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.
USA (+1) 351-333-4748
