CHICAGO, Aug. 14, 2024 /PRNewswire/ -- The global Thin-Film Photovoltaic Market is expected to be valued at USD 6.2 billion in 2024 and is projected to reach USD 12.4 billion by 2029 and grow at a CAGR of 15.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. 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. 

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Thin-Film Photovoltaic Market Report Scope:

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.

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 industry due to their lightweight and flexibility, aid in easy installation, requiring less structural support and labor.

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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 companies  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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