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Thin Film Photovoltaics Market Trends

Report ID: GMI9923
Published Date: Jun 2024
Report Format: PDF

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Thin Film Photovoltaics Market Trends

Persistent progress in material science is one of the most important developments in the thin film photovoltaics industry. To increase the thin film solar cells' stability, efficiency, and affordability, scientists and producers are creating new materials and refining the existing ones. New developments in materials, such as quantum dots, perovskites, and organic photovoltaics, are showing encouraging results in terms of raising energy conversion efficiency and lengthening thin film photovoltaic modules' operational lives. Through increased market acceptance and the introduction of new applications, these developments are essential to making thin film technology more competitive with conventional silicon-based solar panels.

BIPV is another significant trend influencing the market. Owing to their adaptability, low weight, and aesthetic appearance, thin film photovoltaics are suited for installation in windows, roofs, facades, and other building structural elements. This tendency is especially strong in metropolitan locations, given the restricted space and the rising need for sustainable, energy-efficient structures. In addition to producing electricity, BIPV improves a building's architectural quality and energy efficiency, which supports the growth of green buildings and smart city projects.

A trend toward more adaptable and user-friendly solar energy solutions is emerging, boosting the use of thin film photovoltaics in flexible and portable solar applications. Thin film photovoltaics can be produced on flexible substrates, which makes it suitable for usage in a variety of goods such as integrated solar textiles, wearable electronics, and portable solar chargers. The need for off-grid power options and the growing desire to incorporate renewable energy into common consumer goods are driving this trend. Flexible thin film photovoltaic panels can be used in a variety of contexts including remote and urban ones owing to their portability and versatility, which increases their market potential.

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

Industry size for thin film photovoltaics was USD 7.14 billion in 2023 and is projected to expand at over 16.5% CAGR from 2024 to 2032, due to urbanization and infrastructural development.

The transparent technology segment in the thin film photovoltaics industry is projected to expand at over 15% CAGR from 2024 to 2032, as these films can be fitted effortlessly into windows, facades, and other building features without impeding views or changing the aesthetics.

The cadmium telluride (CDTE) material segment in the thin film photovoltaics industry is projected to surpass USD 950 million by 2032, as they provide excellent efficiency and inexpensive manufacturing costs.

Asia Pacific industry accounted for over 35% share in 2023 and is estimated to depict substantial gains between 2024 and 2032, due to the strong commitment to adopting renewable energy sources, fast industrialization, and urbanization in the region.