Thin-Film Photovoltaic Market Size, Share, Statistics and Industry Growth Analysis Report by Material (Cadmium Telluride (CDTE), Amorphous Silicon (A-SI), Perovskite, Copper Indium Gallium Selenide (CIGS), Organic PV, Copper Zinc Tin Sulfide (CZTS), Component (Module, Inverter, BOS) - Global Forecast to 2028
Updated on : October 04 , 2023
Global Thin-film photovoltaic market size 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 share 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.
The objective of the report is to define, describe, and forecast the thin-film photovoltaic market based on material, component, end user, and region.
Thin-Film Photovoltaic Market Statistics Forecast to 2028
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Thin-film photovoltaic market dynamics
Driver: Increasing initiatives of governments towards thin-film solar cells
Governments in various regions are constantly developing policies to provide PV projects with convenient grid connections. Countries such as China, the US, Canada, and France are aggressively promoting the use of solar energy. For instance, in June 2022, China published its 14th Five-Year Plan, which includes an ambitious target of 33% of electricity generation from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies.
In addition, the federal government in the US provides a tax credit for the installation of solar energy systems, including thin-film solar cells. Further, the Chinese government launched the Top Runner Program, which encourages the development and adoption of high-efficiency solar technologies, including thin-film solar cells. The program provides incentives and subsidies to manufacturers and projects that meet certain efficiency and performance criteria. Moreover, as of September 2022, according to SEIA (Solar Energy Industries Association), the US installed 4.6 gigawatts (GWdc) of solar PV capacity in Q2 2022 to reach 130.9 GWdc of total installed capacity, enough to power 23 million American homes. Thus, the increasing initiatives and growing installation of solar cells is driving the market growth.
Restraint: High installation cost and lack of skilled workforce for PV installation
PV installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to various other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled workforce has been one of the most prominent challenges in the PV arena. Moreover, there have been fatalities in the past involving technicians falling off the roof during rooftop solar installation and due to electrocution. However, the lack of a skilled and informed workforce and high installation costs are expected to act as a restraint for the market.
Opportunities: Integration of thin-film solar cells into building materials, such as windows, facades, and roofs
There is a growing trend towards the integration of thin-film solar cells into building materials, also known as building-integrated photovoltaics (BIPV). This integration offers several benefits and is driving increased adoption. Thin-film solar cells offer design flexibility and can seamlessly integrate into various building materials, including windows, facades, roofs, and even transparent surfaces. Buildings account for 40% of global energy consumption so to reduce this, building-integrated PV (BIPV) can play an important role by opening new areas for photovoltaics.
Challenges: Competition from traditional crystalline silicon solar cells
Crystalline silicon solar cells have been in the market for longer and have experienced significant cost reductions due to economies of scale, improved manufacturing processes, and technological advancements. This cost advantage makes crystalline silicon solar cells more financially attractive for large-scale solar installations.
Crystalline silicon solar cells currently dominate the solar photovoltaic market, accounting for a significant portion of global installations. This dominance gives them a competitive advantage in terms of industry support, research and development investments, and market penetration, which can pose challenges for thin-film photovoltaics to gain market share.
Market Map/Ecosystem
Thin-film photovoltaic Market: Key Trends
The prominent players in the thin-film photovoltaic industry 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 .
These countries are aggressively progressing in the global thin-film photovoltaics market. The presence of favorable government policies in Asia Pacific contributes to the growth of the regional thin-film photovoltaics market. Governments of countries such as China, India, and Australia have taken various initiatives in the past few years to increase the adoption of solar energy. The growth of the thin-film photovoltaics market is projected to create growth opportunities for the thin-film photovoltaics market. Thin-film photovoltaics offer advantages over traditional solar cells, such as a thinner size, better efficiency in low and variable lights, and higher spectral absorption.
Thin-Film Photovoltaic Market Statistics by Region
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Thin-Film Photovoltaic Companies - Key Market Players:
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 Report Scope :
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Report Metric |
Details |
| Estimated Market Size | USD 5.3 Billion |
| Projected Market Size | USD 11.2 Billion |
| Growth Rate | CAGR of 16.0% |
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Market Size Available for Years |
2019–2028 |
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Base Year |
2022 |
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Forecast Period |
2023–2028 |
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Units |
Value (USD Million/USD Billion) |
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Segments Covered |
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Regions Covered |
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Companies Covered |
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 |
| Key Market Driver | Increasing initiatives of governments towards thin-film solar cells |
| Key Market Opportunity | Integration of thin-film solar cells into building materials, such as windows, facades, and roofs |
| Largest Growing Region | Asia Pacific |
Thin-Film Photovoltaic Market Highlights
This report categorizes the thin-film photovoltaic market based on material, component, end user and region.
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Segment |
Subsegment |
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By Material |
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By Component |
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By End User |
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By Region |
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Recent developments in Thin-Film Photovoltaic Industry
- In May 2023, First Solar, Inc. acquired Evolar AB, a European leader in perovskite technology. The purchase price is approximately $38 million paid at closing and up to an additional $42 million to be paid subject to certain technical milestones being achieved in the future.
- In March 2023, Kaneka Corporation and Taisei Corporation has collaborated with the Tokyo Bureau of Environment, to start power generation under the "Renewable Energy Visualization Model Project for Tokyo-owned Facilities (Building-integrated Photovoltaic [BIPV] Power Generation Equipment)
- In April 2023, Ascent Solar Technologies acquired Flisom AG’s Zurich equipment, establishing a new revenue stream, 300% more manufacturing capacity, and an international presence as European and Asian governments adopt legislation to increase solar energy production & domestic manufacturing capabilities.
Frequently Asked Questions (FAQ):
Which are the major companies in the thin-film photovoltaic market? What are their primary strategies to strengthen their market presence?
First Solar (US), Kaneka Corporation (Japan), Ascent Solar Technologies (US), Oxford PV (UK), Hanwha Q CELLS (South Korea) are the leading players in the market. These companies have adopted organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to gain a competitive advantage in the market.
Which is the potential market for the end use application?
Utilities is an end use application with high growth opportunities owing to advancements in the electronic devices.
What are the opportunities for new market entrants?
Factors such as increase in commercial spaces integration of thin-film solar cells into building materials, such as windows, facades, and roofs, and ongoing technologies/material development in thin-film solar cell manufacturing are creating opportunities for the players in the market.
Which material is expected to drive market growth in the next six years?
Perovskite is expected to remain the major material driving thin-film photovoltaic demand.
What are the major strategies adopted by thin-film photovoltaic companies?
The thin-film photovoltaic companies have adopted product launches, acquisitions, expansions, and contracts to strengthen their position in the thin-film photovoltaic market.
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The research process for this study included systematic gathering, recording, and analysis of data about customers and companies operating in the thin-film photovoltaic market. This process involved the extensive use of secondary sources, directories, and databases (Factiva, Oanda, and OneSource) for identifying and collecting valuable information for the comprehensive, technical, market-oriented, and commercial study of the thin-film photovoltaic market. In-depth interviews were conducted with primary respondents, including experts from core and related industries and preferred manufacturers, to obtain and verify critical qualitative and quantitative information as well as to assess growth prospects. Key players in the thin-film photovoltaic market were identified through secondary research, and their market rankings were determined through primary and secondary research. This research included studying annual reports of top players and interviewing key industry experts such as CEOs, directors, and marketing executives.
Secondary Research
In the secondary research process, various secondary sources were referred to for identifying and collecting information important for this study. Secondary sources included corporate filings, such as annual reports, investor presentations, and financial statements; trade, business, and professional associations; white papers, thin-film photovoltaic products related journals, certified publications; articles by recognized authors; directories; and databases.
Secondary research was conducted to obtain key information about the industry supply chain, market value chain, key players, market classification and segmentation as per industry trends to the bottom-most level, geographic markets, and key developments from both market- and technology-oriented perspectives. Data from secondary research was collected and analyzed to determine the overall market size, which was further validated by primary research.
Primary Research
In the primary research process, various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side included industry experts such as CEOs, VPs, marketing directors, technology & innovation directors, and key executives from major companies in the thin-film photovoltaic market.
After going through market engineering (which includes calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers obtained. Primary research was conducted to identify segmentation types, industry trends, key players, competitive landscape, and key market dynamics such as drivers, restraints, opportunities, and challenges, along with the key strategies adopted by players operating in the market.
To know about the assumptions considered for the study, download the pdf brochure
Market size Estimation
In the complete market engineering process, both top-down and bottom-up approaches were used, along with several data triangulation methods, to estimate and forecast the size of the market and its segments and subsegments listed in the report. Extensive qualitative and quantitative analyses were carried out on the complete market engineering process to list the key information/insights pertaining to the thin-film photovoltaic market.
The key players in the market were identified through secondary research, and their rankings in the respective regions were determined through primary and secondary research. This entire procedure involved the study of the annual and financial reports of top players, as well as interviews with industry experts such as chief executive officers, vice presidents, directors, and marketing executives for quantitative and qualitative key insights. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in this report.
Thin-film photovoltaic market: Bottom-up Approach
Thin-film photovoltaic market: Top-down Approach
Data Triangulation
After arriving at the overall size of the thin-film photovoltaic market from the market size estimation process explained above, the total market was split into several segments and subsegments. Where applicable, the market breakdown and data triangulation procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size was validated using top-down and bottom-up approaches.
Market Definition
Thin film photovoltaic (PV) is a term used to describe a form of solar technology that turns sunlight into electricity by using thin semiconductor layers. In contrast to conventional crystalline silicon solar cells, which are constructed from solid silicon blocks, thin film solar cells are created by depositing thin layers of semiconductor material onto a substrate. Rapid advancements are being made in emerging thin film technologies, such as perovskite solar cells, which have shown high efficiency potential and are generating interest in the industry, driving the market.
Further, the thin film photovoltaic market continues to evolve and expand, driven by ongoing research and development efforts, cost reduction initiatives, and increasing demand for solar energy solutions. The market is expected to grow further as technology advancements and economies of scale continue to improve the efficiency and cost-effectiveness of thin film PV modules.
Key Stakeholders
- Solar cell manufacturers
- Solar module manufacturers
- Energy companies
- Raw materials and manufacturing equipment suppliers
- Solar market technical consultants
- Technology standards organizations, forums, alliances, and associations
- Governments, financial institutions, and investment communities
- Research organizations
- Analysts and strategic business planners
- Venture capitalists, private equity firms, and start-up companies
- Distributors
Report Objectives
- To define, describe, estimate, and forecast the global thin film photovoltaic market on the basis of material, component, end user, and geography
- To describe and forecast the thin film photovoltaic market, in terms of value, by region—North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW)
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing market growth.
- To provide a detailed overview of the thin film photovoltaic market value chain
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To profile key players and comprehensively analyze their ranking based on their revenues and core competencies2, along with detailing the competitive landscape for market leaders.
- To analyze competitive developments such as expansions, agreements, partnerships, acquisitions, product developments, and research and development (R&D) in the thin film photovoltaic market.
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the thin film photovoltaic market.
- To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the market
- To benchmark the market players using the proprietary, company evaluation matrix framework, which analyzes the market players on various parameters within the broad categories of business strategy excellence and strength of product portfolios.
- To strategically profile the key players and comprehensively analyze their market positions in terms of ranking and core competencies2, along with a detailed competitive landscape of the market.
- To analyze competitive developments such as acquisitions, product launches, partnerships, expansions, and collaborations undertaken in the thin film photovoltaic market.
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies.
Product analysis
- Detailed analysis and profiling of additional market players
The following customization options are available for the report:
- Market sizing and forecast for additional countries
- Additional five companies profiling
Growth opportunities and latent adjacency in Thin-Film Photovoltaic Market