Thin-Film Photovoltaic Market Poised for Rapid Growth
The thin-film photovoltaic market is projected to grow from USD 6.2 billion in 2024 and is expected to reach USD 12.4 billion by 2029, growing at a CAGR of 15.1% from 2024 to 2029.Increasing demand due to deployment of thin film photovoltaics in diverse environments, thin-film PV panels are more adaptable to various surfaces and shapes than the conventional rigid and heavyweight panels. This makes them suitable for a host of unconventional applications, such as on curved surfaces, in portable devices, and in building materials like windows and roofs. Moreover, thin-film PV can tolerate partial shading better than traditional panels, as they have a wider angle of light acceptance, thus allowing them to be installed at more varied angles and still perform effectively.
The organic photovoltaic (OPV) in the material type
segment is expected to witness second highest growth rate during the forecast
period.
Organic photovoltaic (OPV) uses organic molecules or
polymers for the conversion of sunlight into electricity. With such advantages
of being lightweight and flexible, makes them suitable for numerous
applications such as wearable devices, building integration, and portable
electronics. The materials used in OPVs are less expensive and are more
amenable to processing, and uses fewer harmful chemicals compared to
traditional solar cell manufacturing. Furthermore, owing to its flexibility, it
provides scope for innovative curved or irregularly surfaced installations,
which increases its potential for generating solar energy.
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Commercial and Industrial end use segment is expected to
hold the second largest market share in the thin-film photovoltaic market
during the forecast period.
The commercial & industrial segment include banks and
financial institutes, educational institutions, enterprises, commercial
buildings, manufacturing plants, hospitals, and hospitality buildings, among
others. Mostly these commercial and industrial building have large roof space,
which can be easily utilized for the installation of solar panels. Thin-film
panels are light weighted and flexible making them ideal for a variety of roof
types and structures. Furthermore, thin-film photovoltaics are applicable in
building materials and open up more design options to be more aesthetically
pleasing, permitting businesses to maintain the architectural designs while
still reaping all the benefits from solar energy.
Market for flexible type segment is expected to witness
highest growth rate in the thin-film photovoltaic market during the forecast
period.
Flexible thin-film photovoltaics are made on substrates,
such as plastic or metal foil, which results in lightweight and highly
adaptable solar cells. Flexible thin-film photovoltaics are lightweight and of
conformable nature, which makes them highly suitable for a range of
applications, such as portable solar chargers for powering devices in remote
locations, solar backpacks for on-the-go power generation, curved surfaces on
vehicles (boats, electric cars) for supplementary power. Moreover, these thin-film
PVs due to their lightweight and flexibility, aid in easy installation,
requiring less structural support and labor.
North America is expected to witness highest growth rate
in the thin-film photovoltaic market during the forecast period.
The North American market is witnessing considerable growth
owing to the increasing deployment of PV modules in both residential as well as
non-residential applications. Governments in North America have taken several
initiatives to promote the use of photovoltaic systems in the region. These
initiatives include the National Community Solar Partnership, and Climate
Action Incentive Fund among others. Moreover, the solar installation capacity
in the residential and commercial sectors of the region is expected to increase
in the coming years due to its developed economy, availability of large PV
modules, and a robust inverter customer base.
Key Players
Leading players in the thin-film photovoltaic market include
KANEKA CORPORATION (Japan), First Solar (US), Ascent Solar Technologies, Inc.
(US), Hanwha Qcells (South Korea), Oxford Photovoltaics Ltd. (UK), and SHARP
CORPORATION (Japan). JA SOLAR Technology Co., Ltd. (China), AVANCIS GmbH
(Germany), MiaSole (US), Solbian (Italy), SOLARA (Germany), Custom Solar
BIPV Panels – MetSolar (Lithuania), Enecom S.r.l. (Italy), TRONY
(China), NanoPV Solar Inc. (New Jersey), QS SOLAR (China), Heliatek
(Germany), Wuxi Suntech Power Co., Ltd. (China), Jinko Solar (China),
Trinasolar (China), Panasonic Holdings Corporation (Japan), Sol Voltaics
(Sweden), Tandem PV, Inc. (US), SOLAR FRONTIER K.K. (Japan), and REC Solar
Holdings AS (Norway) are few other key companies operating in the thin-film
photovoltaic market.
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