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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 16% |
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Base Year Market Size (2023) |
~ USD 5 Billion |
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Forecast Year Market Size (2036) |
~ USD 29 Billion |
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Regional Scope |
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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:
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Component |
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Material Type |
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End-User |
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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.
Author Credits: Payel Roy, Dhruv Bhatia
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