The thin-film photovoltaic (PV) market in India is poised for significant growth, driven by the country's commitment to expanding its solar energy capacity and reducing reliance on fossil fuels.

Market Size and Growth Projections:

• The global thin-film photovoltaic market was valued at USD 12 billion in 2023 and grew at a CAGR of 10% from 2024 to 2033. The market is expected to reach USD 31.12 billion by 2033. The increasing demand for renewable energy sources like solar energy will drive the growth of the global thin-film photovoltaic market.

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Thin-film photovoltaics are used in solar technology. they are extremely thin films which efficiently convert collar energy into electricity. cadmium telluride (CdTe), amorphous silicon (a-Si), or copper indium gallium selenide (CIGS) are used in thin-film photovoltaic instead of the conventional materials. The thin layers are flexible and light unlike the conventional materials that are rigid and brittle. Additionally, manufacturing thin-film photovoltaic is cost-effective which reflects in the final price of energy derived from solar energy making it a cheaper and attractive alternative in the market. thin-film photovoltaic provide enhanced performance in non-ideal conditions as well. they are ideal for use in buildings given their light and flexible nature. They can be integrated into building materials and energy systems of buildings, making them an attractive renewable energy source. they are also ideal for use in portable solar devices and equipment. Continued technological advancements and innovations are making thin-film photovoltaics a more efficient, effective and cost-effective technology.

Key Market Drivers:

1. Government Initiatives:

   • India aims to install 500 gigawatts of renewable energy capacity by 2030, with a significant portion expected from solar energy.

2. Domestic Manufacturing Push:

   • Efforts to reduce dependence on Chinese imports have led to increased investments in local manufacturing of solar components, including thin-film PV modules.

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Challenges:

• Land Acquisition Issues:

  • Large-scale solar projects often face resistance due to land acquisition challenges, as seen in Maharashtra's Nandgaon, where local farmers protested against a 100-megawatt solar plant.

Conclusion:

The thin-film photovoltaic market in India is set to expand, supported by favorable government policies and a push for domestic manufacturing. However, addressing challenges such as land acquisition and ensuring cost competitiveness will be crucial for sustained growth.