Thin Film Photovoltaic Market Scenario
Thin Film Photovoltaics Market is expected to expand at 28.36% CAGR during the forecast period 2022-2030.
Thin film photovoltaic modules are capable of producing power at a low cost. These devices are designed to transform light energy into electric energy with the help of the photovoltaic effect. In the current times when non-renewable energy sources are depleting like never before, the demand for thin-film photovoltaic devices has surged. Some of the main factors that have led to high demand in the thin film photovoltaic marketinclude the rise in demand for mass-production of energy and the growth of sufficient energy markets. According to the International Energy Agency (IEA), oil and coal act as the main energy sources that generate 31.6 % and 26.9 % of total global energy share. Due to the high dependence on non-renewable energy sources, there has been an increase in sustainable and renewable energy options.
The global thin film photovoltaic market is expected to register a CAGR of 28.36 % during the forecasted period. Various market elements could contribute to the good performance of the market and influence its growth potential in the future. The chief businesses that operate in the industry are expected to play an instrumental role in expanding the market size.
Various strategic and analytical tools have been used to evaluate the market and the variables that exist in it. The chief elements that have been identified in the report are the driving factors, market opportunities, threats, and restraints. These elements have been analyzed thoroughly as they could shape the performance of the global thin-film photovoltaic industry during the forecasted period.
Thin Film Photovoltaic Market Covid 19 Evaluation
The Covid 19 pandemic has acted as a major obstacle for the thin film photovoltaic market. Due to the pandemic, the demand for these energy-efficient solutions declined considerably. However, it is expected that the demand for thin-film photovoltaic solutions would surge during the forecasted period. Even though the impact of the pandemic on the market growth has been mostly negative, it has also created opportunities for businesses to integrate new technologies into their offerings. Key market players have been adopting digital technologies to offer efficient and improved thin-film photovoltaic solutions that can minimize customers' dependence on non-renewable energy sources.
Competitive intensity in the Thin Film Photovoltaic Market
The thin film photovoltaic market to grow at 28.36% CAGR till 2030, due to the high demand for sustainable energy solutions. The attractiveness of the thin-film photovoltaic industry has intensified the competitive intensity considerably. Some of the major players that function in the global market setting and influence the global market size have been listed below:
- United Solar Energy
- Solar Cell Inc.
- Golden Photon Inc.
- Panasonic Corporation
- Siemens AG
- Suntech Power Holdings Co. Ltd.
- Mitsubishi Electric Corporation
- Sharp Corporation
- Jinko Solar
- Kyocera Corporation
Recent Developments in Thin Film Photovoltaic Market
- In March 2021, Siemens AG, a major player operating in the global market, acquired approximately 99.22 equity shares of C&S Electric Ltd company from its promoters for Rs 2,100 crore.
- Companies operating in the thin film photovoltaic market domain, such as Evolar, have been integrating digital technologies into their business processes to boost the efficiency of the products.
Major variables existing in the Thin Film Photovoltaic Market
Various factors come into play in the global market that accelerate the market growth, such as the rising demand for energy-efficient solutions, high application of thin-film photovoltaic solutions for various purposes such as space, military, and consumer electronic applications. The introduction of stringent energy standards and regulations has also increased the demand for these sustainable and environmentally friendly solutions.
Several challenges arise in the market, such as the high intensity of competition and the dynamic regulatory landscape. One of the major global market trends that could increase the challenges for businesses is the rapid evolution of technology. During the forecasted period, these elements could act as major challenges for the businesses that operate in the market domain and restrict their market share.
Opportunities in the global market
Various opportunities could be exploited by key players that function in market setting. For instance, businesses could focus on research and development to produce new and improved energy-efficient solutions in the market. There is also an opportunity to integrate new digital solutions into the business processes to boost the level of automation in the business process.
A number of restraints could limit the ability of businesses in the market to demonstrate solid performance during the forecasted period. One of the main restraining factors in the thin-film photovoltaic industry is the lack of a well-designed technical ecosystem of businesses that could support R&D activities. In addition to this, the availability of limited financial resources and funds could restrict the ability of businesses to produce efficient thin-film photovoltaic solutions for the customers. Thus their ability to capture a considerable portion of the market share globally would be limited.
Cumulative evaluation of the Thin Film Photovoltaic Market
The detailed evaluation of the thin film photovoltaic market has helped capture diverse variables that exist in the business setting and influence the performance of the market players. A host of market trends have been identified that could influence the performance of the market during the forecasted period. To strive in the dynamic market landscape, companies would have to work on their strategy to gain a competitive edge over their industry rivals.
Overview of the main Thin Film Photovoltaic Market segments
The global market can be categorized into copper and aluminum based on the material that is used in the products. The copper segment is likely to showcase solid performance during the forecasted period. Some of the main products that could drive the market growth are copper indium diselenide/ copper indium gallium diselenide (CIS/CIGS).
Based on type, the global market can be further segmented into organic and inorganic. The organic segment of the market has been performing extremely well in the global setting. One of the main factors contributing to the solid market performance is the use of acceptor semiconducting organic materials for generating photocurrents. It facilitates capturing of a huge amount of sun rays and converting them into electricity.
Based on the end-users, the market can be classified into residential, commercial, and industrial. During the forecasted period, the commercial segment of the global market is likely to experience the highest growth.The main reason for its positive performance is the introduction of supportive policies and initiatives by different national governments.
Thin Film Photovoltaic Market Regional Analysis
The global thin film photovoltaic market can be divided into Europe, North America, the Asia Pacific, and the rest of the world. Varying factors might exist in these regions that could contribute to the growth of the market. The Asia Pacific region is considered one of the largest markets. It is most likely to play a major role in accelerating the market growth during the forecasted period. The high energy demand, along with the rise in the disposable income of the people, would be instrumental in influencing the performance of the geographical region. Another factor that could also influence the strong performance of the specific region is the proactive role of the governments to support energy-efficient solutions.
The report on the global thin film photovoltaic market gives an exhaustive insight into the attractive market. Several factors that operate in the market and influence the market size have been captures, such as the surge in demand for renewable energy. Other market variables such as market opportunities, threats, and restraints have also been discussed in detail in the market report. A thorough evaluation of the competitive intensity has been conducted to influence the global market growth during the forecasted period.
Key Industrial Segments
| Market Size
| 2030: USD 20103.04 Million
| 28.36% CAGR (2022-2030)
| Base Year
| Forecast Period
| Historical Data
| 2019 & 2020
| Forecast Units
| Value (USD Million)
| Report Coverage
| Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
| Segments Covered
| Material and End-Use
| Geographies Covered
| North America, Europe, Asia-Pacific, and Rest of the World (RoW)
| Key Vendors
| Siemens AG (Germany), United Solar Energy (U.S.), Solar Cells Inc. (U.S.), Solarex MD (U.S.), Golden Photon Inc. (U.S.), ECD (U.S.), Kyocera Corporation (Japan), and Suntech Power Holdings Co. Ltd (China). Mitsubishi Electric Corporation (Japan), Panasonic Corporation (Japan), Sharp Corporation (Japan), JA solar Co. Ltd (China), Jinko Solar (China), ReneSola Co. Ltd (China),Kaneka Corporation (Japan) , and Trina Solar (China)
| Key Market Opportunities
| New product launches and R&D Amongst major key Players
| Key Market Drivers
| The urbanization and transition of conventional energy to renewable energy
Thin Film Photovoltaic Market Highlights:
Frequently Asked Questions (FAQ) :
A few major market players operating in the global Thin film photovoltaic are Siemens AG (Germany), Solarex MD (U.S.), United Solar Energy (U.S.), Solar Cells Inc. (U.S.), among others.
The global Thin film photovoltaic is projected to register a moderate 28.36% CAGR in the forecast period.
The cadmium telluride segment is slated to expand as the fastest-growing segment.
The commerical and industrial segment are slated to expand as the fastest-growing segment.
The global Thin film photovoltaic is expected to record a substantial market valuation for the mass production of energy.
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