The Asia Pacific Thin-Film Photovoltaic Market would witness market growth of 15.8% CAGR during the forecast period (2023-2030).
In rising markets, such as those in nations with high levels of solar irradiation and lots of available land for solar installations, thin-film photovoltaics have become more popular. Solar energy is an appealing and practical solution because the markets frequently have limited access to conventional electricity infrastructure. The efficiency of energy conversion using these technologies has significantly increased.
The conversion efficiency of various crystalline silicon-based modules has been rivaled by those of CdTe and CIGS technologies. Greater efficiency results in higher power production and enhanced system performance. To achieve Net Zero Emissions by 2050 Scenario, photovoltaics deployment must continue to increase and scale up, necessitating continuous governmental ambition. By 2027, the installed power capacity of solar photovoltaics (PV) is expected to surpass that of coal.
Due to the growing adoption of solar photovoltaic (PV) panels in utility-scale, commercial, as well as residential applications, Asia Pacific has been responsible for a considerable demand for thin-film photovoltaics. Several initiatives and supportive policies put forth by governments of various countries in this region encourage the use of solar energy. The Tokyo Olympic Games' organizing committee from Japan declared its intention to use only renewable energy in 2018. In consequence, this is anticipated to increase demand for thin-film solar PV. With variables including the impending utility-scale project, supportive legislation, and subsidies, the market is predicted to have significant growth throughout the projected period.
The China market dominated the Asia Pacific Thin-Film Photovoltaic Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.6 billion by 2030. The Japan market is estimated to witness a CAGR of 15.1% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 16.5% during (2023 - 2030).
Based on Component, the market is segmented into Module, Inverter, and Balance of System (BOS). Based on Material, the market is segmented into Cadmium Telluride, Copper Indium Gallium Selenide (CIGS), Amorphous Silicon (A-SI), Perovskite, Organic PV, Copper Zinc Tin Sulfide (CZTS) and Quantum Dot Thin Film Solar Cells & All-Silicon Tandem. Based on End User, the market is segmented into Utilities, Commercial & Industrial and Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Thin-Film Photovoltaic Market is Projected to reach USD 15.1 Billion by 2030, at a CAGR of 15.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Kyocera Corporation, Kaneka Corporation, Mitsubishi Electric Corporation, Sharp Corporationm, Jinko Solar Holding Co., Ltd., Panasonic Holdings Corporation, Emeren Group Ltd. (ReneSola Co. Ltd.), JA SOLAR Technology Co., Ltd., Suntech Power Holdings Co. Ltd., Yingli Solar Co., Ltd.
By Component
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