January 23, 2024 04:43 ET | Source: Research and Markets Research and Markets
Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Thin-Film Photovoltaic Market by Material (Cadmium Telluride (CDTE), Amorphous Silicon (A-SI), Perovskite, Copper Indium Gallium Selenide (CIGS), Organic PV, Copper Zinc Tin Sulfide (CZTS), Component (Module, Inverter, BOS) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering. Solar Lampposts
The latest industry analysis on thin-film photovoltaic technologies projects a significant growth trajectory, expecting the global market valuation to reach approximately USD 11.2 billion by 2028.
This report offers insights into key drivers, such as increasing government initiatives and advancements in material development, shaping the market's future. As the demand for sustainable energy solutions intensifies, the thin-film photovoltaic market is poised to expand at a compounded annual growth rate (CAGR) of 16.0% from 2023 to 2028. A notable growth contributor includes wide-scale adoption across the residential sector, emphasizing the importance of renewable energy sources in everyday applications.
Cadmium Telluride (CdTe) Dominates the Market with Technological Advancements The material segment led by Cadmium Telluride (CdTe) is expected to witness the highest CAGR in the forecast period. The segment's dominance rides on its environmental advantages, which include a shorter energy payback period and a lesser need of water and carbon footprint. With increased investments into research and development, companies aim to enhance CdTe-based solar panel efficiencies significantly by the end of this decade.
Utility End User Emerges as the Largest Market Segment in 2023 With a robust emphasis on eco-friendly power generation, the utility segment accounted for the largest market share in 2023. The trend is expected to continue, backed by various governmental incentives designed to promote solar power project installations. Such support plays a pivotal role in the growing reliance on photovoltaic systems for utility-based applications.
North America Set to Lead Regional Market Growth Following the trend, North America is forecasted to witness considerable growth within the thin-film photovoltaic market through 2028. Progressive regional initiatives, like the National Community Solar Partnership, aim to foster solar module use throughout the United States and Canada. North America's strategic position is strengthened by the presence of leading industry players and solar tracker providers contributing to the sector's growth.
Extensive Primary Interviews Offer In-depth Industry Insights To validate and estimate market sizes for various segments and subsegments, primary interviews have been conducted extensively with top industry experts. The insights provided in the report are enriched by the perspectives shared by company executives across different tiers and geographical locations.
The thin-film photovoltaic market research report serves as an invaluable resource providing a wealth of information on market trends, opportunities, and forecast analysis for stakeholders, helping them make well-informed decisions in this rapidly evolving industry. Key Attributes:
For more information about this report visit https://www.researchandmarkets.com/r/p4tukz
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