Thin Film Photovoltaic Market Analysis
Thin Film Photovoltaics Market is expected to expand at ~28.36% CAGR during the forecast period 2022-2030.
Thin film photovoltaic (PV) technology is a type of solar cell that is made by depositing one or more thin layers of semiconductor material onto a substrate. This technology is widely used in the production of solar panels for the generation of renewable energy.
The thin film photovoltaic market is expected to grow at a rapid pace in the coming years, driven by advancements in technology and the reduction in costs associated with producing these panels. Thin film PV technology offers several advantages over traditional solar panels, including higher flexibility, improved performance in low-light conditions, and a smaller carbon footprint.
The Urbanization and Transition of Conventional Energy to Renewable Energy
The increased demand for mass-production of energy due to urbanization and the shift of conventional energy to renewable energy, growing energy significant markets, and increasing demand for energy efficient solutions all contribute to the increased demand for thin film photovoltaics. Due to their expanding economic wealth and industrialization, nations such as China, India, and South Korea are big buyers of renewable energy. Furthermore, these countries are the leading air pollutants due to conventional fuel power plants. India intends to raise renewable energy output capacity to 175 GW by 2022. Solar power is expected to account for 100 GW of this total. The government is promoting solar energy by offering various incentives to equipment vendors and solar project developers. China has evolved into the world's largest producer of solar energy. According to the IEA, China accounts for half of the worldwide solar PV demand, while Chinese firms account for 60% of the total annual solar cell manufacturing capacity.
Thin film photovoltaics market is predicted to see significant advancements throughout the forecast period as a result of ongoing developments in the end-use industry, as well as increased demand from industries in the end-use sector. Multinationals and well-established industry players are also expected to expand aggressively.
Regional Analysis
APAC to Lead the Global Market
The Asia Pacific is one of the world's largest markets for solar inverters. Due to the region's growing population and rising disposable income, there is a greater demand for energy. Furthermore, the fast-rising economies in this region are among the world's biggest polluters. South Asian countries such as China and India are sunlight-rich countries. For example, Qinghai province in China has more than 3500 hours of sunshine each year on average. These reasons are propelling the Asia Pacific region's thin film photovoltaics market, which is expected to rise at an extraordinary rate by 2023.
Market Segmentation
The global thin film photovoltaics market has been segmented on the basis of material, type, and end-use.
Based on the material segment, the global thin film photovoltaics market has been classified as amorphous silicon and cadmium telluride.
On the basis of type, the global thin film photovoltaics market has been fragmented as organic and inorganic.
Based on end-user, the global thin film photovoltaics market has been segmented as residential, industrial, and commercial.
COVID-19 Impact on the Global Market
COVID-19 is posing a huge issue for the renewable energy industry, resulting in a lack of hardware components as a result of disrupted supply chains. Solar construction and growth are lagging as a result of country-wide lockdowns. According to Bloomberg New Energy Finance (BNEF), the worldwide solar forecast has decreased from 152 GW to 143 GW.
Furthermore, since China is the world's largest market for solar energy generating, the country's slowing economic growth has had an impact on the worldwide generation and renewable energy investment. China is a world leader in thin-film photovoltaic installations and thin-film photovoltaic panel production. According to Global Energy Data, the country is responsible for more than 35% of global solar installations. By 2020, China's annual installation was predicted to reach over 30 GW. The COVID-19 situation, on the other hand, is expected to have an influence on solar installations.
Furthermore, the United States is reliant on Chinese thin-film photovoltaic panels. The outbreak has caused supply problems in the United States. Thin-film photovoltaic panel manufacturers are experiencing delays due to a lack of raw materials and labor, resulting in the closure of firms and the postponement of project schedules. Disruptions in the supply of components such as panels and inverters, as well as labor shortages due to social distancing regulations, are two main difficulties confronting the solar sector. Due to economic uncertainties, many end-users have placed large investments on hold. Similarly, in India, the pandemic has slowed the acquisition of thin-film photovoltaic modules, inverters, and other components, delaying the commissioning of solar projects.
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Key Players
The major player operating in the market of global thin-film photovoltaics are 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) are among others.
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