The strongest drivers for the ultra-thin solar cells market are the increasing demand for renewable energy and slumping prices of photovoltaic (PV) components. As a result, the revenue generated from the sale of ultra-thin solar cells will rise from $30.0 million in 2019 at a massive 56.9% CAGR during 2020–2030 (forecast period). As the name suggests, such cells are made up of an extremely thin layer of semiconductor, which reduces the amount of material and manufacturing time required.



Copper–indium–gallium diselenide (CIGS), cadmium telluride (CdTe), gallium arsenide (GaAs), and others are the various divisions of the ultra-thin solar cells market on the basis of technology. Among these, the CdTe category generated the highest revenue in 2019, because CdTe is the only technology that can currently replace crystalline silicon (c-Si)-based solar cells, considering the purchase cost and power output. All other technologies are currently being tested, which is why they account for small-scale usage, mostly in laboratories and pilot projects.


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The key reason for the ultra-thin solar cells market advance is the increasing demand for sustainable means of living. The burning of fossil fuels for creating energy releases harmful greenhouse gases (GHGs), which lead to air pollution and climate change. This has shifted the focus on cleaner ways of generating it, such as harnessing sunlight, heat within the earth’s surface, and the power of falling water. Thus, an increasing number of solar plants are being set up around the world, thereby propelling the demand for ultra-thin solar cells.


In 2019, the ultra-thin solar cells market was dominated by Asia-Pacific (APAC), due to the robust R&D efforts being put in by the regional players to make the technology commercially viable. APAC is already one of the largest solar energy producers in the world, owing to its vast population and high air pollution levels. The R&D on ultra-thin solar cells is aimed at bringing down their costs and increasing their efficiency further, so that more electricity can be produced cost-effectively.