Thin Film Photovoltaics Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

Introduction:

The thin film photovoltaics market is the global industry involved in the production, distribution, and installation of thin film solar cells for generating electricity from sunlight. Thin film photovoltaics are a type of solar technology that utilizes thin layers of semiconductor materials to convert sunlight into electrical energy. The semiconductor materials used in thin film photovoltaics can vary and may include amorphous silicon (a-Si), cadmium telluride (CDTE), copper indium gallium selenide (CIGS), or emerging materials like perovskite. These materials have unique properties that enable them to absorb sunlight and generate electrical current. These solar cells are lightweight, flexible, and can be manufactured using cost-effective processes. The applications of thin film photovoltaics range from residential and commercial solar installations to large-scale solar power plants. They are suitable for both grid-connected systems and off-grid applications, providing a versatile and sustainable energy solution. The global thin film photovoltaics market is anticipated to experience a substantial growth due the increasing demand for clean and renewable energy sources, rising environmental concerns, government initiatives, and favorable policies promoting solar energy adoption.

The thin film photovoltaics market is anticipated to reach USD XXX.X million by 2030 from USD XXX.X million in 2022, at a CAGR of 16.0% during the forecast period.

Technological advancements in thin film photovoltaics, flexibility and lightweight nature of thin film photovoltaics, cost advantages compared to traditional crystalline silicon solar panels, and better performance in low-light conditions compared to crystalline silicon panels, is expected to further boost the global thin film photovoltaics market during the forecast period 2023-2030.

Growth Drivers:

The residential sector is witnessing a growing adoption of thin film photovoltaics as homeowners recognize the benefits of generating clean and renewable energy. Thin film photovoltaic systems offer a cost-effective solution for residential solar installations. Compared to traditional crystalline silicon panels, thin film modules can be manufactured at a lower cost, resulting in a more affordable option for homeowners, which is a significant growth driver of the thin film photovoltaic market.

Governments all around the globe are implementing supportive policies and incentives to promote the adoption of renewable energy sources, including solar power. These policies may include feed-in tariffs, tax credits, grants, and renewable energy targets. For instance, the federal government of US provides a tax credit for the installation of solar energy systems, including thin film photovoltaics. Favorable government policies and incentives positively boost the demand for thin film photovoltaics and drives the growth of global thin film photovoltaics market.

Continuous research and development efforts have led to advancements in thin film technologies, such as improved cell efficiency, enhanced light absorption, and better stability. These advancements help in improving efficiency, durability, and manufacturing processes, resulting in more advanced and competitive products, which in turns drive the thin film photovoltaic market on the global scale.

Thin film photovoltaics exhibit superior performance in low-light conditions compared to crystalline silicon panels. The improved performance of thin film photovoltaics in low-light conditions extends the daily operating hours of solar systems. They can generate electricity even in overcast or shaded environments, making them suitable for regions with less consistent sunlight. This advantage enhances their appeal in areas where sunlight availability is limited.

Thin Film Photovoltaics Segmentation:

By Material Type:

·         Amorphous Silicon (A-SI)

·         Cadmium Telluride (CDTE)

·         Copper Indium Gallium Selenide (CIGS)

·         Copper Zinc Tin Sulfide (CZTS)

·         Perovskite

·         Organic PV

·         Quantum Dot Thin Film Solar Cells

·         All-Silicon Tandem

By Component:

·         Module

o   PV Module Type 

§  Organic Photovoltaic (OPV) Module

§  Inorganic Photovoltaic (IPV) Module

§  Hybrid Photovoltaic Module

o   Cell Type

§  Single-Junction Cells

§  Multi-Junction Cells

§  Organic Photovoltaic (OPV) Cells

§  Perovskite Solar Cells

·         Balance of System (BOS)

o   Connection Cable

o   Junction Box

o   Safety Equipment

o   Tracker

o   Battery

o   Monitoring System

o   Others

·         Inverter

By End-User:

·         Residential

·         Commercial

·         Industrial

·         Utilities

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

Thin Film Photovoltaics Market by Material Type Review:

Based on the material type, the thin film photovoltaics market is segmented into eight segments including the amorphous silicon (A-Si), cadmium telluride (CDTE), copper indium gallium selenide (CIGS), copper zinc tin sulfide (CZTS), perovskite, organic pv, quantum dot thin film solar cells, and all-silicon tandem. On the basis of material type, the cadmium telluride (CDTE) segment is expected to dominate the market in terms of market share, while the perovskite segment is predicted to grow at the highest rate in terms of CAGR during the forecast period.

Thin Film Photovoltaics Market by Component Review:

Based on the component, the thin film photovoltaics market is segmented into module which is further segmented into PV module, and cell type, balance of system (BOS), which is further segmented connection cable, junction box, safety equipment, tracker, battery, monitoring system, and others, and inverter. On the basis of component, the module segment is expected to be the largest in terms of market share, while the inverter segment is predicted to grow at the highest rate in terms of CAGR during the forecast period.

Thin Film Photovoltaics Market by End-User Review:

Based on the end-user, the thin film photovoltaics market is segmented residential, commercial, industrial, and utilities. On the basis of end-user, the utilities segment is expected to be the largest in terms of market share, while the residential segment is predicted to grow at the highest rate in terms of CAGR during the forecast period.

Regional Outlook:

The thin film photovoltaics market research report offers detailed analysis and forecasts for five major regions i.e., North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.

The North America region is forecasted to dominate the global thin film photovoltaics market followed by Asia Pacific, Europe and Latin America during the forecast period 2023-2030.

The North America region is forecasted to maintain its dominant position in the global thin film photovoltaics market, accounting for a projected market share of XX.X% in 2022. The regional thin film photovoltaics market is fueled by the factors like increasing renewable energy targets, increasing solar installations in the region, favorable government policies and initiatives, and growing environmental consciousness. Technological advancements in thin film photovoltaics, ongoing research and development efforts focus on improving cell efficiency, enhancing manufacturing processes, and exploring new materials, is expected to further boost the thin film photovoltaics market in North America region during the forecast period 2023-2030.

Within North America, United States, and Canada are seen to hold a dominant portion of the thin film photovoltaics market due to advanced technological capabilities, a well-established renewable energy sector, supportive policies, and a growing awareness of environmental sustainability.

Asia Pacific represents a rapidly expanding market for thin film photovoltaics, in terms of CAGR. Countries like China, Japan, and India are witnessing substantial growth in solar energy installations, supported by government initiatives and increasing investments in renewable energy infrastructure. The region's large population and rapid industrialization drive the demand for clean and sustainable energy sources, creating significant opportunities for thin film photovoltaics. Moreover, advancements in manufacturing technologies and cost reductions, is expected to further boost the thin film photovoltaics market in the region during the forecast period.

Key Companies in Thin Film Photovoltaics Market:

The research report offers a competitive analysis of prominent companies operating in the thin film photovoltaics market. Some of the leading players profiled in the market research report include:

·         First Solar, Inc.

·         Hanergy Holding Group Ltd. 

·         Oxford PV

·         Ascent Solar Technologies, Inc

·         Kaneka Corporation

·         MiaSole Hi-Tech Corp.

·         Avanchis GmbH

·         SolbianEnergie Alternative Srl.

·         Crystasol GmbH

·         NanoPV Technologies, Inc.

·         Other Players