical outlet. Multiple advantages of the product over other sources are driving market growth. 

The COVID-19 pandemic negatively impacted various industrial operations. It stopped many operations and activities, such as manufacturing plants, transportation, import, and export, which caused a shortage of labor, affecting the supply and demand chain.

However, in the case of the ultra-thin solar cells market, the pandemic has had a positive impact on the global market, which has been unceasingly evolving with a positive growth rate. As the pandemic hit, many commercial spaces were shut down, but internal operations such as delivery and supply chains for essential products were on the run. Due to the shutdown of many electricity grid centers, the importance of solar energy systems increased rapidly at both commercial and residential levels.

Ultra-thin Solar Cells Market Trends

Adoption of New Materials That Can Be Integrated with Solar Cells is Creating New Opportunities

Emerging trends in the ultra-thin solar cells market include developments in research activities to improve cell efficiency. The adoption of advanced materials such as perovskite and organic thin films, which can be integrated with solar cells, is a new trend in the market. This progressive combination delivers flexibility and sustainability to the final product. Modern devices such as flexible solar panels, wearable devices, and portable devices with curve displays are driving the market growth. Moreover, the market is observing a growing focus on see-through solar cells that can be connected to windows and other surfaces, thus allowing energy production without obstructing the view.

For Instance, on December 19^th, 2023, the European Investment Bank signed a loan contract of up to €35 million (USD 38 million) with the Swedish cleantech firm Exeger, which manufactures the solar cell technology Powerfoyle. The Exeger has raised over €169 million (184 USD million), including €16.1 million (USD 17.47 million) for the project. Ultra-thin solar cells will be the essential component that initiates the project.

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Ultra-thin Solar Cells Market Growth Factors

Progress in the Durability, Performance, and Low-Cost of Solar Cells Production to Drive the Market Growth

Several advancements are going on in the industry. Perovskite solar cells created from inks at ambient temperature can decrease the energy intensity and financial costs of solar cell production in the future. Even though the efficiency of the new perovskite device approaches that of state-of-the-art silicon, these cells last more than 100 times longer.

These durable, flexible solar cells, which are much thinner than human hair, are glued to a strong and lightweight fabric, making them easy to install on a solid surface. They can provide power as a road-borne power fabric and can be quickly transported and deployed to remote locations to assist in emergencies.

For instance, in March 2022, Researchers from the University of Surrey in the U.K. and Imperial College London collaborated with researchers at the Advanced Research Center for Nanophotonics and Nanolithography in the Netherlands to develop the cell.

Increasing Use of Low-Load-Bearing Devices is Augmenting Demand for Ultra-Thin Solar Cells 

The proficiency of ultra-thin solar cells is highly applicable for low-load devices such as backpacks, defense aircraft, light electronic vehicles, and others. With more and more research projects in the market for ultra-thin solar cells, they possess the ability to deliver high power-to-weight ratios, making them ideal sources of energy for car batteries, light aircraft, and other supplemental energy storage devices.

Flexible and ultra-thin film solar cells have a very thin layer of photovoltaic material placed on a glass or plastic substrate. Conventional photovoltaic layers are approximately 350 microns thick, while thin-film solar cells use layers that are only one micron thick. Owing to this factor, the cells are flexible, light, and cheaper to manufacture because they consume fewer raw materials.

The performance of commercial flexible CIGS was studied and reported at the University of Oklahoma for deep space applications. The authors found a promising thin-film solar material using Cu (In, Ga) Se2 (CIGS) solar cells with a power conversion efficiency of up to 22.7%

RESTRAINING FACTORS

Scaling Lag in the Ultra-Thin Solar Cell Industry is Hindrance to the Growth of the Market

The high research and development investments with very limited academic specialists offered in the field makes it problematic to increase the efficiency of ultra-thin solar cells further. The value of the technology to process tools is a challenge for ultrathin solar cells.

The “scaling lag” is an expression of the time when one has to wait from the point where the efficiency potential of a technology is reached in the laboratory until this efficiency is scaled to an industrial level with the generally accepted scaling gap.

A scaling lag has been observed in this field, underscoring its importance in advancing new solar cell materials from science to technology. The scale gap, which can be extracted directly from experimental data, is observable and can be considered a sign of technological maturity. It can also help initial investors make decisions about when to invest in new technology-based product development.

Ultra-thin Solar Cells Market Segmentation Analysis

By Material Analysis

High Efficiency of Perovskite Solar Cells to Foster the Segment Growth

Based on material, the ultra-thin solar cells market is segmented into cadmium telluride, copper indium gallium selenide, perovskite solar cell, organic photovoltaic, and others.

The perovskite solar cell segment led the global market in 2023. Perovskite solar cells (PSCs) are considered a promising photovoltaic technology due to their high efficiency and low cost. However, their long-term stability, mechanical durability, and environmental risks still cannot meet practical needs. To solve these problems, researchers developed a multifunctional elastomer rich in hydrogen bonds and carbonyl groups. Moreover, perovskite materials delivers better light absorption and charge-carrier mobilities which makes it ideal for the applications in the market.

Cadmium telluride-based solar cells represent the largest segment of commercial thin film module production globally making it one of the fastest growing segments globally. Recent improvements have matched the performance of polycrystalline silicon while maintaining cost control.

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By Installation Analysis

Presence of Solar PV in Off-Grid Mode to Impel the Segment Expansion

Based on installation, the market is divided into on-grid and off-grid.

The off-grid segment dominates globally with high market share. With a rise in the installation of ultra-thin solar cells in commercial places and residential rooftops, the market is seen growth in number of sales. As most of the solar PV is in off-grid mode for small unit energy production or for residential usage, the product’s deployment is growing on a rapid scale.

Photovoltaic systems can be integrated into the electricity supply chain at a commercial level or installed in smaller clusters for mini-grids or individual use. Using ultra-thin PV modules to power mini-grids is a great way to provide electricity to those who do not live near transmission lines, especially in developing countries with abundant solar resources.

By End-User Analysis

Growing Number of Office Spaces to Boost the Commercial Segment Growth

Based on end-user, the market for ultra-thin solar cells is divided into residential and commercial.

The commercial segment is dominating the market by holding maximum share. Ultra-thin ceiling panels are widely marketed globally with an increasing number of office spaces and research institutes. This factor is augmenting the commercial segment growth.

For instance, in 2022, one of the Canadian professors developed a process for sunlight to be trapped in ultrathin and flexible silicon sheets, which is far more efficient than conventional solar PV in generating electricity with more power storage. Applications for this research are being processed for potential commercial use at the University of Toronto.

The residential is one of the fastest growing segment driven by the rapid urbanization globally. Rising building of residential projects may boost the market growth and will directly affect the ultra-thin solar cell.

REGIONAL INSIGHTS

The global market has been analyzed across four key regions, including North America, Europe, the Asia Pacific, and the rest of the world.

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The Asia Pacific is the leading region in the ultra-thin solar cells market share, followed by North America. The development in countries such as China, Japan, and India is the main reason behind the growth of the region, as many prominent research institutes and research firms are situated in these countries along with the U.S. In September 2023, a conglomerate led by Halocell Energy, including the Queensland University of Technology and First Graphene, received USD 1.3 million from the Australian government's Collaborative Research Centers project, or CRC-P initiative. The project is financed for three years.

In North America, the U.S. is one of the leading manufacturers of ultra-thin solar cells. Many of the commercial uses of these cells are under the observation because they offer potential for residential, space exploration, commercial, and industrial applications.

Europe also holds a significant share in the global market, delivering advanced technology constantly. For instance, researchers from Germany's Fraunhofer Institute have developed an ultra-thin dirt-repellent coating that makes solar panels to self-clean. They spread crystalline titanium oxide on very thin glass. Titanium rust tends to repel water, forming droplets that flow away easily. However, when exposed to UV radiation, it attracts water and keeps the surface moist.

The rest of the world is also contributing slightly to the ultra-thin solar cells market growth. Only one Gulf country, Saudi Arabia, which is leading in the Middle East & Africa, is in the business and production of solar technology. In addition, Brazil is an emerging country that delivers contributes the plenty of shares that drive the market in the rest of the world. For instance, renewable energy pioneer Voltalia has announced that the 260-megawatt SSM3-6 solar power plant, located in Brazil's Serra Branca cluster, has started producing electricity. The construction of the solar park SSM3-6 (Solar Serra do Mel 3, 4, 5, and 6) started in March 2021. Of the 260 megawatts, 17 megawatts began production from the last week of June 2023, and the remaining capacity will be a little bit commissioned over the next few months. The power plant is the result of a 14-year power purchase agreement between Voltalia and Brazilian power company Copel. SSM3-6 is a portion of the Serra Branca cluster, the biggest wind and solar complex in the world. Voltalia has fully developed it and is one of the most viable energy sources in Brazil.

List of Key Companies in Ultra-thin Solar Cells Market

Oxford PV is Emphasizing the Enhancement of Sales to Fortify its Product Reach

Oxford PV is focused on enhancing its sales, distribution, and marketing channels through partnerships with different local associates to fortify its product reach across the globe. In addition, other key participants operating in the industry include Exeger Operation AG, Merck KGaA, Konica Minolta Sensing Europe B.V., and Sharp Corporation, among others, leading in providing various rated products across different verticals. For example, in December 2023, Sharp Energy Solutions Europe presented its latest Bifacial TOPCon (Tunnel Oxide Passive Contact) solar panel, which has been increased to 575 watts. NB-JD575 is a glass/glass solar panel with N-type 144 M10 half-cells and 16 power rails. The double-face ratio of the N-Type TOPCon module is up to 80%, and the module efficiency is 22.26%. The new solar panel also has several advantages of N-TOPCon technology, such as higher power and efficiency, better dark performance, and better two-face.

As a result, numerous other small and medium players are present across the industry with different and unique products that can be deployed as per the requirements and applications of devices. Current establishments keeping more focus on delivering high-potential product to users in emerging economies. This shift is to serve residential, commercial, construction, and many other industry verticals, for forming a significant portion of the global landscape.

List of Key Companies Profiled:

• Greatcell Solar Limited (Australia)


• Exeger Operations AB (Sweden)


• Fujikura Europe Ltd. (U.K.)


• G24 Power Ltd. (U.K.)


• Konica Minolta Sensing Europe B.V. (Netherlands)


• Merck KGaA (Germany)


• Oxford PV (U.K.)


• Peccell Technologies, Inc. (Japan)


• Sharp Corporation (Japan)


• Solaronix SA (Switzerland)

KEY INDUSTRY DEVELOPMENTS:

• In January 2024, INDOX Group and Sharp signed an agreement to supply the first shipment of the advanced dual-sided panel NB-JD540. INDOX Group and a future solar project featuring Sharp modules are set to redefine industrial solar energy in Spain. The project stands out for its scale and advanced bifacial solar technology and aims to set a new standard. Known for its high efficiency and durability, Sharpand's NB-JD540 double-sided model is a key choice in demanding industrial conditions.


• In December 2023, Sharp Corporation has achieves world’s highest conversion efficiency of 32.65% in a flexible, lightweight, practically sized solar module which is operated by the New Energy and Industrial Technology Development Organization (NEDO) of Japan.


• In September 2023, Exeger announced a partnership with computer peripherals companies, which includes ONiO, TP Vision, and others, for the integration of Powerfoyle solar cell technology into their products to increase user convenience and minimize carbon footprint. By integrating Powerfoyle, the company takes a significant step toward achieving its ambitious sustainability goals and reinforces its position as the leader of eco-friendly technology.


• In September 2023, Exeger launched a new technology for the sustainable use of ultra-thin solar cells named Powerfoyle. The company has started a new factory in Stockholm to produce this Powerfoyle technology.


• In October 2022, Greatcell Energy achieved a power conversion efficiency of 32% for a 100% inorganic perovskite solar cell for indoor use. It is a single junction, single cell with a line conduction width of 1.5 cm to simulate product-size cells. Inorganic perovskite crystallizes at room temperature, so processing with standard flexible substrates is suitable. The Australian perovskite solar cell manufacturer said the result was a world record for inorganic perovskite solar cells.

REPORT COVERAGE

The report provides a detailed analysis of the market research and focuses on key aspects, such as prominent companies, product/service types, and leading applications of the products & their respective market shares. Besides this, it offers insights into the latest market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

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