Thin-film Photovoltaic Market Size & Share, by Component (Module, Inverter, Balance of System (BOS); Material Type (Cadmium Telluride (CdTe), Amorphous Silicon (a-Si), Copper Indium Gallium Diselenide (CIGS); End-User (Industrial & Commercial, Residential, Utilities) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5615
  • Published Date: Feb 06, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Thin-film Photovoltaic Market size is expected to cross USD 29 Billion by the end of 2036, growing at a CAGR of 16% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of thin-film photovoltaic was over USD 5 Billion.

Increasing demand for the adoption of renewable energy as a primary fuel is projected to boost demand for thin-film PV. According to analysts at Research Nester, approximately one seventh of the world's energy today is produced from renewables. In addition, initiatives are taken by various governments across different countries to reduce greenhouse emissions and help increase environmental benefits in the long run, which is further expected to escalate the demand in the market. For instance, a significant new project to lower greenhouse gas emissions worldwide was unveiled by Administrator Samantha Power on November 3 as part of the US government's efforts to address the climate problem. By 2030, USAID will help partner nations avoid emitting six billion metric tons of carbon dioxide equivalent. This figure is nearly equivalent to the annual domestic emissions in the United States or the equivalent of taking more than 1 billion gasoline-powered cars off the road, thus promoting the segment.

Additionally, increasing concerns about reducing dependency on conventional sources of energy have led to the need for low-cost sustainable options, leading to advancements in photovoltaic technology to increase the production of electricity and reduce overall cost and weight. This will increase the affordability, resulting in the growth of the thin-film photovoltaic market.

Thin-film Photovoltaic Market overview
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Thin-film Photovoltaic Market: Key Insights

Base Year


Forecast Year



~ 16%

Base Year Market Size (2023)

~ USD 5 Billion

Forecast Year Market Size (2036)

~ USD 29 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Thin-film Photovoltaic Sector: Growth Drivers and Challenges


Growth Drivers

  • Government Incentives and Policies- supportive government policies, incentives, and subsidies can significantly drive the adoption of thin-film photovoltaic. Financial incentives, tax credits, and favorable regulatory frameworks encourage businesses and individuals to invest in solar energy. The solar sector generated more than USD 36 billion of private investment in the US economy in 2022. Government initiatives aimed at promoting renewable energy adoption contribute to the overall growth of the thin-film photovoltaic market.
  • Technological Innovations and Research Investments- Ongoing research and development activities, coupled with investments in technological innovations, contribute to the continuous improvement of thin-film photovoltaic technologies. Breakthroughs in materials, processes, and device architectures can lead to advancements in efficiency, durability, and overall performance, making thin-film solar more competitive in the evolving renewable energy landscape.
  • Enhanced Performance in Low-Light Conditions- Thin-film solar technologies often perform better in low light conditions compared to crystalline silicon solar panels. This characteristic makes them suitable for environments with partial shading, cloudy weather, or indirect sunlight. Enhanced performance in challenging lighting conditions expands the geographic range where thin-film photovoltaic can be effectively deployed.
  • Scalability and Mass Production- Thin-film photovoltaic manufacturing processes are often conductive to large-scale and high-throughput production. This scalability allows for mass production, reducing the cost per unit and making thin-film solar technologies more economically viable for utility-scale solar projects. The ability to produce a significant volume of panels quickly is crucial for meeting the growing demand for renewable energy utilized for power generation technologies.


  • Lower Energy Conversion Efficiency- Traditional crystalline silicon solar panels often have higher energy conversion efficiency compared to thin-film technologies. The lower efficiency of thin-film photovoltaic means that more significant surface areas are required to generate the same amount of power, impacting the overall cost-effectiveness of the technology.
  • Initial set-up costs and the need for sophisticated manufacturing facilities can be barriers to entry for some companies.
  • The established dominance of crystalline silicon solar panels in the market poses a challenge for thin-film technologies.

Thin-film Photovoltaic Segmentation

Component (Module, Inverter, Balance of System (BOS)

Thin-film photovoltaic market from the module segment is poised to garner the largest revenue share over the forecast period, amounting to 47% of the market. Modules are the core components responsible for converting sunlight into electricity. Advances in thin-film technology, offering cost efficiency, flexibility, and improved efficiency, contribute to the dominance of the module segment. As demand for renewable energy grows, the focus on lightweight, scalable, and economically viable solar solutions amplifies the significance of thin-film modules in large scale solar projects, making it the primary driver for the anticipated major market share within the market. As per Research Nester Analysts, the market garnered a sustainable revenue of around USD 8 Billion in 2020.

Material Type (Cadmium Telluride (CdTe), Amorphous Silicon (a-Si), Copper Indium Gallium Diselenide (CIGS)

The copper indium gallium diselenide (CIGS) segment is anticipated to hold major revenue share in the global thin-film photovoltaic market. CIGS thin-film technology offers a balance of high efficiency, flexibility, and lower manufacturing costs. Its superior light absorption properties contribute to improved performance, making it suitable for various applications. As the solar industry emphasizes efficiency and cost-effectiveness, the versatility and competitive advantages of CIGS position it as a dominant material choice. The demand for lightweight, high- performance solar modules is expected to drive the significant market share held by CIGS in the evolving landscape of thin-film photovoltaic.

Our in-depth analysis of the global market includes the following segments:


  • Module
  • Inverter
  • Balance of System (BOS

          Material Type

  • Cadmium Telluride (CdTe)
  • Amorphous Silicon (a-Si)
  • Copper Indium Gallium Diselenide (CIGS


  • Industrial & Commercial
  • Residential
  • Utilities

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Thin-film Photovoltaic Industry - Regional Synopsis

APAC Market Forecast

Asia Pacific thin-film photovoltaic market is estimated to hold the largest revenue share, accounting for 35% of the global market. The favorable government policy and the increasing use of solar power are also contributing to market growth in this region. Countries such as China, Japan, and India Have been at the forefront of adopting thin-film solar technologies to meet escalating energy demands while addressing environmental concerns. China, in particular, has emerged as a global leader in thin-film manufacturing owing to key players in the region, leveraging economies of scale to drive down production costs. As regards total production capacity, Hanergy Group was the leading producer of Solar PV Thin-film modules from China during 2022. In 2022, the production capacity of Hanergy Group stood at approximately 600 megawatts. CNBM Solar, with a production capacity of 150 megawatts in the same year, was in the second position. Also, India with its ambitious renewable energy targets has contributed to the regional market expansion. The Asia Pacific market is characterized by a robust ecosystem of manufacturers, technological innovators, and government support, making it a key player in the global shift towards sustainable and efficient solar energy solutions.

North American Market Statistics

North American thin-film photovoltaic market is set to attain significant revenue share. The region witnessed a dynamic evolution characterized by a blend of opportunities and challenges. The region experienced a surge in thin-film photovoltaic adoption, driven by a growing emphasis on renewable energy and government incentives promoting solar technologies. However, the market faced stiff competition from traditional crystalline silicon solar panels. Despite initial optimism, certain thin-film manufacturers encountered financial challenges, leading to industry consolidation. Further, advancements in thin-film technologies, coupled with a renewed focus on sustainability, have revitalized the market. The push for energy independence and the integration of solar power into smart grids have further fuelled interest in thin-film photovoltaic. The North American scenario reflects a resilient market, navigating technological advancements, competitive dynamics, and the broader renewable energy landscape in its pursuit of a sustainable and diversified solar future.

Research Nester
Thin-film Photovoltaic Market size
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Companies Dominating the Thin-film Photovoltaic Landscape

    • First Solar.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Solbian
    • AVANCIS GmbH
    • MiaSolé Hi-Tech Corp.
    • JA SOLAR Technology Co., Ltd.
    • Ascent Solar Technologies, Inc.
    • Oxford Photovoltaic Ltd. 
    • Hanwha Corporation
    • Sharp Corporation
    • crystalsol GmbH


In The News

  • June, 2023- First Solar, Inc. revealed plans to produce a limited number of the first bifacial solar panels in history using cutting-edge thin-film semiconductors. At Intersolar Europe in Munich, Germany, a fully operational pre-commercial Series 6 Plus Bifacial photovoltaic (PV) module will make its industry premiere and be on show at First Solar's stand.
  • June,2023- By obtaining an efficiency of 20.3%, Avancis has broken the previous record for a copper, indium, gallium, and selenium (CIGS) solar panel with an integrated series connection of 30 cm by 30 cm. The German manufacturer claims to have set a new world record for efficiency for a completely enclosed CIGS module with an integrated series connection of 30 cm × 30 cm.

Author Credits:  Payel Roy, Dhruv Bhatia

  • Report ID: 5615
  • Published Date: Feb 06, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

increasing concerns about reducing dependency, government incentives and policies, and enhanced scalability are some of the drivers for the thin-film photovoltaic Market.

The market size of thin-film photovoltaic is anticipated to attain a CAGR of 16% over the forecast period, i.e., 2024-2036.

The major players in the market are Solbian, AVANCIS GmbH, MiaSolé Hi-Tech Corp., JA SOLAR Technology Co., Ltd., Ascent Solar Technologies, Inc., Oxford Photovoltaic Ltd., Hanwha Corporation, Sharp Corporation, crystalsol GmbH, Mitsubishi Electric Corporation, and others.

The Module segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Thin-film Photovoltaic Market Report Scope

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