Global Thin-Film Photovoltaic Market Share To worth USD 11.2 billion by 2028| CAGR of 16.0%

The thin-film photovoltaic market share 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. The market growth is attributed to the growing adoption of thin-film solar cells in residential applications and increasing governments' initiatives towards thin-film solar cells. Furthermore, the Integration of thin-film solar cells into building materials, such as windows, facades, and roofs, is expected to create lucrative opportunities for the market.

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Key players in the thin-film photovoltaic market share include First Solar (US), Kaneka Corporation (Japan), Ascent Solar Technologies (US), Oxford PV (UK), Hanwha Q CELLS (South Korea), Sharp Corporation (Japan), JA Solar Technology Co. Ltd (China), MiaSole (US), AVANCIS GmbH (Germany), Solbian (Italy), among others.

Driver: Increasing initiatives of governments towards thin-film solar cells

Governments in various regions are constantly developing policies to provide PV projects with convenient grid connections. Countries such as China, the US, Canada, and France are aggressively promoting the use of solar energy. For instance, in June 2022, China published its 14th Five-Year Plan, which includes an ambitious target of 33% of electricity generation from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies.

Restraint: High installation cost and lack of skilled workforce for PV installation

PV installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to various other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled workforce has been one of the most prominent challenges in the PV arena. Moreover, there have been fatalities in the past involving technicians falling off the roof during rooftop solar installation and due to electrocution. However, the lack of a skilled and informed workforce and high installation costs are expected to act as a restraint for the market.

Opportunities: Integration of thin-film solar cells into building materials, such as windows, facades, and roofs

There is a growing trend towards the integration of thin-film solar cells into building materials, also known as building-integrated photovoltaics (BIPV). This integration offers several benefits and is driving increased adoption. Thin-film solar cells offer design flexibility and can seamlessly integrate into various building materials, including windows, facades, roofs, and even transparent surfaces. Buildings account for 40% of global energy consumption so to reduce this, building-integrated PV (BIPV) can play an important role by opening new areas for photovoltaics.

Challenges: Competition from traditional crystalline silicon solar cells

Crystalline silicon solar cells have been in the market for longer and have experienced significant cost reductions due to economies of scale, improved manufacturing processes, and technological advancements. This cost advantage makes crystalline silicon solar cells more financially attractive for large-scale solar installations.

Crystalline silicon solar cells currently dominate the solar photovoltaic market, accounting for a significant portion of global installations. This dominance gives them a competitive advantage in terms of industry support, research and development investments, and market penetration, which can pose challenges for thin-film photovoltaics to gain market share.

First Solar designs, manufactures, markets, and distributes PV solar power systems and modules. The company operates its business via two reportable segments-Modules and Others. The Modules business segment involves the design, manufacture, and sale of CdTe solar modules. The company offers PV systems through its Modules business segment. The company offers PV modules, namely Series 6 and Series 6 Plus. The PV modules provided by First Solar have a maximum power of 450 W.

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Asia Pacific is projected to dominate the market and record the highest CAGR during the forecast period. The Asia Pacific region is the largest producer and consumer of PV modules and related components. Various initiatives and favorable policies launched by governments of different countries in the region to promote the use of solar energy are expected to propel the demand for solar cells, which, in turn, will increase the need for thin-film solar cells during the forecast period.

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