Thin Film Photovoltaics Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: EP230703 | Research Suite: Report (PDF) & Market Data (Excel)
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