The global thin film solar market value reached around USD 15.60 Billion in 2024. This growth is driven by several key factors, including the increasing focus on renewable energy sources. Government incentives and subsidies are encouraging the adoption of thin film technologies, which are known for their lightweight and flexible characteristics, making them suitable for applications such as building-integrated photovoltaics (BIPV). As a result, the industry is expected to grow at a CAGR of 7.80% during the forecast period of 2025-2034 to attain a value of USD 33.06 Billion by 2034. Advancements in materials science, such as the development of cadmium telluride (CdTe) and copper indium gallium selenide (CIGS) technologies, are enhancing efficiency and reducing costs.
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A thin film solar cell is a device that is used for converting light energy into electrical energy with the help of the photovoltaic effect. These cells are produced by depositing one or more layers of photovoltaic materials on top of a substrate, including glass, metal, and plastic. This device contains a conductive layer, protective sheet, and photovoltaic material.
The rising adoption of renewable energy sources due to increased environmental concerns is a key trend supporting the growth of the thin film solar cell market. Thin film solar cells convert sunlight into electricity without releasing any toxic pollutants or gasses. Increasing utilisation by the residential sector is another major trend aiding the market expansion. This rapid adoption can be attributed to the various benefits associated with the usage of thin film solar cells including increased home value and cost saving, among others.
Value in USD Billion
2025-2034
Thin Film Solar Cell Market Outlook
*this image is indicative*
Increased investment in research activities, favourable government support and incentives, and growing focus on energy efficiency are the key trends propelling the market growth.
Continued investments towards research and development activities for the optimisation of solar cell materials, surface texturing, and anti-reflective coatings to enhance the absorption capabilities and efficiency of thin film solar cells are offering lucrative opportunities for thin film solar cell demand. For instance, researchers at MIT have developed a scalable fabrication technique for ultrathin solar cells that can be printed onto various surfaces. These solar cells utilise nanomaterials in printable electronic inks, resulting in devices that are significantly lighter and more efficient than conventional panels. The study highlights the potential for integrating solar technology into everyday objects while improving energy density, achieving up to 730 watts of power per kilogram. Moreover, the National Renewable Energy Laboratory (NREL) has been conducting extensive research on copper indium gallium selenide (CIGS) thin film solar cells. Their studies include alkali treatments that have improved device efficiencies from 20% to over 23%.
Increased government initiatives aimed at promoting renewable energy generation are driving market growth. These include subsidies, incentives for solar installations, and policies aimed at reducing carbon emissions, which encourage the adoption of thin film technologies and boost the thin film solar cell market value. For instance, the Department of Energy (DOE) has launched the Advancing U.S. Thin film Solar Photovoltaics funding program, which allocates USD 44 million for research, development, and demonstration projects focused on thin film technologies. This initiative aims to enhance domestic manufacturing of solar hardware, improve efficiency in cadmium telluride (CdTe) production, and support innovation in tandem thin film technologies that include perovskite materials. Moreover, in the United States, the federal Investment Tax Credit provides significant tax incentives for solar energy installations, including thin film solar panels. This policy helps reduce the upfront costs for consumers and businesses, encouraging more widespread adoption of solar technologies.
The growing adoption of renewable energy sources is a significant trend driving the thin film solar cell market. As global awareness of climate change and environmental issues increases, there is a concerted effort to reduce reliance on fossil fuels and transition to cleaner energy alternatives. For instance, many countries have set ambitious targets for renewable energy adoption, which has led to increased investments in solar technologies. The International Energy Agency (IEA) reported that solar power capacity grew by 22% in 2020 alone, highlighting the rapid expansion of solar technologies, including thin film solar cells. Companies like First Solar, which specialises in cadmium telluride (CdTe) thin film technology, are benefiting from this trend as they provide efficient and sustainable energy solutions. Additionally, the integration of thin film solar cells into unexpected surfaces, such as building facades and windows, is opening new avenues for harnessing solar energy in urban environments, further driving market growth.
Technological innovations are significantly impacting the thin film solar cell market development by enhancing efficiency and reducing production costs. Recent advancements include the development of new materials such as copper indium gallium selenide (CIGS), which offer improved efficiency rates compared to traditional thin film technologies. For example, research from the National Renewable Energy Laboratory (NREL) has shown that CIGS cells can achieve efficiencies exceeding 23%, making them competitive with crystalline silicon cells. Additionally, manufacturing techniques like roll-to-roll processing are being adopted to streamline production and lower costs. Companies such as Rayzon Solar are using CIGS technology to produce high-efficiency solar panels that cater to diverse applications. These advancements not only improve the performance of thin film solar cells but also make them more accessible for various applications, including building-integrated photovoltaics (BIPV) and portable solar devices, thereby expanding their market potential.
There is a growing focus on sustainability and energy efficiency, which is propelling the demand for thin film solar cells. As consumers and businesses seek environmentally friendly energy solutions, the inherent advantages of thin film technologies such as lower material usage and reduced environmental impact position them favourably for boosting thin film solar cell market revenue.
Researchers at ICFO have introduced a new technique that minimises surface defects in eco-friendly, solution-processed nanocrystal ultrathin solar cells, achieving record power conversion efficiencies. This development aligns with the increasing emphasis on sustainable materials that not only enhance energy generation efficiency but also lower production costs. Additionally, the emergence of colloidal silver bismuth sulphide (AgBiS2) nanocrystals as an environmentally friendly alternative for solar cells highlights ongoing efforts to find sustainable solutions in solar technology. These nanocrystals enable the creation of ultrathin film absorbers ideal for solar applications while aiming to simplify manufacturing processes and reduce material waste.
The growing popularity of crystalline silicon solar cells, especially for large-scale installations, poses a significant challenge for the thin film photovoltaic industry. Crystalline silicon panels have seen drastic reductions in cost due to improved manufacturing techniques and economies of scale, making them more attractive for large projects.
As per the thin film solar cell industry analysis, thin film solar cells may have a shorter lifespan compared to their crystalline counterparts, often ranging from 10 to 20 years. They are more prone to degradation due to environmental factors such as moisture absorption and light-induced degradation, which can diminish performance over time. This raises concerns regarding their long-term reliability and maintenance costs. Despite lower material costs in some cases, the initial investment for thin film solar systems can still be high. Additionally, there is often a lack of skilled labour for installation, which can further complicate market penetration and scalability.
Thin film solar cells are lightweight and flexible, allowing for integration into various surfaces, including building facades, roofs, and even portable devices. This adaptability opens up new thin film solar cell market opportunities in urban environments where space is limited and traditional solar installations may not be feasible.
For instance, Flisom, a Swiss company known for its lightweight and flexible thin film solar modules, has been acquired by Ascent Solar Technologies, Inc. This acquisition includes Flisom's manufacturing assets and intellectual property rights, allowing Ascent Solar to enhance its production capabilities in Zurich. Flisom's technology is particularly suited for various applications, including building-integrated photovoltaics (BIPV), which can be seamlessly integrated into urban buildings, roofs, and even transportation systems. Meanwhile, The Korea Institute of Science and Technology (KIST) has partnered with Paru to develop a new printing technology for copper indium gallium selenide (CIGS) thin film solar cells. This technology aims to reduce material waste during production and allows for easy lamination on large-area substrates.
“Thin Film Solar Cell Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Technology
Market Breakup by Application
Market Breakup by Region
Market Insights by Type
Cadmium telluride is expected to account for a significant thin film solar cell market share in the coming years. This growth can be attributed to the high absorption provided by the material. Cadmium telluride has a bandgap energy that is optimal for conversion of solar energy into electrical energy with the help of a single junction. Additionally, the cost of manufacturing cadmium telluride thin film solar cells is relatively lower and requires significantly less water during the manufacturing process.
Amorphous thin film silicon (a-Si) is widely used in solar cells due to its low cost and flexibility. According to a 2023 report by the U.S. Department of Energy (DOE), a-Si thin film solar cells are expected to maintain their dominance in the residential market due to their lightweight nature and ease of integration into building materials. However, the efficiency of a-Si cells remains relatively low, around 6-8%, which has limited its commercial adoption. Government initiatives, such as the DOE’s Solar Energy Technologies Office, have focused on increasing the efficiency of a-Si cells, with new research showing promising results in boosting conversion rates by up to 10%.
Microcrystalline tandem cells combine multiple layers of thin film materials to capture a broader spectrum of sunlight. This technology has gained attention for its potential to achieve higher efficiencies. A recent report by the International Energy Agency (IEA) highlighted that tandem cells could reach efficiencies exceeding 25% in laboratory settings. Governments in Europe and North America are increasingly funding research into tandem cell technology.
Thin film polycrystalline silicon is another promising technology in the thin film solar cell market. While its efficiency is lower than that of crystalline silicon solar cells, it offers advantages in cost-effectiveness and ease of production. According to the U.S. DOE’s 2023 solar energy report, polycrystalline silicon cells have seen a 15% decrease in production costs over the last five years due to improvements in deposition processes.
Market Insights by Technology
On-grid thin film solar systems are connected to the electricity grid, allowing excess energy to be fed back into the grid for compensation or storage. In 2023, the U.S. installed more than 20 gigawatts (GW) of solar capacity, with on-grid systems accounting for over 80% of total installations. The DOE’s Solar Energy Technologies Office reports that thin film technologies like CIGS (Copper Indium Gallium Selenide) are increasingly being integrated into utility-scale solar farms due to their lower cost and ease of installation. Policies such as the Investment Tax Credit (ITC) continue to support on-grid solar adoption, positively impacting thin film solar cell market dynamics and trends.
Off-grid thin film solar systems are used in remote locations without reliable access to the electricity grid. These systems are crucial for providing electricity in rural or underserved areas. A 2023 report from the International Energy Agency (IEA) highlighted that off-grid solar installations grew by 15% globally in 2022, with thin film solar cells becoming a popular choice due to their low cost, flexibility, and ease of installation. Government initiatives, particularly in developing regions, are accelerating the adoption of off-grid solar. In India, for instance, the government’s National Solar Mission has promoted off-grid solutions, which accounted for around 10% of India’s solar capacity in 2023. Similarly, the U.S. government’s initiatives to support off-grid solar installations in remote areas have led to a 10% annual growth in off-grid solar deployment.
Market Insights by Application
Utility-scale solar projects typically involve large installations of solar panels that generate significant amounts of electricity. Thin film solar cells, particularly cadmium telluride (CdTe) and copper indium gallium selenide (CIGS), are well-suited for these applications due to their lower material costs and ability to perform well in various environmental conditions. Moreover, thin film solar cells are generally less expensive to produce than traditional crystalline silicon panels, making them an appealing option for utility companies that prioritise cost-efficiency.
As per thin film solar cell market analysis, residential adoption of thin film solar cells has also been steadily increasing, driven by rising electricity costs, government incentives, and a growing preference for sustainable energy solutions. In 2023, the U.S. Department of Energy (DOE) reported a 15% year-on-year increase in residential solar installations, with thin film technologies making up around 10% of the residential market. Thin film solar, particularly amorphous silicon (a-Si) and CIGS is popular in residential installation. The DOE’s Solar Energy Technologies Office highlights that the Federal Investment Tax Credit (ITC) continues to provide substantial support, making solar more accessible for homeowners. Moreover, advances in installation technology have reduced installation times, contributing to the growing residential market.
Commercial applications of thin film solar cells are expanding rapidly, especially in large-scale buildings and industrial sectors. Thin film solar cells, particularly CIGS, are well-suited for commercial buildings because they require less material and offer greater efficiency at lower costs compared to traditional silicon-based cells. The adoption of thin film solar in commercial buildings is expected to continue growing as sustainability goals and renewable energy targets intensify.
North America Thin Film Solar Cell Market Trends
Various U.S. states have implemented their own incentive programs to promote renewable energy adoption. For example, California offers rebates and performance-based incentives for solar installations, including thin film technologies, as part of its broader strategy to reduce greenhouse gas emissions and transition to clean energy sources, further boosting demand of thin film solar cell market.
Renewable energy consumption in the United States experienced a modest increase from 12.1 quadrillion British thermal units (quads) in 2021 to an unprecedented 13.2 quads in 2022. This growth in renewable energy consumption was primarily attributed to the increased use of renewable sources for electricity generation, especially wind and solar energy.
Asia Pacific Thin Film Solar Cell Market Drivers
The Asia Pacific is anticipated to witness significant growth over the forecast period owing to the rising deployment of thin film solar cells in residential, commercial, and utility-scale applications. Thin film solar cells are used for generating electricity in places where the utilisation of photovoltaic cells will not be feasible including curved surfaces and cars, among others, which boosts the thin film solar cell demand growth.
Supportive government policies and the provision of subsidies are also aiding the market growth in the region. For instance, The Indian government launched the PM Surya Ghar Muft Bijli Yojana, which provides subsidies for solar panel installations. Under this scheme, the government offers up to Rs 30,000 per kW for installations up to 2 kW and Rs 18,000 per kW for additional capacity up to 3 kW.
Europe Thin Film Solar Cell Market Opportunities
Europe has been at the forefront of adopting clean energy technologies, with many countries implementing strict regulations to reduce carbon emissions and increase renewable energy capacity, further increasing thin film solar cell industry revenue.
The EU has established ambitious targets under its Renewable Energy Directive, which mandates that at least 32% of the EU's energy consumption must come from renewable sources by 2030. This directive includes support for various solar technologies, including thin film solar cells, through funding programs and regulatory frameworks that promote their integration into energy systems across member states.
Latin America Thin Film Solar Cell Market Growth
Latin America is witnessing a growing interest in renewable energy sources, with countries like Brazil and Chile leading the way in solar installations. Favourable government initiatives aimed at diversifying energy sources are aiding the growth of the thin film solar cell industry. For example, Brazil's government stated their target to increase renewable energy capacity, aiming for 45% of its energy matrix to come from renewable sources by 2030. This plan includes substantial investments in solar energy, which supports the adoption of thin film technologies.
Middle East and Africa Thin Film Solar Cell Market Dynamics
The Middle East and Africa have abundant sunlight, making them ideal for solar energy generation. Countries like Saudi Arabia and South Africa are investing heavily in renewable energy projects which can impact the thin film solar cell demand forecast. Various initiatives aimed at increasing renewable energy capacity are being implemented across the region. For example, South Africa's Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) has successfully attracted investments into solar projects.
Startups in the market are actively innovating and developing new technologies to enhance efficiency, reduce costs, and expand applications. Many of these companies focus on leveraging advanced materials and manufacturing techniques to create lightweight, flexible solar panels that can be integrated into various surfaces, such as building facades and portable devices. They are also exploring partnerships with research institutions to boost innovation and commercialisation of next-generation solar technologies in the thin film solar cell market.
Swift Solar (USA)
This startup focuses on manufacturing lightweight and flexible solar modules using perovskite solar cells. Swift Solar's innovative approach aims to provide high efficiency and a favourable power-to-weight ratio while utilising abundant and cost-effective raw materials. This makes their products more affordable compared to conventional solar panels, positioning them as a promising player in the renewable energy sector.
SoloPower Systems, Inc. (USA)
SoloPower specialises in producing thin film photovoltaic cells and modules that are adaptable for various applications. Their technology allows for efficient solar electricity generation, making it suitable for a wide range of site-specific installations.
Companies in thin film solar cell market are adopting various strategies to capture market share, including mergers, partnerships, and collaborations to strengthen their positions in this competitive landscape. The focus on technological advancements is evident, as firms are working on improving the efficiency and durability of thin film solar cells, particularly those made from cadmium telluride (CdTe) and copper indium gallium selenide (CIGS). Moreover, the growing awareness of environmental impacts and the need for sustainable energy solutions are propelling the adoption of thin film technologies across both developed and developing regions.
SUNQ Sarl, headquartered in Casablanca, Morocco, specialises in the production of thin film solar modules that are based on cadmium telluride technology. They also offer a wide range of DC accessories, invertors, and solar components, among others.
Ascent Solar Technologies, Inc. is known for developing thin film photovoltaic cells and modules with high fle...
Hanergy Thin Film Power EME B.V. is a thin film solar company that offers flexible solutions for large project...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players in the thin film solar cell market include First Solar, Inc., Kaneka Corporation, Trony Solar Holdings Co. Ltd., Mitsubishi Heavy Industries, Ltd., PowerFilm, Inc., MiaSolé Hi-Tech Corp., and Flisom AG, among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2024, the market reached an approximate value of USD 15.60 Billion.
The thin film solar cell market is assessed to grow at a CAGR of 7.80% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 33.06 Billion by 2034.
The major market drivers include cost efficiency, introduction of supportive government policies and initiatives, and rising environmental concerns.
The key trends fuelling the growth of the market include increasing research and development activities and rising adoption by the residential sector.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The applications of thin film solar cells include residential, commercial, and utility.
The key players in the market are SUNQ Sarl, Ascent Solar Technologies, Inc., Hanergy Thin Film Power EME B.V., First Solar, Inc., Kaneka Corporation, Trony Solar Holdings Co. Ltd., Mitsubishi Heavy Industries, Ltd., PowerFilm, Inc., MiaSolé Hi-Tech Corp., and Flisom AG, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Technology |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Philippines
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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