Thin Film Photovoltaic Market Share

ID: MRFR/EnP/0837-HCR

120 Pages

Anshula Mandaokar

October 2025

Thin Film Photovoltaic Market Research Report By Technology (Cadmium Telluride, Copper Indium Gallium Selenide, Organic Photovoltaics, Amorphous Silicon), By Application (Residential, Commercial, Utility Scale, Building-Integrated Photovoltaics), By End Use (Energy Generation, Consumer Electronics, Automotive, Portable Devices), By Installation Type (Rooftop Installation, Ground-Mounted Install...

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Market Share

Thin Film Photovoltaic Market Share Analysis

Rapid urbanization and the shift from conventional power towards renewable ones have increased demand for mass producing energies necessitating needs for thin film photovoltaics; growing energy substantial markets; increasing interest for efficient remedies. These include China, India, and South Korea where wealth accumulation has led them becoming major buyers of green power.In addition, they are also responsible for high air pollution levels caused by coal-based thermal plants. India plans to scale up renewable generation to 175 GW by 2022 while out of these 100 GW will be sourced from solar alone.

By giving various incentives to the equipment suppliers and developers of solar plants, the government is encouraging solar power. Solar energy production in China has grown in leaps and bounds making it the world’s largest producer of solar energy. Per IEA, China accounts for about half of all global solar PV demand while Chinese companies contribute 60% of the total annual manufacturing capacity for solar cell.Thin film photovoltaic (PV) market trends are moving towards reflecting changing solar energy technology. One trend that stands out is a rising interest in next-generation thin film materials.

Traditional thin film technologies like amorphous silicon have been dominant in the market, however emerging materials such as cadmium telluride (CdTe), copper indium gallium selenide (CIGS), perovskite etc., are becoming popular because they have potential to enhance efficiency and reduce manufacturing costs. This shows a continued drive for innovation within the sector to make it more competitive.

The direction is towards building-integrated photovoltaics (BIPV) where structures are made of thin-film solar materials. This development agrees with an upward push concerning environment friendliness in building industry as well as urban design. Thin-film BIPV offers architects and real estate developers flexibility to bring into play solar components on buildings’ facades, windows or other surfaces incorporating aesthetic quality as well as electrical power generation capabilities. Such integration supports widespread use of renewable energy resources within city areas.

Furthermore, there is a notable trend towards flexible and lightweight thin film solar modules. CIGS based flexible CIGS or organic photovoltaics etc., enable flexibility which allows them to be used even on irregular surfaces.This line of products can be used on curved structures or those with odd shapes hence their application can range from portable solar devices to flexible panels for vehicles or light remote area solutions.

Grid parity - The point at which the cost of electricity generated from thin-film PV is equal to or lower than that of conventional sources, is one of the major trends shaping market dynamics. Thin film PV systems are becoming more cost-effective as manufacturing costs continue to decrease and efficiency improves. Hence this trend is helping to increase the popularity of thin-film solar technologies thereby providing a path for wide scale adoption in utility-scale solar projects and distributed generation ones. Another emerging trend in the thin-film photovoltaic market is energy storage integration.As demand increases for reliable dispatchable power from solar, so does relevance of integrating battery technologies within thin film PV systems.The intermittent nature of solar energy supplies has been addressed by seeking ways through which more resilient and dependable installations can be achieved.

Market Highlights

Author

Anshula Mandaokar

Team Lead - Research

Anshula Mandaokar holds an academic degree in Chemical Engineering and has been contributing to the field for more than 5 years. She has expertise in Market Research and Business Consulting and serves as a Team Lead for a reputed Market Research firm under the Chemicals and Materials domain spectrum. She has worked on multiple projects, generating explicit results in a quick turnaround time. Her understanding of data interpretation justifies her role as a leader.

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FAQs

What is the current valuation of the Thin Film Photovoltaic Market as of 2024?

The Thin Film Photovoltaic Market was valued at 8.767 USD Billion in 2024.

What is the projected market valuation for the Thin Film Photovoltaic Market in 2035?

The market is projected to reach a valuation of 20.92 USD Billion by 2035.

What is the expected CAGR for the Thin Film Photovoltaic Market during the forecast period 2025 - 2035?

The expected CAGR for the Thin Film Photovoltaic Market during 2025 - 2035 is 8.23%.

Which technology segment is expected to show the highest growth in the Thin Film Photovoltaic Market?

The Amorphous Silicon segment, with a projected valuation increase from 2.767 to 7.42 USD Billion, appears poised for significant growth.

How does the Residential application segment perform in the Thin Film Photovoltaic Market?

The Residential application segment is expected to grow from 1.5 to 4.5 USD Billion, indicating a strong upward trend.

What are the projected valuations for the Utility Scale application segment by 2035?

The Utility Scale application segment is projected to grow from 3.0 to 8.0 USD Billion by 2035.

Which end-use segment is anticipated to have the highest valuation in 2035?

The Energy Generation end-use segment is expected to reach a valuation of 8.5 USD Billion by 2035.

What is the expected growth for the Ground-Mounted Installation type in the Thin Film Photovoltaic Market?

The Ground-Mounted Installation type is projected to grow from 4.0 to 9.5 USD Billion, suggesting robust demand.

Who are the key players in the Thin Film Photovoltaic Market?

Key players include First Solar, Solar Frontier, Hanergy, Sharp Corporation, Mitsubishi Electric, NexPower, Suntech Power, and Trina Solar.

What is the projected growth for the Copper Indium Gallium Selenide technology segment by 2035?

The Copper Indium Gallium Selenide segment is expected to grow from 2.0 to 4.5 USD Billion, indicating a positive market outlook.

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Market Summary

As per MRFR analysis, the Thin Film Photovoltaic Market Size was estimated at 8.767 USD Billion in 2024. The Thin Film Photovoltaic industry is projected to grow from 9.488 USD Billion in 2025 to 20.92 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 8.23 during the forecast period 2025 - 2035.

Key Market Trends & Highlights

The Thin Film Photovoltaic Market is poised for substantial growth driven by technological advancements and increasing demand for sustainable energy solutions.

North America remains the largest market for thin film photovoltaics, driven by robust renewable energy policies. The Asia-Pacific region is emerging as the fastest-growing market, reflecting a surge in energy demand and technological adoption. Cadmium Telluride continues to dominate the market, while Copper Indium Gallium Selenide is recognized as the fastest-growing segment. Technological innovations and rising energy costs are key drivers propelling the adoption of thin film technologies across residential and commercial sectors.

Thin Film Photovoltaic Market

CAGR

8.23%

Market Size & Forecast

2024 Market Size	8.767 (USD Billion)
2035 Market Size	20.92 (USD Billion)
CAGR (2025 - 2035)	8.23%
Largest Regional Market Share in 2024	Asia Pacific

Major Players

First Solar (US), Solar Frontier (JP), Hanergy (CN), Sharp Corporation (JP), Mitsubishi Electric (JP), NexPower (TW), Suntech Power (CN), Trina Solar (CN)

Market Trends

The Thin Film Photovoltaic Market is currently experiencing a notable transformation, driven by advancements in technology and increasing demand for renewable energy solutions. This sector, characterized by its lightweight and flexible solar panels, is gaining traction due to its potential for integration into various surfaces, including buildings and vehicles. As environmental concerns escalate, the shift towards sustainable energy sources is becoming more pronounced, prompting both consumers and industries to explore innovative solar technologies. Furthermore, government initiatives aimed at promoting clean energy adoption are likely to bolster market growth, creating a favorable environment for investment and development. In addition to technological advancements, the Thin Film Photovoltaic Market is witnessing a diversification of applications. The versatility of thin film technology allows for its use in diverse settings, from residential rooftops to large-scale solar farms. This adaptability may enhance its appeal among various stakeholders, including developers and end-users. As the market evolves, collaboration between manufacturers, researchers, and policymakers appears essential to address challenges related to efficiency and cost-effectiveness. Overall, the Thin Film Photovoltaic Market seems poised for continued expansion, driven by innovation and a collective commitment to sustainable energy solutions.

Technological Advancements

Recent innovations in materials and manufacturing processes are enhancing the efficiency and performance of thin film solar cells. These advancements may lead to improved energy conversion rates and lower production costs, making thin film technology more competitive against traditional solar technologies.

Growing Demand for Sustainable Solutions

As global awareness of climate change intensifies, there is an increasing preference for renewable energy sources. The Thin Film Photovoltaic Market is likely to benefit from this trend, as consumers and businesses seek environmentally friendly alternatives to fossil fuels.

Diverse Application Potential

The flexibility and lightweight nature of thin film solar panels enable their integration into a wide range of applications. This versatility could expand market opportunities, allowing for installations in unconventional locations, such as building-integrated photovoltaics and portable devices.

Thin Film Photovoltaic Market Market Drivers

Rising Energy Costs and Demand for Efficiency

The Thin Film Photovoltaic Market is also driven by rising energy costs and an increasing demand for energy efficiency. As traditional energy prices continue to escalate, consumers and businesses are seeking alternative energy solutions that offer long-term savings. Thin film photovoltaics, known for their lightweight and flexible characteristics, present an attractive option for various applications, including building-integrated photovoltaics. The ability to install these systems in diverse environments enhances their appeal, potentially leading to a broader market penetration. Moreover, the Thin Film Photovoltaic Market is likely to benefit from the growing awareness of energy conservation and sustainability among consumers. This shift in mindset is expected to further stimulate demand for thin film technologies, as they provide a viable solution to mitigate energy costs while promoting environmental responsibility.

Increasing Adoption of Renewable Energy Policies

The Thin Film Photovoltaic Market is significantly influenced by the increasing adoption of renewable energy policies across various regions. Governments are implementing incentives and subsidies to promote solar energy, which is likely to drive demand for thin film technologies. For example, feed-in tariffs and tax credits have been established in numerous countries to encourage the installation of solar systems. This regulatory support is expected to create a favorable environment for the growth of the Thin Film Photovoltaic Market. Additionally, international agreements aimed at reducing carbon emissions are further propelling the shift towards renewable energy sources. As a result, the market for thin film photovoltaics is anticipated to expand, as stakeholders seek to comply with these evolving regulations and capitalize on the benefits of sustainable energy solutions.

Diverse Application Areas of Thin Film Technologies

The Thin Film Photovoltaic Market is characterized by its diverse application areas, which contribute to its growth potential. Thin film technologies can be utilized in various sectors, including residential, commercial, and industrial applications. Their lightweight and flexible nature allows for integration into unconventional surfaces, such as building facades and vehicles. This versatility is likely to attract a wide range of customers, from homeowners to large corporations. Additionally, the increasing trend of off-grid solar solutions is expected to further expand the market for thin film photovoltaics. As more consumers seek energy independence, the adaptability of thin film technologies positions them as a favorable choice. Consequently, the Thin Film Photovoltaic Market is anticipated to flourish as it caters to the evolving needs of various sectors, capitalizing on the growing demand for innovative energy solutions.

Environmental Concerns and Sustainability Initiatives

The Thin Film Photovoltaic Market is increasingly shaped by environmental concerns and sustainability initiatives. As awareness of climate change and environmental degradation grows, there is a heightened demand for clean energy solutions. Thin film photovoltaics, which typically have a lower carbon footprint during production compared to traditional solar technologies, are well-positioned to meet this demand. Furthermore, many manufacturers are adopting sustainable practices in their production processes, which enhances the appeal of thin film technologies. This alignment with sustainability goals is likely to resonate with environmentally conscious consumers and businesses alike. As a result, the Thin Film Photovoltaic Market is expected to benefit from this trend, as stakeholders prioritize eco-friendly solutions in their energy strategies.

Technological Innovations in Thin Film Photovoltaic Market

The Thin Film Photovoltaic Market is experiencing a surge in technological innovations that enhance efficiency and reduce production costs. Recent advancements in materials, such as cadmium telluride and amorphous silicon, have led to improved energy conversion rates. For instance, the efficiency of cadmium telluride modules has reached approximately 22%, making them competitive with traditional silicon-based solar cells. Furthermore, the integration of nanotechnology and advanced manufacturing techniques is likely to streamline production processes, thereby lowering costs. This trend not only boosts the economic viability of thin film technologies but also positions them favorably against other renewable energy sources. As a result, the Thin Film Photovoltaic Market is poised for substantial growth, driven by these innovations that promise to enhance performance and affordability.

Market Segment Insights

By Technology: Cadmium Telluride (Largest) vs. Copper Indium Gallium Selenide (Fastest-Growing)

In the Thin Film Photovoltaic Market, Cadmium Telluride (CdTe) technology dominates the landscape, largely due to its cost-effectiveness and efficiency in large-scale applications. It has secured a substantial share of the market, fueled by increasing investments and developments in solar energy technologies. Conversely, Copper Indium Gallium Selenide (CIGS) is recognized as the fastest-growing segment, driven by its high efficiency and flexibility, which make it increasingly desirable in solar applications such as building-integrated photovoltaics. The growth trends within the Thin Film Photovoltaic Market are significantly influenced by advancements in technology and a strong push towards renewable energy sources. Factors such as declining production costs, improved efficiency in energy conversion, and favorable government policies are bolstering the adoption of thin-film technologies. CIGS, in particular, is experiencing rapid growth as manufacturers continue to innovate and address challenges such as scalability, which positions it well for the future of solar energy.

Technology: Cadmium Telluride (Dominant) vs. Organic Photovoltaics (Emerging)

Cadmium Telluride (CdTe) is currently the dominant technology in the Thin Film Photovoltaic Market, renowned for its efficiency in generating solar energy at lower costs compared to traditional silicon-based solar cells. This technology is widely utilized in utility-scale solar power plants, making it a pivotal player in the market. On the other hand, Organic Photovoltaics (OPV) is considered an emerging technology, characterized by its lightweight, flexibility, and potential for low-cost production. Although it currently holds a smaller market share, the innovative nature of OPV, including the ability to be integrated into various surfaces and applications, presents significant opportunities for growth. As research progresses, both CdTe and OPV are expected to play critical roles in the transition towards sustainable energy solutions.

By Application: Residential (Largest) vs. Commercial (Fastest-Growing)

In the Thin Film Photovoltaic Market, the application segment exhibits a diverse distribution among residential, commercial, utility scale, and building-integrated photovoltaics. The residential segment holds the largest market share, reflecting increasing consumer adoption driven by the demand for sustainable energy solutions. Following closely, the commercial sector shows a robust presence, taking advantage of energy efficiency initiatives and cost savings.

Residential (Dominant) vs. Commercial (Emerging)

The residential application of thin film photovoltaics remains the dominant segment, characterized by widespread consumer interest in renewable energy for homes. This segment benefits from various government incentives and rebate programs that encourage homeowners to install solar systems. In contrast, the commercial segment is emerging rapidly, fueled by the growing trend of corporate sustainability efforts and greenhouse gas reduction targets. Companies are increasingly investing in solar projects to cut energy costs and enhance their corporate image, thereby positioning commercial thin film installations for significant growth in the near future.

By End Use: Energy Generation (Largest) vs. Consumer Electronics (Fastest-Growing)

In the Thin Film Photovoltaic Market, the end-use segment shows a diverse distribution of applications. Energy Generation currently commands the largest share, significantly contributing to the overall growth of the market. This sector utilizes thin film technology for large-scale solar installations, which enhances its market dominance. Conversely, Consumer Electronics is swiftly gaining traction as manufacturers increasingly adopt thin film photovoltaics due to their lightweight and flexible properties, making them ideal for integration into portable electronic devices.

Energy Generation (Dominant) vs. Consumer Electronics (Emerging)

Energy Generation is the dominant sector within the Thin Film Photovoltaic Market, driven by extensive applications in solar power plants and renewable energy projects. Its ability to produce energy efficiently and sustainably positions it as a primary choice for large-scale deployments. In contrast, Consumer Electronics represents an emerging market segment where demand for thin film technology is accelerating. The unique advantages of thin film photovoltaics, including their lightweight, flexibility, and potential for integration into various electronic gadgets, set this segment apart. As consumer awareness of renewable energy grows, the integration of these technologies into everyday devices is likely to expand, reflecting a significant growth potential.

By Installation Type: Rooftop Installation (Largest) vs. Ground-Mounted Installation (Fastest-Growing)

In the Thin Film Photovoltaic Market, the installation type segment shows a clear market share distribution, with Rooftop Installation leading due to its practicality and space optimization in urban areas. Ground-Mounted Installation follows, gaining traction, particularly in rural settings where land availability is less constrained. Building Facade Installation, while innovative, holds a smaller portion of the market but is recognized for its architectural integration and aesthetic appeal, complementing modern buildings. The growth trends within this segment are largely propelled by increasing energy demands and environmental concerns. Rooftop Installations are favored for residential applications, while Ground-Mounted Installations are rapidly expanding as utility-scale projects gain momentum. Innovations in building-integrated photovoltaics (BIPV) are also enhancing the appeal of Building Facade Installations, driving audience interest in multi-functional designs that offer both energy efficiency and visual enhancement.

Rooftop Installation (Dominant) vs. Building Facade Installation (Emerging)

Rooftop Installation stands as the dominant player in the Thin Film Photovoltaic Market due to its widespread adoption and suitability for residential and commercial buildings, enabling efficient energy generation in limited spaces. Its ease of installation and retrofitting capabilities make it a preferred choice among consumers seeking to optimize energy costs. In contrast, Building Facade Installation is an emerging segment, offering unique opportunities for energy generation integrated into building designs. Although still developing, this segment is gaining traction as architects and developers explore sustainable energy solutions that complement modern aesthetics, thereby creating a dual function of energy production and structural enhancement.

Get more detailed insights about Thin Film Photovoltaic Market Research Report - Forecast to 2035

Regional Insights

The Thin Film Photovoltaic Market, valued at 8.1 USD Billion in 2023, exhibits diverse dynamics across its regional segmentation. North America holds a significant share, valued at 2.5 USD Billion in 2023, with expectations to rise to 5.4 USD Billion by 2032, marking its dominance in the market due to advancements in technology and favorable government policies. In Europe, the market stood at 2.0 USD Billion in 2023, projected to reach 4.2 USD Billion by 2032, driven by robust renewable energy initiatives.

The APAC region leads the market with a valuation of 3.0 USD Billion in 2023 and is anticipated to grow to 6.6 USD Billion by 2032, accentuating its importance as a manufacturing hub and a growing demand for clean energy solutions.

South America and MEA, valued at 0.8 USD Billion each in 2023, showcase emerging potential in the Thin Film Photovoltaic Market, with expected growth to 1.7 USD Billion and 1.6 USD Billion, respectively, by 2032 as interest in sustainable energy sources increases. Overall, the regional segmentation reveals varied growth drivers, market potential, and opportunities across different geographical areas, underpinning the Thin Film Photovoltaic Market statistics and future market growth trends.

Thin Film Photovoltaic Market Regional Insights

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

Key Players and Competitive Insights

The Thin Film Photovoltaic Market has witnessed significant growth in recent years, driven by the increasing demand for renewable energy sources and advancements in solar technology. This market is characterized by a diverse range of players, including established companies and new entrants, all vying for market share in an environment where innovation and efficiency are paramount. Competitive dynamics are influenced by factors such as technological advancements, production efficiency, pricing strategies, and government incentives for solar energy utilization.

Players in this market are constantly focusing on research and development to improve the performance of thin-film solar cells, reduce costs, and enhance their environmental sustainability. The competitive landscape is also marked by strategic partnerships, collaborations, and mergers to bolster market positions and expand geographic reach. As the industry evolves, the need for competitiveness in quality, efficiency, and cost-effectiveness continues to shape the strategies of companies operating within this space.

Mitsubishi Electric has established a strong presence in the Thin Film Photovoltaic Market, where it leverages its technological expertise and extensive experience in electronics and renewable energy solutions. Known for producing high-quality thin-film solar panels, Mitsubishi Electric benefits from its commitment to innovation and sustainability, ensuring that its products meet rigorous efficiency and performance standards. The company focuses on enhancing the energy conversion efficiency of its photovoltaic modules, which helps to optimize space utilization in various applications, from residential rooftops to large-scale solar farms.

With a robust global distribution network and strategic partnerships, Mitsubishi Electric effectively markets its thin-film technology across different regions. Additionally, the company is committed to environmental stewardship, enhancing its brand equity and appeal among eco-conscious consumers and businesses.

First Solar stands out in the Thin Film Photovoltaic Market due to its specialization in cadmium telluride (CdTe) technology, which allows it to offer high-performance solar modules with lower manufacturing costs than traditional silicon-based panels. First Solar has been effective in establishing itself as a market leader through continuous innovation and a strong commitment to sustainability, emphasizing the importance of reducing life-cycle environmental impacts. The company invests heavily in research and development, striving to enhance both the efficiency and durability of its thin-film products.

With a significant presence in various geographical markets, First Solar has developed a competitive edge by securing long-term power purchase agreements and projects, establishing itself as a trusted partner for utility-scale solar projects. First Solar’s focus on a circular economy model and recycling capabilities further exemplifies its dedication to advancing sustainable energy solutions, solidifying its position in the evolving landscape of renewable energy.

Key Companies in the Thin Film Photovoltaic Market market include

Industry Developments

Recent developments in the Thin Film Photovoltaic Market reflect a dynamic and rapidly evolving landscape. Companies such as First Solar and JinkoSolar are advancing their sustainable technology initiatives, focusing on improving efficiency while reducing production costs in response to increasing energy demands. In recent months, procurement announcements have been made by Trina Solar and Canadian Solar, emphasizing their commitment to expanding solar projects globally. Notably, Mitsubishi Electric unveiled innovative applications of thin-film technology in urban environments, aiming to enhance energy generation in space-constrained areas.

A significant focus on mergers and acquisitions has been noted, with NexTracker’s recent acquisition of a technology firm aiming to enhance its solar tracking solutions further. This growth trajectory is echoed in the valuation spikes of players like JA Solar and SunPower as they unveil new projects and partnerships, further influencing market dynamics. The competitive landscape continues to intensify as companies strive to establish leadership in advanced thin-film solar technologies, illustrating the ongoing transformation within the sector.

Future Outlook

Thin Film Photovoltaic Market Future Outlook

The Thin Film Photovoltaic Market is projected to grow at an 8.23% CAGR from 2024 to 2035, driven by technological advancements, increasing energy demand, and supportive government policies.

New opportunities lie in:

Development of integrated solar solutions for urban infrastructure
Expansion into emerging markets with tailored financing options
Partnerships with tech firms for innovative energy storage solutions

By 2035, the Thin Film Photovoltaic Market is expected to achieve substantial growth and market penetration.

Market Segmentation

Thin Film Photovoltaic Market End Use Outlook

Energy Generation
Consumer Electronics
Automotive
Portable Devices

Thin Film Photovoltaic Market Technology Outlook

Cadmium Telluride
Copper Indium Gallium Selenide
Organic Photovoltaics
Amorphous Silicon

Thin Film Photovoltaic Market Application Outlook

Residential
Commercial
Utility Scale
Building-Integrated Photovoltaics

Thin Film Photovoltaic Market Installation Type Outlook

Rooftop Installation
Ground-Mounted Installation
Building Facade Installation

Report Scope

MARKET SIZE 2024	8.767(USD Billion)
MARKET SIZE 2025	9.488(USD Billion)
MARKET SIZE 2035	20.92(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	8.23% (2024 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
Market Forecast Period	2025 - 2035
Historical Data	2019 - 2024
Market Forecast Units	USD Billion
Key Companies Profiled	Market analysis in progress
Segments Covered	Market segmentation analysis in progress
Key Market Opportunities	Advancements in flexible solar technology enhance applications in diverse sectors within the Thin Film Photovoltaic Market.
Key Market Dynamics	Technological advancements and regulatory support drive the adoption of thin film photovoltaic solutions in renewable energy markets.
Countries Covered	North America, Europe, APAC, South America, MEA