CHICAGO, Aug. 14,
2024 /PRNewswire/ -- The global Thin-Film
Photovoltaic Market is expected to be valued at
USD 6.2 billion in 2024 and is
projected to reach USD 12.4 billion
by 2029 and grow at a CAGR of 15.1% from 2024 to 2029 according to
a new report by MarketsandMarkets™. Increasing demand due
to deployment of thin film photovoltaics in diverse environments,
thin-film PV panels are more adaptable to various surfaces and
shapes than the conventional rigid and heavyweight panels. This
makes them suitable for a host of unconventional applications, such
as on curved surfaces, in portable devices, and in building
materials like windows and roofs. Moreover, thin-film PV can
tolerate partial shading better than traditional panels, as they
have a wider angle of light acceptance, thus allowing them to be
installed at more varied angles and still perform
effectively.
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Browse in-depth TOC on "Thin-Film Photovoltaic
Market"
185 – Tables
55 – Figures
214 –
Pages
Thin-Film Photovoltaic Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 6.2
billion
|
Estimated Value by
2029
|
$ 12.4
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 15.1%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By material, type,
component, end use, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Growing popularity of
traditional crystalline silicon solar cells in large-scale solar
installations
|
Key Market
Opportunities
|
Integration of
thin-film solar cells into windows, facades, and roofs
|
Key Market
Drivers
|
Growing adoption of
thin-film solar cells in residential sector
|
The organic photovoltaic (OPV) in the material type segment
is expected to witness second highest growth rate during the
forecast period.
Organic photovoltaic (OPV) uses organic molecules or polymers
for the conversion of sunlight into electricity. With such
advantages of being lightweight and flexible, makes them suitable
for numerous applications such as wearable devices, building
integration, and portable electronics. The materials used in OPVs
are less expensive and are more amenable to processing, and uses
fewer harmful chemicals compared to traditional solar cell
manufacturing. Furthermore, owing to its flexibility, it provides
scope for innovative curved or irregularly surfaced installations,
which increases its potential for generating solar energy.
Commercial and Industrial end use segment is expected to hold
the second largest market share in the thin-film photovoltaic
market during the forecast period.
The commercial & industrial segment include banks and
financial institutes, educational institutions, enterprises,
commercial buildings, manufacturing plants, hospitals, and
hospitality buildings, among others. Mostly these commercial and
industrial building have large roof space, which can be easily
utilized for the installation of solar panels. Thin-film panels are
light weighted and flexible making them ideal for a variety of roof
types and structures. Furthermore, thin-film photovoltaics are
applicable in building materials and open up more design options to
be more aesthetically pleasing, permitting businesses to maintain
the architectural designs while still reaping all the benefits from
solar energy.
Market for flexible type segment is expected to witness
highest growth rate in the thin-film photovoltaic market during the
forecast period.
Flexible thin-film photovoltaics are made on substrates, such as
plastic or metal foil, which results in lightweight and highly
adaptable solar cells. Flexible thin-film photovoltaics are
lightweight and of conformable nature, which makes them highly
suitable for a range of applications, such as portable solar
chargers for powering devices in remote locations, solar backpacks
for on-the-go power generation, curved surfaces on vehicles (boats,
electric cars) for supplementary power. Moreover, these thin-film
PVs industry due to their lightweight and flexibility, aid in
easy installation, requiring less structural support and labor.
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North America is expected to
witness highest growth rate in the thin-film photovoltaic market
during the forecast period.
The North American market is witnessing considerable growth
owing to the increasing deployment of PV modules in both
residential as well as non-residential applications. Governments in
North America have taken several
initiatives to promote the use of photovoltaic systems in the
region. These initiatives include the National Community Solar
Partnership, and Climate Action Incentive Fund among others.
Moreover, the solar installation capacity in the residential and
commercial sectors of the region is expected to increase in the
coming years due to its developed economy, availability of large PV
modules, and a robust inverter customer base.
Key Players
Leading players in the thin-film photovoltaic
companies include KANEKA CORPORATION (Japan), First Solar (US), Ascent Solar
Technologies, Inc. (US), Hanwha Qcells (South Korea), Oxford Photovoltaics Ltd. (UK),
and SHARP CORPORATION (Japan). JA
SOLAR Technology Co., Ltd. (China), AVANCIS GmbH (Germany), MiaSole (US), Solbian
(Italy), SOLARA (Germany), Custom Solar BIPV Panels – MetSolar
(Lithuania), Enecom S.r.l.
(Italy), TRONY (China), NanoPV Solar Inc. (New Jersey), QS SOLAR (China), Heliatek (Germany), Wuxi Suntech Power Co., Ltd.
(China), Jinko Solar (China), Trinasolar (China), Panasonic Holdings Corporation
(Japan), Sol Voltaics
(Sweden), Tandem PV, Inc. (US),
SOLAR FRONTIER K.K. (Japan), and
REC Solar Holdings AS (Norway) are
few other key companies operating in the thin-film photovoltaic
market.
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