Thin-Film Photovoltaic Market revenue to surpass USD 29 Billion by 2036, says Research Nester

New York , Feb. 22, 2024 (GLOBE NEWSWIRE) — The global thin-film photovoltaic market size is estimated to attain at 16% CAGR from 2024 to 2036. The market is expected to garner a revenue of USD 29 billion by the end of 2036, up from a revenue of USD 5 billion in the year 2023. The growth of the market is attributed to the rising preference for eco-friendly and energy-efficient systems across the world. Solar cells account for 16% of the total electricity produced by renewable sources in the year 2022 rising from the base of 14% in 2021.

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The government initiatives to decrease greenhouse gases and to improve the environment are propelling the market trends. Indian government launched several schemes such as the National Action Plan on Climate Change (NAPCC) which runs projects on solar energy, energy efficiency, water, and sustainable agriculture.  The National Adaption Fund for Climate Change (NAFCC) sanctioned nearly 30 projects in 27 states and union territories decreasing 24% of emission intensity. In the Netherlands, the industries are charged a targeted carbon levy of USD 32 per ton in 2021 increasing the standards to USD 130 to 180 per ton along with the Emissions Trade System price in 2030.

Thin-Film Photovoltaic Market: Key Takeaways

  • Market in Asia Pacific region to propel the highest growth.
  • The Module segment to garner the highest growth
  • Market in North America region to grow at the highest rate

The Incorporation of Thin-Film Photovoltaic Cells in Building Infrastructures is Driving the Growth of the Thin-Film Photovoltaic Industry

The implementation of thin film solar cells into the materials of buildings such as windows, facades, and roofs is estimated to fuel the market growth. The adoption of this technology is rising day by day owing to its benefits, flexibility of design, and seamless integration is predicted to boost the market size. More than 23 million houses depend on photovoltaic cells for energy in 2022 and is estimated to reach 100 million by the end of 2030. India in 2022, launched a Long-Term Low-Carbon strategy to promote Energy and Material-Efficiency in Buildings, Adaption in Urban Design, and Sustainable Urbanization.

Thin-Film Photovoltaic Industry: Regional Overview 

The global thin-film photovoltaic market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. 

Growing Application of Solar Power in the Industries and Households is Augmenting the Market Growth in the Asia Pacific Region

The Asia Pacific region market is expected to secure a market share of 35% during the forecast period on account of the escalating use of solar power in the end-user sectors and houses. The adoption of renewable energies to reduce environmental effects is soaring the market size. The presence of technological inventors, government initiatives, manufacturers, and other key players is outlined to drive the market trends. China has the world’s biggest solar power capacity generating over 400 gigawatts of solar energy as of 2023.

Integration of Smart Grids with Photovoltaic Cells is Strengthening the Market Expansion in the North America Region

The North American region is predicted to attain a sustainable market share during the forecast era. The market of the region has seen many ups and downs through the decades owing to the demand for silicon solar cells in the market. The government support and preference for renewable sources shot up the market size in the beginning. Later the high price and availability of other options limited the growth. Further, with the integration of advanced technological inventions and the rising solar industry is estimated to sustain the market growth in the future forecast period. The solar industry in the United States launched more than 5.5 gigawatts of direct current capacity in 2023 at a rate of 18% rise from 2022.

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Thin-Film Photovoltaic Market Segmentation by Component

  • Module
  • Inverter
  • Balance of System (BOS)

The module segment from the thin-film photovoltaic industry is envisaged to register a noteworthy market revenue of 47% during the coming years. The market growth of the segment is credited to the advancements in the thin film solar cell technology, less cost, high performance, enhanced efficiency, and flexibility. The less-weight, economically viable, scalable nature of solar projects is intensifying the demand for the market in the coming years. The photovoltaic cells can achieve over 50% efficiency compared to 15% to 20% efficiencies of commercial panels.

Thin-Film Photovoltaic Market Segmentation by End-User

  • Industrial & Commercial
  • Residential
  • Utilities

The industrial and commercial segment of the thin-film photovoltaic industry is reckoned to secure a notable market share. The increasing adoption of thin-film photovoltaics in the building sectors is propagating the market segment size. The market size is credited to the incorporation of green energy systems in the industries to save energy consumption and electricity costs. The global energy production from renewable sources such as solar, wind, geothermal, ocean, and hydro increased by more than 7% in 2022.

Thin-Film Photovoltaic Market Segmentation by Material Type

  • Cadmium Telluride (CdTe)
  • Amorphous Silicon (a-Si)
  • Copper Indium Gallium Diselenide (CIGS)

A few of the well-known market leaders in the global thin-film photovoltaic market that are profiled by Research Nester are First Solar, Solbian, AVANCIS GmbH, MiaSole Hi-Tech Corp., JA SOLAR Technology Co., Ltd., Ascent Solar Technologies, Inc., Oxford Photovoltaic Ltd., Hanwha Corporation, Sharp Corporation, Crystalsol GmbH, and others.

Recent Development in the Market 

  • First Solar, Inc. introduced the plans to generate the first bifacial solar panels in limited quantity by applying cutting-edge thin-film semiconductors. A fully functional per-commercial Series 6 Plus Bifacial photovoltaic (PV) module, a premier of industry, from Intersolar Europe in Munich, Germany, will be on display at First Solar’s Stand.
  • Avancis broke the record for copper, indium, gallium, and selenium (CIGS) solar panels by attaining 20.3% efficiency through the incorporation of a series connection of 30 cm by 30 cm. According to the German firm, the efficiency of a fully enclosed CIGS module with an integrated series connection of 30cm by 30 cm has established a new world record.

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