Thin-Film Photovoltaic Market Size, Share & Industry Analysis, By Type (Cadmium Telluride (CdTe), Amorphous Silicon (a-Si), Copper Indium Gallium Diselenide (CIGS)), By End-User (Residential, Commercial, Utility) and Regional Forecast, 2024-2032

Favorable policies to adopt renewable energy as a primary fuel along with continuous research & development to cut costs in the near future is set to positively cater to the thin-film photovoltaic market growth. Different governments are raising measures to curb national GHG emissions and deploy low carbon technologies.

A thin-film solar cell or photovoltaic (PV) cell is a device to produce electrical energy by using light or solar energy. It is made of different layers mounted on a substrate to provide efficient electricity generation in various applications. These compact systems offer a range of advantages like secure handling, small size, cost-effectiveness, and more flexible than other conventional counterparts.

Based on type, the global thin-film photovoltaic market can be segmented into Cadmium Telluride, Amorphous Silicon, and Copper Indium Gallium Diselenide. Cadmium Telluride (CdTe) thin-film PV cells are used to produce effective solar cells and have low water usage, fewer carbon emissions, and needs a concise time to generate the rated energy amount.

Amorphous Silicon (a-Si) panels are manufactured using a substrate like metal, glass, or plastic with layers of non-crystalline Si upon them. This structure helps them to cut uses of toxic materials, maintain flexibility, durability, and weigh less. Extensive applications in large scale use, commercial operations, high absorption rate, tandem & protective design, and very high efficiency are some of the factors that are set to cater to the Copper Indium Gallium Diselenide (CIGS) thin-film photovoltaic market growth.

On the basis of end-user, the global thin-film photovoltaic market can be primarily bifurcated into residential, commercial, and utility. Thin-film photovoltaics are widely incorporated in residential uses to generate inexpensive solar electricity and can withstand variable loads like rough wind conditions. Commercial thin-film PV market is projected to grow to a substantial share over the forecast timeframe owing to their increasing adoption as the building-integrated photovoltaic systems and inclination among consumers to produce green energy.

Exponentially growing energy demand across the globe coupled with stringent governmental norms to opt for technologies with low carbon footprint is set to positively grow the global thin-film photovoltaic market. Increasing integration of smart and energy-efficient buildings along with rising awareness in residential consumers to suffice additional energy demand is anticipated to further propel the industry size.

Complicated configuration of various materials along with the low output of some panels as compared to other alternatives may hinder the global thin-film photovoltaic market. Presence of harmful elements like cadmium may possess numerous risks at operational and disposal operations.

Key Players Covered

Some of the major participants that are operating in the thin-film photovoltaic market are Global Solar Energy, MiaSolé, Avancis GmbH, Solar Frontier K.K., First Solar, Solibro GmbH, Kaneka Corporation, Sharp Electronics Corporation USA, Ascent Solar Technologies, Inc., Xunlight (Kunshan) Co., Ltd., TS Solar GmbH, Flisom AG, and Crystalsol.

Segmentation

Regional Analysis

The global thin-film photovoltaic market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific region is expected to observe significant growth over the forecast timeframe owing to rapidly growing energy consumption coupled with positive government targets to incorporate solar as a major source in the generation mix. In Europe, favorable administrative and organizational policies along with the presence of experienced solar panels manufacturers are anticipated to cater to the regional industry outlook. North America is likely to witness a significant pace owing to the presence of tax subsidies along with various initiatives for research & development to develop cost-effective and more efficient systems.

Key Industry Developments

• In June 2019, MiaSolé announced to improve its FLEX-03W solar module to deliver high output with very less weight. The enhanced product is designed to weigh merely 5.6 kg and deliver up to 540W with successful applications in off-grid & on-grid areas.


• In March 2019, Global Solar introduced a more compact, flexible, and only a meter-long 55W thin-film PV module called as PowerFLEX+ FG-M1. The product is set to have extensive applications in mobile units & off-grid locations and thereby enhance the company’s product portfolio.


• In July 2018, Avancis declared to reopen its CIGS thin-film PV manufacturing facility in the Chungbuk province of South Korea. The expansion aims at increasing the company’s growth in the region and support the Korean government objectives for renewable generation.