Thin-film Photovoltaic Market Share

APAC Market Forecast

Asia Pacific thin-film photovoltaic market is estimated to hold the largest revenue share, accounting for 35% of the global market. The favorable government policy and the increasing use of solar power are also contributing to market growth in this region. Countries such as China, Japan, and India Have been at the forefront of adopting thin-film solar technologies to meet escalating energy demands while addressing environmental concerns. China, in particular, has emerged as a global leader in thin-film manufacturing owing to key players in the region, leveraging economies of scale to drive down production costs. As regards total production capacity, Hanergy Group was the leading producer of Solar PV Thin-film modules from China during 2022. In 2022, the production capacity of Hanergy Group stood at approximately 600 megawatts. CNBM Solar, with a production capacity of 150 megawatts in the same year, was in the second position. Also, India with its ambitious renewable energy targets has contributed to the regional market expansion. The Asia Pacific market is characterized by a robust ecosystem of manufacturers, technological innovators, and government support, making it a key player in the global shift towards sustainable and efficient solar energy solutions.

North American Market Statistics

North American thin-film photovoltaic market is set to attain significant revenue share. The region witnessed a dynamic evolution characterized by a blend of opportunities and challenges. The region experienced a surge in thin-film photovoltaic adoption, driven by a growing emphasis on renewable energy and government incentives promoting solar technologies. However, the market faced stiff competition from traditional crystalline silicon solar panels. Despite initial optimism, certain thin-film manufacturers encountered financial challenges, leading to industry consolidation. Further, advancements in thin-film technologies, coupled with a renewed focus on sustainability, have revitalized the market. The push for energy independence and the integration of solar power into smart grids have further fuelled interest in thin-film photovoltaic. The North American scenario reflects a resilient market, navigating technological advancements, competitive dynamics, and the broader renewable energy landscape in its pursuit of a sustainable and diversified solar future.