With 16.0% CAGR, Thin-Film Photovoltaic Market Growth to Surpass USD 11.2 billion

The thin-film 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 investment towards renewable energy and integration of thin-film solar cells into building materials, such as windows, facades, and roofs, drive the market for thin-film photovoltaic Ongoing technologies/material development in thin-film solar cell manufacturing will also boost market growth in the coming years.

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As renewable energy sources are gaining popularity, investments in new renewable power projects have grown significantly in the past few years. Solar energy costs are already below retail electricity prices in major countries such as China, and the cost of solar power is anticipated to fall further by 15-35% by 2024, which is expected to spur the demand for PV systems. Moreover, there is a growing awareness and concern about the environmental impacts of fossil fuels, leading to increased public support for renewable energy. This support creates a favorable environment for renewable energy investments and encourages governments and businesses to allocate resources to renewable energy projects.

Based on material, the perovskite segment is projected to lead the market during the forecast period. One of the major advantages of perovskite cells is their ability to absorb sunlight across the entire visible spectrum. Also, the performance of these cells is affected by moisture, an extended period of light, and high heat. In October 2022, scientists from Ural Federal University (UrFU) and the Institute of Organic Synthesis of the Ural Branch of the Russian Academy of Sciences (UB RAS) collaborated in the development of a new type of material for perovskite solar cells, which can significantly reduce the cost of solar cell production.

The utility end user is expected to hold the largest market share during the forecast period. Utility solar power plants are environmentally friendly; therefore, governments across several countries are promoting their installation. Thus, special government-led schemes and financial support for the installation of solar power projects are expected to boost the demand for PV systems to be installed in the utility sector during the forecast period.

Based on Region, Asia Pacific is expected to lead the thin-film photovoltaic market in 2022, with China being the largest market in the region. The growing adoption of PV modules in China, Japan, and India is fueling the regional market's growth. Moreover, the region is the largest producer and consumer of PV modules and related PV components. Various initiatives and favorable policies launched by governments of different countries in Asia Pacific to promote the use of solar energy are expected to propel the demand for PV systems in the region during the forecast period.

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Major players operating in the C4ISR market include Lockheed First Solar (US), Kaneka Corporation (Japan), Ascent Solar Technologies (US), Oxford PV (UK), Mitsubishi Electric (Japan), Sharp Corporation (Japan), JA Solar Technology Co. Ltd (China), MiaSole (US), AVANCIS GmbH (Germany), Solbian (Italy), among others. These companies have reliable manufacturing facilities and strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with varied applications, broader geographical use cases, and a more extensive product footprint.

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This release was published on openPR.