Thin-Film Photovoltaic Market to grow USD 11.2 billion by 2028

"Thin-film photovoltaic market to grow at CAGR of 16.0% during 2023-2028"

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. Some of the major factors driving the growth of the thin-film photovoltaic market include the increasing government initiatives towards thin-film solar cells and the growing adoption of thin-film solar cells in residential applications. However, competition from traditional crystalline silicon solar cellsact as a challenge for the market in the future. The major growth opportunities for the market players are ongoing technologies/material development in thin-film solar cell manufacturing.

"Market for Cadmium Telluride (CdTe) have the highest share during the forecast period"

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The cadmium telluride (CdTe)segment of the thin-film photovoltaic market is expected to account for the highest CAGR in the forecast period. Among all solar panel varieties, CdTe has the lowest carbon footprint, water need, and energy payback period. It also shares the same low-cost advantage as polycrystalline cells. Further, the increasing investment in this material is driving the market growth. Recently in August 2022, the US Department of Energy (DOE) announced its investment of USD 20 million toward the R&D of CDTE-based thin-film PV modules through a newly setup CdTe Accelerator Consortium (CTAC) to increase cell efficiencies of CDTE-based solar panels from 22to 24% by 2025 and above 26% by 2030 while steadily reducing the per-watt cost of manufacturing.

"Utilities end user had the highest share in 2023"

The utility segment held the largest market share in 2023, and a similar trend is expected during the forecast period. The solar power plants are environmentally friendly; therefore, governments across several countries promote the installation of such plants. Thus, governments' special schemes and financial support for the installation of solar power projects are expected to boost the demand for PV systems to be installed for utility applications during the forecast period.

The future of thin-film photovoltaic technology presents a transformative pathway toward more accessible and efficient solar energy utilization. Characterized by lightweight, flexible, and versatile solar cells, thin-film photovoltaics offer unique advantages over traditional silicon-based panels.

As research and development in this field continue to advance, the potential applications are broadening. Integration of thin-film solar cells into building materials such as windows, facades, and even clothing could turn everyday surfaces into energy-generating assets. This innovation not only expands energy production but also enhances architectural aesthetics.

One of the most promising aspects of thin-film technology lies in its adaptability to diverse environments. These solar cells can be employed in off-grid and remote areas, revolutionizing energy access and reducing reliance on fossil fuels. Moreover, the flexibility of these cells simplifies transportation and installation, opening doors for rapid deployment in various settings.

However, challenges such as achieving higher efficiency levels and maintaining durability over extended periods remain focal points for research. Innovations in materials, such as perovskite-based thin films, show potential in addressing these concerns and further boosting efficiency.

With the growing emphasis on sustainability and renewable energy sources, the future of thin-film photovoltaic technology appears promising. As efficiency improves, costs decrease, and applications diversify, these solar cells could play a pivotal role in reshaping the global energy landscape toward a cleaner and more sustainable future.

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