Dublin, Sept. 06, 2024 (GLOBE NEWSWIRE) -- The "Thin-Film Photovoltaic Market by Material (Cadmium Telluride, Copper Indium Gallium Selenide, Amorphous Silicon, Perovskite, and Organic PV), Type (Rigid, and Flexible), Component (Module, Inverter, and BOS), End Use & Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The report predicts robust growth in the thin-film photovoltaic market, with projections indicating an increase from USD 6.2 billion in 2024 to USD 12.4 billion by 2029. This growth signifies a Compound Annual Growth Rate (CAGR) of 15.1%, driven by innovations in the sector and growing worldwide demand for renewable energy sources.
The market expansion is attributed to the flexible nature of thin-film solar cells which allows compatibility with various architectural designs and potential aesthetic enhancements for residential applications. Innovative materials like Perovskite are expected to hold significant market shares, thanks to extensive research and forthcoming commercializing efforts.
Utility Scale Deployments
Another segment showing a promising increase is the utility-scale application of thin-film photovoltaics, favored for their cost-effectiveness, lower installation barriers, and superior performance in high-temperature conditions. These factors contribute to the market's largest share, anticipating substantial growth in large-scale production facilities.
Regional Market Insights
According to the report, the US is poised to dominate the North American market, with government incentives and policies playing a pivotal role. The federal solar investment tax credit (ITC) and initiatives by SETO and NREL are instrumental in supporting this growth, with goals to significantly increase solar energy supply by 2035 and 2050.
Competitive Landscape and Strategic Insights
The report gives a detailed competitive analysis of key market players, showcasing their services, growth strategies, and market shares. With diverse offerings and strategic actions, these companies contribute fundamentally to the industry's growth and innovation.
Market Drivers and Prospects
The report indicates that governmental initiatives and ongoing advancements in thin-film solar cell technology are key market drivers. Though challenged by the prevalence of traditional crystalline silicon solar panels, the evolving thin-film photovoltaic sector is ripe with opportunities for stakeholders and market leaders to forge significant go-to-market strategies in response to the evolving market landscape.
The insight provided by this report aims to help stakeholders understand the competitive dynamics, regional market growth, and future prospects within the thin-film photovoltaic sector, marking an essential contribution to strategic planning and market positioning.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 215 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $6.2 Billion |
| Forecasted Market Value (USD) by 2029 | $12.4 Billion |
| Compound Annual Growth Rate | 15.1% |
| Regions Covered | Global |
Companies Featured
- Sharp Corporation
- Ja Solar Technology Co. Ltd.
- Miasole
- Avancis GmbH
- Solbian
- Solara
- Custom Solar Bipv Panels - Metsolar
- Enecom S.R.L.
- Trony
- Nanopv Solar Inc.
- Qs Solar
- Heliatek
- Wuxi Suntech Power Co. Ltd.
- Jinko Solar
- Trinasolar
- Panasonic Holdings Corporation
- Sol Voltaics
- Tandem Pv, Inc.
- Solar Frontier K.K.
- Rec Solar Holdings As
For more information about this report visit https://www.researchandmarkets.com/r/bss1yk
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