The North America Thin-Film Photovoltaic Market would witness market growth of 15.1% CAGR during the forecast period (2023-2030).
A variety of applications, including building-integrated photovoltaics (BIPV), curved surfaces, and portable electronics, are made possible by the ability to fabricate thin-film photovoltaic modules on flexible substrates. They may be installed on rooftops or other surfaces that can't sustain the weight of conventional solar panels owing to their lightweight design. Solar installations have significantly increased due to the transition toward sustainable energy sources, particularly solar energy. Due to its cost-effectiveness, scalability, and compatibility for utility-scale projects, thin-film photovoltaic technologies are crucial in supplying this expanding need.
Concentrated solar power (CSP) had cost reductions of 68%, onshore wind saw cost reductions of 56%, and offshore wind saw cost reductions of 48%. As a result, renewable energy sources already account for most current investments and are the standard choice for capacity expansions in the power sector in practically all nations.
In the United States, one of the most important industries is the production of cadmium telluride (CdTe) PV. The National Renewable Energy Laboratory (NREL) has led this field's research and development (R&D). Moreover, the Inflation Reduction Act (IRA), introduced in 2022, generously increased new financing for solar PV in the United States. Furthermore, Canada is a global leader in creating and consuming energy derived from renewable sources. About 18.9% of Canada's primary energy supply is sourced from renewable sources. Therefore, the region presents lucrative growth prospects throughout the forecast period.
The US market dominated the North America Thin-Film Photovoltaic Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.9 billion by 2030. The Canada market is anticipated to grow at a CAGR of 17.7% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 16.7% 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 U.S., Mexico, Canada, and Rest of North America.
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
By Material
By End User
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