Thin-Film Photovoltaic Market

Thin-Film Photovoltaic Market Size, Share, Growth Analysis, By Material(Cadmium Telluride (CDTE), Amorphous Silicon (A-SI)), By Component(Module, Inverter), By End User(Residential, Commercial & Industrial), By Region(North America, US) - Industry Forecast 2024-2031

Report ID: UCMIG45O2041 | Region: Global | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Thin-Film Photovoltaic Market Insights

Market Overview:

A CAGR of 16.0% is anticipated for the thin-film photovoltaic industry, which is expected to increase from USD 5.3 billion in 2023 to USD 11.2 billion by 2028. The need for affordable sustainable energy solutions has increased as awareness of the need to minimize reliance on conventional energy sources has grown. As a result, photovoltaic technology has advanced, increasing electricity generation while lowering cost and weight overall. The market will expand as a result of the increased affordability.

Thin-Film Photovoltaic Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Semiconductors by segment aggregation, the contribution of the Semiconductors in Semiconductors & Semiconductor Equipment and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

Segmentation Analysis:

The Thin-Film Photovoltaic Market is segmented by Material, Component, End User, Region. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

Thin-Film Photovoltaic Market Basis Point Share Analysis, 2021 Vs. 2028
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  • Based on Material the market is segmented as, Cadmium Telluride (CDTE), Amorphous Silicon (A-SI), Perovskite, Copper Indium Gallium Selenide (CIGS), Organic PV, Copper Zinc Tin Sulfide (CZTS), Quantum Dot Thin Film Solar Cells, All-Silicon Tandem
  • Based on Component the market is segmented as, Module, Inverter, Balance of System (BOS)
  • Based on End User the market is segmented as, Residential, Commercial & Industrial, Utilities
  • Based on Region the market is segmented as, North America, US, Canada, Mexico, Europe, Germany, UK, France, Italy, Russia, Rest of Europe, Asia Pacific, China, Japan, India, Australia, Rest of Asia Pacific, RoW, Middle East & Africa, South America, KEY MARKET PLAYERS, First Solar, Kaneka Corporation, Ascent Solar Technologies, Oxford PV, Hanwha Q CELLS, Sharp Corporation, JA Solar Technology Co. Ltd, MiaSole, AVANCIS GmbH

Regional Analysis:

Thin-Film Photovoltaic Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.

Thin-Film Photovoltaic Market Attractiveness Analysis, By Region 2020-2028
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Thin-Film Photovoltaic Market : Risk Analysis

SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Thin-Film Photovoltaic Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Thin-Film Photovoltaic Market's supply chain, distribution, and total revenue growth.

Competitive landscaping:

To understand the competitive landscape, we are analyzing key Thin-Film Photovoltaic Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Thin-Film Photovoltaic Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

  • lm photovoltaic market is projected to grow from USD 5.3 billion in 2023 to USD 11.2 billion by 2028, registering a CAGR of 16.0% during the forecast period. Increasing government initiatives towards thin-film solar cells, growing adoption of thin-film solar cells in residential applications, and increasing investment towards renewable energy are expected to propel the thin-film photovoltaic market in the next five years. However, competition with other renewable resources, high installation cost, and lack of skilled work force for PV installation will likely pose challenges for the industry players.
  • The objective of the report is to define, describe, and forecast the thin-film photovoltaic market based on material, component, end user, and region.
  • Driver: Increasing initiatives of governments towards thin-film solar cells
  • Governments in various regions are constantly developing policies to provide PV projects with convenient grid connections. Countries such as China, the US, Canada, and France are aggressively promoting the use of solar energy. For instance, in June 2022, China published its 14th Five-Year Plan, which includes an ambitious target of 33% of electricity generation from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies.
  • In addition, the federal government in the US provides a tax credit for the installation of solar energy systems, including thin-film solar cells. Further, the Chinese government launched the Top Runner Program, which encourages the development and adoption of high-efficiency solar technologies, including thin-film solar cells. The program provides incentives and subsidies to manufacturers and projects that meet certain efficiency and performance criteria. Moreover, as of September 2022, according to SEIA (Solar Energy Industries Association), the US installed 4.6 gigawatts (GWdc) of solar PV capacity in Q2 2022 to reach 130.9 GWdc of total installed capacity, enough to power 23 million American homes. Thus, the increasing initiatives and growing installation of solar cells is driving the market growth.
  • Restraint: High installation cost and lack of skilled workforce for PV installation
  • PV installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to various other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled workforce has been one of the most prominent challenges in the PV arena. Moreover, there have been fatalities in the past involving technicians falling off the roof during rooftop solar installation and due to electrocution. However, the lack of a skilled and informed workforce and high installation costs are expected to act as a restraint for the market.
  • Opportunities: Integration of thin-film solar cells into building materials, such as windows, facades, and roofs
  • There is a growing trend towards the integration of thin-film solar cells into building materials, also known as building-integrated photovoltaics (BIPV). This integration offers several benefits and is driving increased adoption. Thin-film solar cells offer design flexibility and can seamlessly integrate into various building materials, including windows, facades, roofs, and even transparent surfaces. Buildings account for 40% of global energy consumption so to reduce this, building-integrated PV (BIPV) can play an important role by opening new areas for photovoltaics.
  • Challenges: Competition from traditional crystalline silicon solar cells
  • Crystalline silicon solar cells have been in the market for longer and have experienced significant cost reductions due to economies of scale, improved manufacturing processes, and technological advancements. This cost advantage makes crystalline silicon solar cells more financially attractive for large-scale solar installations.
  • Crystalline silicon solar cells currently dominate the solar photovoltaic market, accounting for a significant portion of global installations. This dominance gives them a competitive advantage in terms of industry support, research and development investments, and market penetration, which can pose challenges for thin-film photovoltaics to gain market share.
  • Thin-film photovoltaic Market: Key Trends
  • The prominent players in the thin-film photovoltaic market are First Solar (US), Kaneka Corporation (Japan), Ascent Solar Technologies (US), Oxford PV (UK), Hanwha Q CELLS (South Korea), Sharp Corporation (Japan), JA Solar Technology Co. Ltd (China), MiaSole (US), AVANCIS GmbH (Germany), Solbian (Italy), among others. These companies boast mixing trends with a comprehensive product portfolio and strong geographic footprint.
  • Modules to acquire a significant share in the thin-film photovoltaic market
  • The modules is expected to hold the largest market share during the forecast period. The increasing presence of PV modules manufacturer and growing demand of PV modules is driving the market growth. In February 2022, LONGi officially launched its new 66C type Hi-MO 4 monofacial PV module (Hi-MO 4 m) for the global thin-film photovoltaic market. With an area of about 2 m2, a weight of 22 kg, and a power of 410–420 W, the new module can be widely used on rooftops in residential, industrial, and commercial applications.
  • Commercial & Industrial end user holds the second largest share in thin-film photovoltaic market in 2023
  • The commercial & industrial segment expected to account for the second largest market share in 2023. The commercial & industrial sector includes commercial buildings, banks and financial institutes, educational institutions, enterprises, manufacturing plants, hospitals, hospitality buildings, and so on. The government undertakes different incentive schemes and strategic analysis to encourage the adoption of solar PV systems in commercial & industrial applications.
  • Thin-film photovoltaic market to witness highest demand from Asia Pacific
  • The global market players are experiencing increased demand for solar cells from countries such as China, Japan, India, and South Korea. India and China are playing a significant role in the growth of the Asia Pacific thin-film photovoltaics industry .
  • These countries are aggressively progressing in the global thin-film photovoltaics market. The presence of favorable government policies in Asia Pacific contributes to the growth of the regional thin-film photovoltaics market. Governments of countries such as China, India, and Australia have taken various initiatives in the past few years to increase the adoption of solar energy. The growth of the thin-film photovoltaics market is projected to create growth opportunities for the thin-film photovoltaics market. Thin-film photovoltaics offer advantages over traditional solar cells, such as a thinner size, better efficiency in low and variable lights, and higher spectral absorption.
  • Recent developments
  • In May 2023, First Solar, Inc. acquired Evolar AB, a European leader in perovskite technology. The purchase price is approximately $38 million paid at closing and up to an additional $42 million to be paid subject to certain technical milestones being achieved in the future.
  • In March 2023, Kaneka Corporation and Taisei Corporation has collaborated with the Tokyo Bureau of Environment, to start power generation under the Renewable Energy Visualization Model Project for Tokyo-owned Facilities (Building-integrated Photovoltaic [BIPV] Power Generation Equipment)
  • In April 2023, Ascent Solar Technologies acquired Flisom AG’s Zurich equipment, establishing a new revenue stream, 300% more manufacturing capacity, and an international presence as European and Asian governments adopt legislation to increase solar energy production & domestic manufacturing capabilities.
  • KEY MARKET SEGMENTS
  • By Material
  • Cadmium Telluride (CDTE)
  • Amorphous Silicon (A-SI)
  • Perovskite
  • Copper Indium Gallium Selenide (CIGS)
  • Organic PV
  • Copper Zinc Tin Sulfide (CZTS)
  • Quantum Dot Thin Film Solar Cells
  • All-Silicon Tandem
  • By Component
  • Module
  • Inverter
  • Balance of System (BOS)
  • By End User
  • Residential
  • Commercial & Industrial
  • Utilities
  • By Region
  • North America
  • US
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia Pacific
  • RoW
  • Middle East & Africa
  • South America
  • KEY MARKET PLAYERS
  • First Solar
  • Kaneka Corporation
  • Ascent Solar Technologies
  • Oxford PV
  • Hanwha Q CELLS
  • Sharp Corporation
  • JA Solar Technology Co. Ltd
  • MiaSole
  • AVANCIS GmbH
  • Solbian

SkyQuest's Expertise:

The Thin-Film Photovoltaic Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.

Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.

Scope Of Report

Report Attribute Details
The base year for estimation 2021
Historical data 2016 – 2022
Forecast period 2022 – 2028
Report coverage Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
  • By Material - Cadmium Telluride (CDTE), Amorphous Silicon (A-SI), Perovskite, Copper Indium Gallium Selenide (CIGS), Organic PV, Copper Zinc Tin Sulfide (CZTS), Quantum Dot Thin Film Solar Cells, All-Silicon Tandem
  • By Component - Module, Inverter, Balance of System (BOS)
  • By End User - Residential, Commercial & Industrial, Utilities
  • By Region - North America, US, Canada, Mexico, Europe, Germany, UK, France, Italy, Russia, Rest of Europe, Asia Pacific, China, Japan, India, Australia, Rest of Asia Pacific, RoW, Middle East & Africa, South America, KEY MARKET PLAYERS, First Solar, Kaneka Corporation, Ascent Solar Technologies, Oxford PV, Hanwha Q CELLS, Sharp Corporation, JA Solar Technology Co. Ltd, MiaSole, AVANCIS GmbH
Regional scope North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Country scope U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa
Key companies profiled
  • lm photovoltaic market is projected to grow from USD 5.3 billion in 2023 to USD 11.2 billion by 2028, registering a CAGR of 16.0% during the forecast period. Increasing government initiatives towards thin-film solar cells, growing adoption of thin-film solar cells in residential applications, and increasing investment towards renewable energy are expected to propel the thin-film photovoltaic market in the next five years. However, competition with other renewable resources, high installation cost, and lack of skilled work force for PV installation will likely pose challenges for the industry players.
  • The objective of the report is to define, describe, and forecast the thin-film photovoltaic market based on material, component, end user, and region.
  • Driver: Increasing initiatives of governments towards thin-film solar cells
  • Governments in various regions are constantly developing policies to provide PV projects with convenient grid connections. Countries such as China, the US, Canada, and France are aggressively promoting the use of solar energy. For instance, in June 2022, China published its 14th Five-Year Plan, which includes an ambitious target of 33% of electricity generation from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies.
  • In addition, the federal government in the US provides a tax credit for the installation of solar energy systems, including thin-film solar cells. Further, the Chinese government launched the Top Runner Program, which encourages the development and adoption of high-efficiency solar technologies, including thin-film solar cells. The program provides incentives and subsidies to manufacturers and projects that meet certain efficiency and performance criteria. Moreover, as of September 2022, according to SEIA (Solar Energy Industries Association), the US installed 4.6 gigawatts (GWdc) of solar PV capacity in Q2 2022 to reach 130.9 GWdc of total installed capacity, enough to power 23 million American homes. Thus, the increasing initiatives and growing installation of solar cells is driving the market growth.
  • Restraint: High installation cost and lack of skilled workforce for PV installation
  • PV installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to various other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled workforce has been one of the most prominent challenges in the PV arena. Moreover, there have been fatalities in the past involving technicians falling off the roof during rooftop solar installation and due to electrocution. However, the lack of a skilled and informed workforce and high installation costs are expected to act as a restraint for the market.
  • Opportunities: Integration of thin-film solar cells into building materials, such as windows, facades, and roofs
  • There is a growing trend towards the integration of thin-film solar cells into building materials, also known as building-integrated photovoltaics (BIPV). This integration offers several benefits and is driving increased adoption. Thin-film solar cells offer design flexibility and can seamlessly integrate into various building materials, including windows, facades, roofs, and even transparent surfaces. Buildings account for 40% of global energy consumption so to reduce this, building-integrated PV (BIPV) can play an important role by opening new areas for photovoltaics.
  • Challenges: Competition from traditional crystalline silicon solar cells
  • Crystalline silicon solar cells have been in the market for longer and have experienced significant cost reductions due to economies of scale, improved manufacturing processes, and technological advancements. This cost advantage makes crystalline silicon solar cells more financially attractive for large-scale solar installations.
  • Crystalline silicon solar cells currently dominate the solar photovoltaic market, accounting for a significant portion of global installations. This dominance gives them a competitive advantage in terms of industry support, research and development investments, and market penetration, which can pose challenges for thin-film photovoltaics to gain market share.
  • Thin-film photovoltaic Market: Key Trends
  • The prominent players in the thin-film photovoltaic market are First Solar (US), Kaneka Corporation (Japan), Ascent Solar Technologies (US), Oxford PV (UK), Hanwha Q CELLS (South Korea), Sharp Corporation (Japan), JA Solar Technology Co. Ltd (China), MiaSole (US), AVANCIS GmbH (Germany), Solbian (Italy), among others. These companies boast mixing trends with a comprehensive product portfolio and strong geographic footprint.
  • Modules to acquire a significant share in the thin-film photovoltaic market
  • The modules is expected to hold the largest market share during the forecast period. The increasing presence of PV modules manufacturer and growing demand of PV modules is driving the market growth. In February 2022, LONGi officially launched its new 66C type Hi-MO 4 monofacial PV module (Hi-MO 4 m) for the global thin-film photovoltaic market. With an area of about 2 m2, a weight of 22 kg, and a power of 410–420 W, the new module can be widely used on rooftops in residential, industrial, and commercial applications.
  • Commercial & Industrial end user holds the second largest share in thin-film photovoltaic market in 2023
  • The commercial & industrial segment expected to account for the second largest market share in 2023. The commercial & industrial sector includes commercial buildings, banks and financial institutes, educational institutions, enterprises, manufacturing plants, hospitals, hospitality buildings, and so on. The government undertakes different incentive schemes and strategic analysis to encourage the adoption of solar PV systems in commercial & industrial applications.
  • Thin-film photovoltaic market to witness highest demand from Asia Pacific
  • The global market players are experiencing increased demand for solar cells from countries such as China, Japan, India, and South Korea. India and China are playing a significant role in the growth of the Asia Pacific thin-film photovoltaics industry .
  • These countries are aggressively progressing in the global thin-film photovoltaics market. The presence of favorable government policies in Asia Pacific contributes to the growth of the regional thin-film photovoltaics market. Governments of countries such as China, India, and Australia have taken various initiatives in the past few years to increase the adoption of solar energy. The growth of the thin-film photovoltaics market is projected to create growth opportunities for the thin-film photovoltaics market. Thin-film photovoltaics offer advantages over traditional solar cells, such as a thinner size, better efficiency in low and variable lights, and higher spectral absorption.
  • Recent developments
  • In May 2023, First Solar, Inc. acquired Evolar AB, a European leader in perovskite technology. The purchase price is approximately $38 million paid at closing and up to an additional $42 million to be paid subject to certain technical milestones being achieved in the future.
  • In March 2023, Kaneka Corporation and Taisei Corporation has collaborated with the Tokyo Bureau of Environment, to start power generation under the Renewable Energy Visualization Model Project for Tokyo-owned Facilities (Building-integrated Photovoltaic [BIPV] Power Generation Equipment)
  • In April 2023, Ascent Solar Technologies acquired Flisom AG’s Zurich equipment, establishing a new revenue stream, 300% more manufacturing capacity, and an international presence as European and Asian governments adopt legislation to increase solar energy production & domestic manufacturing capabilities.
  • KEY MARKET SEGMENTS
  • By Material
  • Cadmium Telluride (CDTE)
  • Amorphous Silicon (A-SI)
  • Perovskite
  • Copper Indium Gallium Selenide (CIGS)
  • Organic PV
  • Copper Zinc Tin Sulfide (CZTS)
  • Quantum Dot Thin Film Solar Cells
  • All-Silicon Tandem
  • By Component
  • Module
  • Inverter
  • Balance of System (BOS)
  • By End User
  • Residential
  • Commercial & Industrial
  • Utilities
  • By Region
  • North America
  • US
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia Pacific
  • RoW
  • Middle East & Africa
  • South America
  • KEY MARKET PLAYERS
  • First Solar
  • Kaneka Corporation
  • Ascent Solar Technologies
  • Oxford PV
  • Hanwha Q CELLS
  • Sharp Corporation
  • JA Solar Technology Co. Ltd
  • MiaSole
  • AVANCIS GmbH
  • Solbian
Customization scope Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Reap the benefits of customized purchase options to fit your specific research requirements.

Objectives of the Study

  • To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
  • To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
  • To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
  • To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

What does this Report Deliver?

  • Market Estimation for 20+ Countries
  • Historical data coverage: 2016 to 2022
  • Growth projections: 2022 to 2028
  • SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
  • Customization on Segments, Regions, and Company Profiles
  • 100+ tables, 150+ Figures, 10+ matrix
  • Global and Country Market Trends
  • Comprehensive Mapping of Industry Parameters
  • Attractive Investment Proposition
  • Competitive Strategies Adopted by Leading Market Participants
  • Market drivers, restraints, opportunities, and its impact on the market
  • Regulatory scenario, regional dynamics, and insights of leading countries in each region
  • Segment trends analysis, opportunity, and growth
  • Opportunity analysis by region and country
  • Porter's five force analysis to know the market's condition
  • Pricing analysis
  • Parent market analysis
  • Product portfolio benchmarking

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Thin-Film Photovoltaic Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Thin-Film Photovoltaic Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)
  • lm photovoltaic market is projected to grow from USD 5.3 billion in 2023 to USD 11.2 billion by 2028, registering a CAGR of 16.0% during the forecast period. Increasing government initiatives towards thin-film solar cells, growing adoption of thin-film solar cells in residential applications, and increasing investment towards renewable energy are expected to propel the thin-film photovoltaic market in the next five years. However, competition with other renewable resources, high installation cost, and lack of skilled work force for PV installation will likely pose challenges for the industry players.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The objective of the report is to define, describe, and forecast the thin-film photovoltaic market based on material, component, end user, and region.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Driver: Increasing initiatives of governments towards thin-film solar cells
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Governments in various regions are constantly developing policies to provide PV projects with convenient grid connections. Countries such as China, the US, Canada, and France are aggressively promoting the use of solar energy. For instance, in June 2022, China published its 14th Five-Year Plan, which includes an ambitious target of 33% of electricity generation from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In addition, the federal government in the US provides a tax credit for the installation of solar energy systems, including thin-film solar cells. Further, the Chinese government launched the Top Runner Program, which encourages the development and adoption of high-efficiency solar technologies, including thin-film solar cells. The program provides incentives and subsidies to manufacturers and projects that meet certain efficiency and performance criteria. Moreover, as of September 2022, according to SEIA (Solar Energy Industries Association), the US installed 4.6 gigawatts (GWdc) of solar PV capacity in Q2 2022 to reach 130.9 GWdc of total installed capacity, enough to power 23 million American homes. Thus, the increasing initiatives and growing installation of solar cells is driving the market growth.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Restraint: High installation cost and lack of skilled workforce for PV installation
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • PV installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to various other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled workforce has been one of the most prominent challenges in the PV arena. Moreover, there have been fatalities in the past involving technicians falling off the roof during rooftop solar installation and due to electrocution. However, the lack of a skilled and informed workforce and high installation costs are expected to act as a restraint for the market.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Opportunities: Integration of thin-film solar cells into building materials, such as windows, facades, and roofs
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • There is a growing trend towards the integration of thin-film solar cells into building materials, also known as building-integrated photovoltaics (BIPV). This integration offers several benefits and is driving increased adoption. Thin-film solar cells offer design flexibility and can seamlessly integrate into various building materials, including windows, facades, roofs, and even transparent surfaces. Buildings account for 40% of global energy consumption so to reduce this, building-integrated PV (BIPV) can play an important role by opening new areas for photovoltaics.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Challenges: Competition from traditional crystalline silicon solar cells
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Crystalline silicon solar cells have been in the market for longer and have experienced significant cost reductions due to economies of scale, improved manufacturing processes, and technological advancements. This cost advantage makes crystalline silicon solar cells more financially attractive for large-scale solar installations.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Crystalline silicon solar cells currently dominate the solar photovoltaic market, accounting for a significant portion of global installations. This dominance gives them a competitive advantage in terms of industry support, research and development investments, and market penetration, which can pose challenges for thin-film photovoltaics to gain market share.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Thin-film photovoltaic Market: Key Trends
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The prominent players in the thin-film photovoltaic market are First Solar (US), Kaneka Corporation (Japan), Ascent Solar Technologies (US), Oxford PV (UK), Hanwha Q CELLS (South Korea), Sharp Corporation (Japan), JA Solar Technology Co. Ltd (China), MiaSole (US), AVANCIS GmbH (Germany), Solbian (Italy), among others. These companies boast mixing trends with a comprehensive product portfolio and strong geographic footprint.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Modules to acquire a significant share in the thin-film photovoltaic market
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The modules is expected to hold the largest market share during the forecast period. The increasing presence of PV modules manufacturer and growing demand of PV modules is driving the market growth. In February 2022, LONGi officially launched its new 66C type Hi-MO 4 monofacial PV module (Hi-MO 4 m) for the global thin-film photovoltaic market. With an area of about 2 m2, a weight of 22 kg, and a power of 410–420 W, the new module can be widely used on rooftops in residential, industrial, and commercial applications.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Commercial & Industrial end user holds the second largest share in thin-film photovoltaic market in 2023
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The commercial & industrial segment expected to account for the second largest market share in 2023. The commercial & industrial sector includes commercial buildings, banks and financial institutes, educational institutions, enterprises, manufacturing plants, hospitals, hospitality buildings, and so on. The government undertakes different incentive schemes and strategic analysis to encourage the adoption of solar PV systems in commercial & industrial applications.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Thin-film photovoltaic market to witness highest demand from Asia Pacific
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The global market players are experiencing increased demand for solar cells from countries such as China, Japan, India, and South Korea. India and China are playing a significant role in the growth of the Asia Pacific thin-film photovoltaics industry .
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • These countries are aggressively progressing in the global thin-film photovoltaics market. The presence of favorable government policies in Asia Pacific contributes to the growth of the regional thin-film photovoltaics market. Governments of countries such as China, India, and Australia have taken various initiatives in the past few years to increase the adoption of solar energy. The growth of the thin-film photovoltaics market is projected to create growth opportunities for the thin-film photovoltaics market. Thin-film photovoltaics offer advantages over traditional solar cells, such as a thinner size, better efficiency in low and variable lights, and higher spectral absorption.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Recent developments
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In May 2023, First Solar, Inc. acquired Evolar AB, a European leader in perovskite technology. The purchase price is approximately $38 million paid at closing and up to an additional $42 million to be paid subject to certain technical milestones being achieved in the future.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In March 2023, Kaneka Corporation and Taisei Corporation has collaborated with the Tokyo Bureau of Environment, to start power generation under the Renewable Energy Visualization Model Project for Tokyo-owned Facilities (Building-integrated Photovoltaic [BIPV] Power Generation Equipment)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In April 2023, Ascent Solar Technologies acquired Flisom AG’s Zurich equipment, establishing a new revenue stream, 300% more manufacturing capacity, and an international presence as European and Asian governments adopt legislation to increase solar energy production & domestic manufacturing capabilities.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET SEGMENTS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Material
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cadmium Telluride (CDTE)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Amorphous Silicon (A-SI)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Perovskite
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Copper Indium Gallium Selenide (CIGS)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Organic PV
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Copper Zinc Tin Sulfide (CZTS)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Quantum Dot Thin Film Solar Cells
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • All-Silicon Tandem
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Component
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Module
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Inverter
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Balance of System (BOS)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By End User
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Residential
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Commercial & Industrial
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Utilities
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Region
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • North America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • US
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Canada
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Mexico
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Europe
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Germany
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • UK
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • France
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Italy
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Russia
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rest of Europe
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Asia Pacific
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • China
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Japan
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • India
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Australia
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rest of Asia Pacific
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • RoW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Middle East & Africa
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • South America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET PLAYERS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • First Solar
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Kaneka Corporation
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Ascent Solar Technologies
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Oxford PV
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Hanwha Q CELLS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Sharp Corporation
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • JA Solar Technology Co. Ltd
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • MiaSole
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • AVANCIS GmbH
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Solbian
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments

Methodology

For the Thin-Film Photovoltaic Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thin-Film Photovoltaic Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thin-Film Photovoltaic Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Thin-Film Photovoltaic Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

The market for Thin-Film Photovoltaic was estimated to be valued at US$ XX Mn in 2021.

The Thin-Film Photovoltaic Market is estimated to grow at a CAGR of XX% by 2028.

The Thin-Film Photovoltaic Market is segmented on the basis of Material, Component, End User, Region.

Based on region, the Thin-Film Photovoltaic Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the Thin-Film Photovoltaic Market are lm photovoltaic market is projected to grow from USD 5.3 billion in 2023 to USD 11.2 billion by 2028, registering a CAGR of 16.0% during the forecast period. Increasing government initiatives towards thin-film solar cells, growing adoption of thin-film solar cells in residential applications, and increasing investment towards renewable energy are expected to propel the thin-film photovoltaic market in the next five years. However, competition with other renewable resources, high installation cost, and lack of skilled work force for PV installation will likely pose challenges for the industry players., The objective of the report is to define, describe, and forecast the thin-film photovoltaic market based on material, component, end user, and region., Driver: Increasing initiatives of governments towards thin-film solar cells, Governments in various regions are constantly developing policies to provide PV projects with convenient grid connections. Countries such as China, the US, Canada, and France are aggressively promoting the use of solar energy. For instance, in June 2022, China published its 14th Five-Year Plan, which includes an ambitious target of 33% of electricity generation from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies., In addition, the federal government in the US provides a tax credit for the installation of solar energy systems, including thin-film solar cells. Further, the Chinese government launched the Top Runner Program, which encourages the development and adoption of high-efficiency solar technologies, including thin-film solar cells. The program provides incentives and subsidies to manufacturers and projects that meet certain efficiency and performance criteria. Moreover, as of September 2022, according to SEIA (Solar Energy Industries Association), the US installed 4.6 gigawatts (GWdc) of solar PV capacity in Q2 2022 to reach 130.9 GWdc of total installed capacity, enough to power 23 million American homes. Thus, the increasing initiatives and growing installation of solar cells is driving the market growth., Restraint: High installation cost and lack of skilled workforce for PV installation, PV installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to various other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled workforce has been one of the most prominent challenges in the PV arena. Moreover, there have been fatalities in the past involving technicians falling off the roof during rooftop solar installation and due to electrocution. However, the lack of a skilled and informed workforce and high installation costs are expected to act as a restraint for the market., Opportunities: Integration of thin-film solar cells into building materials, such as windows, facades, and roofs, There is a growing trend towards the integration of thin-film solar cells into building materials, also known as building-integrated photovoltaics (BIPV). This integration offers several benefits and is driving increased adoption. Thin-film solar cells offer design flexibility and can seamlessly integrate into various building materials, including windows, facades, roofs, and even transparent surfaces. Buildings account for 40% of energy consumption so to reduce this, building-integrated PV (BIPV) can play an important role by opening new areas for photovoltaics., Challenges: Competition from traditional crystalline silicon solar cells, Crystalline silicon solar cells have been in the market for longer and have experienced significant cost reductions due to economies of scale, improved manufacturing processes, and technological advancements. This cost advantage makes crystalline silicon solar cells more financially attractive for large-scale solar installations., Crystalline silicon solar cells currently dominate the solar photovoltaic market, accounting for a significant portion of installations. This dominance gives them a competitive advantage in terms of industry support, research and development investments, and market penetration, which can pose challenges for thin-film photovoltaics to gain market share., Thin-film photovoltaic Market: Key Trends, The prominent players in the thin-film photovoltaic market are First Solar (US), Kaneka Corporation (Japan), Ascent Solar Technologies (US), Oxford PV (UK), Hanwha Q CELLS (South Korea), Sharp Corporation (Japan), JA Solar Technology Co. Ltd (China), MiaSole (US), AVANCIS GmbH (Germany), Solbian (Italy), among others. These companies boast mixing trends with a comprehensive product portfolio and strong geographic footprint., Modules to acquire a significant share in the thin-film photovoltaic market, The modules is expected to hold the largest market share during the forecast period. The increasing presence of PV modules manufacturer and growing demand of PV modules is driving the market growth. In February 2022, LONGi officially launched its new 66C type Hi-MO 4 monofacial PV module (Hi-MO 4 m) for the thin-film photovoltaic market. With an area of about 2 m2, a weight of 22 kg, and a power of 410–420 W, the new module can be widely used on rooftops in residential, industrial, and commercial applications., Commercial & Industrial end user holds the second largest share in thin-film photovoltaic market in 2023, The commercial & industrial segment expected to account for the second largest market share in 2023. The commercial & industrial sector includes commercial buildings, banks and financial institutes, educational institutions, enterprises, manufacturing plants, hospitals, hospitality buildings, and so on. The government undertakes different incentive schemes and strategic analysis to encourage the adoption of solar PV systems in commercial & industrial applications., Thin-film photovoltaic market to witness highest demand from Asia Pacific, The market players are experiencing increased demand for solar cells from countries such as China, Japan, India, and South Korea. India and China are playing a significant role in the growth of the Asia Pacific thin-film photovoltaics industry ., These countries are aggressively progressing in the thin-film photovoltaics market. The presence of favorable government policies in Asia Pacific contributes to the growth of the regional thin-film photovoltaics market. Governments of countries such as China, India, and Australia have taken various initiatives in the past few years to increase the adoption of solar energy. The growth of the thin-film photovoltaics market is projected to create growth opportunities for the thin-film photovoltaics market. Thin-film photovoltaics offer advantages over traditional solar cells, such as a thinner size, better efficiency in low and variable lights, and higher spectral absorption., Recent developments, In May 2023, First Solar, Inc. acquired Evolar AB, a European leader in perovskite technology. The purchase price is approximately $38 million paid at closing and up to an additional $42 million to be paid subject to certain technical milestones being achieved in the future., In March 2023, Kaneka Corporation and Taisei Corporation has collaborated with the Tokyo Bureau of Environment, to start power generation under the Renewable Energy Visualization Model Project for Tokyo-owned Facilities (Building-integrated Photovoltaic [BIPV] Power Generation Equipment), In April 2023, Ascent Solar Technologies acquired Flisom AG’s Zurich equipment, establishing a new revenue stream, 300% more manufacturing capacity, and an international presence as European and Asian governments adopt legislation to increase solar energy production & domestic manufacturing capabilities., KEY MARKET SEGMENTS, By Material, Cadmium Telluride (CDTE), Amorphous Silicon (A-SI), Perovskite, Copper Indium Gallium Selenide (CIGS), Organic PV, Copper Zinc Tin Sulfide (CZTS), Quantum Dot Thin Film Solar Cells, All-Silicon Tandem, By Component, Module, Inverter, Balance of System (BOS) , By End User, Residential, Commercial & Industrial, Utilities, By Region, North America, US, Canada, Mexico, Europe, Germany, UK, France, Italy, Russia, Rest of Europe, Asia Pacific, China, Japan, India, Australia, Rest of Asia Pacific, RoW, Middle East & Africa, South America, KEY MARKET PLAYERS, First Solar , Kaneka Corporation, Ascent Solar Technologies, Oxford PV, Hanwha Q CELLS , Sharp Corporation, JA Solar Technology Co. Ltd , MiaSole , AVANCIS GmbH , Solbian.

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