New York, United States , May 18, 2023 (GLOBE NEWSWIRE) — The Global Thin Film Photovoltaics Market Size is to grow from USD 13.56 billion in 2022 to USD 29.01 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.9% during forecast period.
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Thin film photovoltaics (TFPV) is a type of solar technology that involves depositing a thin layer of semiconductor material onto a substrate, which can be flexible or rigid. This allows for a lower cost of production and potentially higher efficiency compared to traditional silicon-based solar cells. TFPV can be made from a variety of materials such as cadmium telluride, copper indium gallium selenide, and amorphous silicon. They are commonly used in small-scale applications such as portable devices, building-integrated photovoltaics, and in some large-scale solar farms.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on “Global Thin Film Photovoltaics Market Size, Share, and COVID-19 Impact Analysis, By Type (Cadmium Telluride, Copper Indium Gallium Diselenide, and Amorphous Thin-Film Silicon), By Installation (On-Grid and Off-Grid), By End-User (Residential, Commercial, and Industrial and Utility), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032″. Get Detailed Report Description Here:
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The cadmium telluride is expected to grow at a CAGR of around 8.5% during the forecast period.
Based on type, the global thin film photovoltaics market is segmented into cadmium telluride, copper indium gallium diselenide, and amorphous thin-film silicon. The cadmium telluride (CdTe) segment in the thin film photovoltaics (TFPV) market is expected to witness significant growth due to several factors. Firstly, CdTe-based TFPV has demonstrated higher conversion efficiency and lower production costs compared to other TFPV technologies, making it an attractive option for large-scale solar energy production. Secondly, CdTe is a highly abundant material, making it a cost-effective option for TFPV manufacturing. Additionally, the increasing adoption of solar energy systems globally, coupled with government incentives and policies promoting renewable energy sources, is expected to boost the demand for CdTe-based TFPV.
The utility segment held the largest market share of around 45.3% in 2022.
Based on end-user, the global thin film photovoltaics market is segmented into residential, commercial, industrial, and utility. The utility segment held the largest market share in 2022. This is due to large-scale TFPV systems installed by utility companies are often designed to feed into the power grid, providing clean and renewable energy to the grid for public consumption. Additionally, utility companies benefit from government policies promoting renewable energy, making it financially viable to invest in TFPV technology. Furthermore, TFPV systems offer higher efficiency and lower production costs compared to other renewable energy sources such as wind and hydropower, making them an attractive option for utility companies to meet their energy production targets.
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Latin America is predicted to grow at a significant CAGR of around 8.2% over the forecast period.
Based on region, Latin America is expected to experience significant growth in the thin film photovoltaics market in the forecast period due to several factors. Firstly, there is a growing demand for renewable energy sources in the region, with many governments setting targets for increasing the share of renewable energy in their energy mix. Additionally, the region has a high potential for solar energy production, with many areas receiving high levels of solar radiation. Furthermore, the decreasing costs of TFPV production and the flexibility of TFPV enable new applications in the region such as off-grid solar systems and portable devices. As a result, many TFPV companies are expanding their operations in Latin America to tap into the growing market opportunities.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global thin film photovoltaics market include Greatcell, Exeger Operations AB, Fujikura Europe Ltd., G24 Power Ltd., Konica Minolta Sensing, Europe B.V., Merck KGaA, Oxford PV, Peccell Technologies, Inc., Sharp Corporation, Solaronix SA, Sony Corporation, Ricoh, First Solar, SunPower Corporation, Suniva Inc., Tata Power Solar Systems Ltd., Sharp Corporation, ALPS Technology Inc., Solaris Technology Industry, Inc., Green Brilliance Renewable Energy LLP, Trina Solar, and Canadian Solar.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global thin film photovoltaics market based on the below-mentioned segments:
Thin Film Photovoltaics Market, By Type
- Cadmium Telluride
- Copper Indium Gallium Diselenide
- Amorphous Thin-Film Silicon
Thin Film Photovoltaics Market, By Installation
- On-Grid
- Off-Grid
Thin Film Photovoltaics Market, By End-User
- Residential
- Commercial
- Industrial and Utility
Thin Film Photovoltaics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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