The Europe Thin-Film Photovoltaic Market would witness market growth of 15.4% CAGR during the forecast period (2023-2030).
The development of the market is expected to be positively impacted by favourable regulations that encourage the use of renewable energy as the main energy source in the near future, combined with ongoing research and development to reduce costs. In order to reduce national GHG emissions as well as implement low-carbon technology, several governments are putting out policies.
The market is expected to grow due to the increased integration of intelligent and energy-efficient buildings and growing consumer awareness of the need to meet rising energy demand. Thin-film photovoltaic technologies, including those based on amorphous silicon (a-Si), cadmium telluride (CdTe), and copper indium gallium selenide (CIGS), are now cost-competitive with those based on conventional silicon. For large-scale solar installations, thin-film modules are a desirable option since they use fewer raw materials, are simpler to make, and have lower production costs.
In the coming years, Europe's expansion of renewable electricity will double as security of energy issues go hand in hand with climatic goals, according to the International Energy Agency (IEA). There has been a significant (by 30%) increase in the projection for European Union (EU) growth, with Germany and Spain leading the way. Germany has shortened the time it takes to obtain permits while raising its goals for renewable electricity production, increasing auction volumes, and improving distributed PV compensation. Thus, the significant government support provided to the renewable energy sector through these initiatives and policies will propel the expansion of the regional market.
The Germany market dominated the Europe Thin-Film Photovoltaic Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $863.1 million by 2030. The UK market is anticipated to grow at a CAGR of 14.3% during (2023 - 2030). Additionally, The France market would witness a CAGR of 16.2% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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.
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