Newark, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 12 billion in 2023 global thin-film photovoltaic market will reach USD 31.12 billion in 2033. In solar technology, thin-film photovoltaics are employed. These are incredibly thin sheets that effectively produce electricity from collar energy. Thin-film photovoltaic systems use cadmium telluride (CdTe), amorphous silicon (a-Si), or copper indium gallium selenide (CIGS) in place of the traditional materials. In contrast to the traditional materials, which are brittle and stiff, the thin layers are light and flexible.
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Furthermore, thin-film photovoltaics are less expensive to manufacture, which is reflected in the total cost of energy generated from solar radiation, making them a more appealing and affordable option on the market. Additionally, thin-film photovoltaics offer improved performance under less-than-ideal circumstances. Because they are lightweight and flexible, they are perfect for usage in construction. They are a desirable renewable energy source since they may be incorporated into building materials and energy systems. They are also perfect for usage in mobile solar equipment and devices. The efficiency, effectiveness, and cost-effectiveness of thin-film photovoltaics are increasing due to ongoing technological developments and inventions.
Key Insight of the Global Thin-film photovoltaic Market
Asia Pacific will dominate the market during the forecast period.
Growing economies in the area, such as China and India, have well-established production facilities with low labor and raw material costs, making them a worldwide supply hub and a major factor in their supremacy in the thin-film photovoltaic market. The industry is growing because of the beneficial government policies and infrastructure that promote the use of solar energy. Similar private investments in solar energy innovations support the expansion of the market. The International Solar Alliance and other global and regional alliances, in addition to the existence of major market participants, contribute to the market's expansion.
In 2023, the cadmium telluride (CdTe) segment dominated the market with the largest market share of 42% and revenue of 5.04 billion.
The type segment is divided into cadmium telluride (CdTe), amorphous silicon (a-Si), and copper indium gallium diselenide (CIGS). In 2023, the cadmium telluride (CdTe) segment dominated the market with the largest market share of 42% and revenue of 5.04 billion.
In 2023, the commercial segment dominated the market with the largest market share of 43% and revenue of 5.16 billion.
The end user segment is divided into residential, commercial and utility. In 2023, the commercial segment dominated the market with the largest market share of 43% and revenue of 5.16 billion.
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Scope of the Report:
| Report Metrics | Details |
| Market size available for years | 2024–2033 |
| Base year considered | 2022 |
| Forecast period | 2024–2033 |
| Market Size in 2023 | $12 billion |
| Projected Market Value in 2033 | $31.12 billion |
| CAGR | 10% From 2024 to 2033 |
| Segments covered | Type, End-User, Regions |
| Geographies covered | North America, Asia Pacific, Europe, Middle East and Africa, and Latin America |
| Companies covered | Ascent Solar Technologies, AVANCIS GmbH, First Solar, Hanwha Q CELLS, JA Solar Technology Co. Ltd, Kaneka Corporation, MiaSole, Oxford PV, Sharp Corporation, Solbian |
Advancement in market
Zintl-phosphide (BaCd2P2) has been found by US researchers lead by Dartmouth College as a possible novel absorber material for thin-film solar cells following a high-throughput (HT) computer screening of 40,000 promising inorganic compounds. The research they conducted was published in the journal Joule with the title "Discovery of the Zintl-phosphide BaCd2P2 as a long carrier lifetime and stable solar absorber."
Market Dynamics
Driver: Technological developments.
As non-renewable energy sources run out and the climate change issue intensifies, there is a growing need for renewable energy, which has prompted greater research and development into more economical and efficient renewable energy sources. One such abundant source of energy is solar energy. The market will expand because to the rising costs associated with research and development aimed at creating more advanced technologies, such as thin-film photovoltaics, which can convert solar energy into electricity more effectively. For example, advancements in materials such as cadmium telluride (CdTe) and copper indium gallium selenide (CIGS) to improve energy efficiency during conversion translate into more reasonable energy pricing. In a similar vein, improvements in thin-film photovoltaic components, simpler production procedures, and manufacturing process innovations all support the market's expansion and growth during the projection period. These developments have increased thin-film photovoltaics' flexibility while also extending its lifespan and durability. Consequently, the development of technology will propel the expansion of the thin-film photovoltaic market worldwide.
Restraints: Manufacturing difficulties.
The method of producing thin-film photovoltaics is costly and intricate. It needs expensive, extremely complicated manufacturing procedures, specialized materials, and equipment. Costs are further increased by the requirement for a controlled atmosphere during the manufacturing process. Installing machinery and equipment comes with hefty upfront costs. The charges are further increased by the cost of upkeep. To make matters worse, handling materials and equipment precisely is difficult. Complying with regulations is complicated, which increases expenses and difficulties for businesses. The manufacturing process is made more difficult by the ongoing improvements made to thin-film photovoltaics' performance and efficiency. Therefore, the growth of the market will be hampered by the high costs and manufacturing difficulties.
Opportunities: favorable regulations.
As the need to battle climate change and lessen environmental damage becomes more pressing, legislative improvements that benefit the thin-film photovoltaic market globally have been brought about. The expansion of the thin-film photovoltaic market globally will be aided by favorable government policies that offer subsidies, incentives, and supportive programs to encourage research and development, product improvements, and the usage of solar energy. The government is promoting partnerships and collaborations that are enhancing thin-film photovoltaics for effective solar energy conversion through financial initiatives and a favorable regulatory environment. The market is seeing a surge in private investments and efforts to create new technologies that would enable solar energy prices to drop, with these beneficial legislative reforms. As a result, advantageous regulatory conditions will support the growth of the thin-film photovoltaic market globally in the future.
Challenges: Alternative technologies.
Thin-film photovoltaic technologies have some drawbacks making them less desirable in the market. they are not as durable and offer less energy conversion ratios compared to silicon based traditional photovoltaic. These panels are well-known, established and tested in the market, making them a more attractive and trusted technology over thin-film photovoltaics. They are also preferred given the lesser space they require compared to thin-film photovoltaics. Furthermore, the competition from other renewable energy sources also challenges the market’s growth.
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Some of the major players operating in the global thin-film photovoltaic market are:
• Ascent Solar Technologies
• AVANCIS GmbH
• First Solar
• Hanwha Q CELLS
• JA Solar Technology Co. Ltd
• Kaneka Corporation
• MiaSole
• Oxford PV
• Sharp Corporation
• Solbian
Key Segments covered in the market:
By Type
• Cadmium Telluride (CdTe)
• Amorphous Silicon (a-Si)
• Copper Indium Gallium Diselenide (CIGS)
By End User
• Residential
• Commercial
• Utility
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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