The global ultra-thin solar cells market generated a revenue of $30.0 million in 2019 and is predicted to grow at a 56.9% CAGR during the forecast period (2020–2030). The increasing requirement for renewable energy and decreasing prices of photovoltaic (PV) panel components are expected to drive the ultra-thin solar cells market in the coming years. In terms of technology, the market is divided into gallium arsenide (GaAs), cadmium telluride (CdTe), and copper indium gallium diselenide (CIGS), among which, the demand for CdTe was the highest, in 2019.

The division is further predicted to dominate the market during the forecast period as well, which is because of the fact CdTe is the only technology at the present time that rivals crystalline silicone PV cells in terms of power generation efficiency and cost. Moreover, other technologies are in the testing phase and are therefore aren’t being used as much. On the basis of grid type, the ultra-thin solar cells market is bifurcated into off-grid and on-grid. During the forecast period, the on-grid bifurcation is projected to account for the larger share of the market.

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When geography is taken into consideration, the Asia-Pacific (APAC) region held the largest share of the ultra-thin solar cells market in 2019. This can be ascribed to the fact that PV panel manufacturers in the region are increasingly engaging in research & development (R&D) activities for enhancing the efficiency and reducing cost of these devices, while still being able to make a profit. The developed ultra-thin solar cells are already being utilized by various automakers in APAC for manufacturing solar-powered electric vehicles, which is further driving the market.