Thin-film Photovoltaic Market Analysis

Component (Module, Inverter, Balance of System (BOS)

Thin-film photovoltaic market from the module segment is poised to garner the largest revenue share over the forecast period, amounting to 47% of the market. Modules are the core components responsible for converting sunlight into electricity. Advances in thin-film technology, offering cost efficiency, flexibility, and improved efficiency, contribute to the dominance of the module segment. As demand for renewable energy grows, the focus on lightweight, scalable, and economically viable solar solutions amplifies the significance of thin-film modules in large scale solar projects, making it the primary driver for the anticipated major market share within the market. As per Research Nester Analysts, the market garnered a sustainable revenue of around USD 8 Billion in 2020.

Material Type (Cadmium Telluride (CdTe), Amorphous Silicon (a-Si), Copper Indium Gallium Diselenide (CIGS)

The copper indium gallium diselenide (CIGS) segment is anticipated to hold major revenue share in the global thin-film photovoltaic market. CIGS thin-film technology offers a balance of high efficiency, flexibility, and lower manufacturing costs. Its superior light absorption properties contribute to improved performance, making it suitable for various applications. As the solar industry emphasizes efficiency and cost-effectiveness, the versatility and competitive advantages of CIGS position it as a dominant material choice. The demand for lightweight, high- performance solar modules is expected to drive the significant market share held by CIGS in the evolving landscape of thin-film photovoltaic.

Our in-depth analysis of the global market includes the following segments: