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.
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.
Utilities end-user accounted for a larger share of the thin-film photovoltaic market in 2023.
The utility segment is a major market for thin-film photovoltaics. As the demand for solar cells is increasing in the utility sector, next-generation solar cells have a huge opportunity to cater to and replace conventional solar cells. For instance, in August 2022, the US government initiated and accelerated CdTe material-based solar panel adoption for the utility sector. Moreover, increasing initiatives by market players are also driving the market growth.
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Module is expected to grow at the highest CAGR in the forecast period.
The module segment is expected to grow at a higher CAGR during the forecast period. The module market has also increased significantly over the last few years. Factors governing the growth of the PV modules market include the increasing adoption of renewable technology for energy generation, rising government support in various countries to adopt solar energy, and growing technological advancements in PV modules.
Asia Pacific market accounted for the highest CAGR in the thin-film photovoltaic market during the forecast period.
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.
Key players
Key players in the thin-film photovoltaic market 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.
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