Northbrook, IL 60062 -- (SBWire) -- 11/15/2023 --Global 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.
Increasing government initiatives towards thin-film solar cells, growing adoption of thin-film solar cells in residential applications, and increasing investment towards renewable energy are expected to propel the thin-film photovoltaic market in the next five years. However, competition with other renewable resources, high installation cost, and lack of skilled work force for PV installation will likely pose challenges for the industry players.
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Thin-film photovoltaic Market: Key Trends
The prominent players in the thin-film photovoltaic market are 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. These companies boast mixing trends with a comprehensive product portfolio and strong geographic footprint.
Modules to acquire a significant share in the thin-film photovoltaic market
The modules is expected to hold the largest market share during the forecast period. The increasing presence of PV modules manufacturer and growing demand of PV modules is driving the market growth. In February 2022, LONGi officially launched its new 66C type Hi-MO 4 monofacial PV module (Hi-MO 4 m) for the global thin-film photovoltaic market. With an area of about 2 m2, a weight of 22 kg, and a power of 410–420 W, the new module can be widely used on rooftops in residential, industrial, and commercial applications.
Commercial & Industrial end user holds the second largest share in thin-film photovoltaic market in 2023
The commercial & industrial segment expected to account for the second largest market share in 2023. The commercial & industrial sector includes commercial buildings, banks and financial institutes, educational institutions, enterprises, manufacturing plants, hospitals, hospitality buildings, and so on. The government undertakes different incentive schemes and strategic analysis to encourage the adoption of solar PV systems in commercial & industrial applications.
Thin-film photovoltaic market to witness highest demand from Asia Pacific
The global market players are experiencing increased demand for solar cells from countries such as China, Japan, India, and South Korea. India and China are playing a significant role in the growth of the Asia Pacific thin-film photovoltaics industry .
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Major vendors in the thin-film photovoltaic system companies 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.
Thin-Film Photovoltaic Market Share, Size, Trends, Industry Analysis Report 2028