How big is the thin-film photovoltaics (pv) module market today, and what are its future growth expectations?
The thin-film photovoltaics (PV) module market size has grown strongly in recent years. It will grow from $9.94 billion in 2024 to $10.50 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rising government initiatives, growing adoption of thin film solar cells, increasing investments in renewable energy, growing popularity of traditional silicon solar cells, and imposition of tariffs on c-Si solar panels.
The thin-film photovoltaics (PV) module market size is expected to see strong growth in the next few years. It will grow to $12.94 billion in 2029 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to growing popularity of traditional silicon solar cells, increased funding and attention from governments, increasing emphasis on greenness and environmentalism, global urbanization, increasing emphasis on greenness and environmentalism. Major trends in the forecast period include the integration of thin film solar cells, ongoing technological developments, new product launches and developments, flexibility and lightweight design, and technological developments.
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What have been the primary factors driving the thin-film photovoltaics (pv) module market’s growth?
The rising focus on renewable energy is expected to propel the thin-film photovoltaic (PV) module market going forward. Renewable energy refers to energy derived from natural sources such as sunlight, wind, rain, tides, geothermal heat, and biomass, which are replenished naturally and have minimal environmental impact. The increasing focus on renewable energy is due to factors such as the growing demand for sustainable energy solutions, concerns over climate change, advancements in clean energy technologies, government policies promoting green energy, and the global push towards reducing carbon emissions. Thin-film photovoltaic (PV) modules are helpful for renewable energy development offering a cost-effective and efficient solution for harnessing solar power, enable integration into diverse applications such as building facades and portable devices, and contribute to reducing the carbon footprint, advancing the global transition to sustainable energy sources. For instance, in January 2025, according to the European Environment Agency, a Denmark-based government agency, in 2023, the EU’s renewable energy share rose to 24.5%, up by 1% point from 2022. Furthermore, in June 2023, according to the Energy Information Administration, a US-based government agency, renewable energy consumption has increased 13.2 quads in 2022 from 12.1 quads in 2021 in United States. Therefore, rising focus on renewable energy is driving the thin-film photovoltaic (PV) module market.
What are the key segments within the thin-film photovoltaics (pv) module market?
The thin-film photovoltaics (PV) module market covered in this report is segmented –
1) By Type: Rigid, Flexible
2) By Component: Module, Inverter, Balance Of System
3) By Material: Cadmium Telluride, Amorphous Silicon, Copper Indium Gallium Selenide, Perovskite, Organic Photovoltaic, Copper Zinc Tin Sulfide, Quantum Dot Thin-film Solar Cells, All-silicon Tandem Solar Cells
4) By Application: Building Integrated Photovoltaics, Rooftop Applications, Utility-Scale Applications
5) By End User: Residential, Commercial And Industrial
Subsegments:
1) By Rigid: Amorphous Silicon (a-Si) Modules, Cadmium Telluride (CdTe) Modules, Copper Indium Gallium Selenide (CIGS) Modules, Perovskite-Based Modules, Hybrid Thin-Film Modules
2) By Flexible: Roll-To-Roll Processed Modules, Lightweight Polymer-Based Modules, Transparent Thin-Film Modules, Printed Photovoltaic Modules, Wearable Solar Modules
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Which key players are shaping the thin-film photovoltaics (pv) module market?
Major companies operating in the thin-film photovoltaics (PV) module market are 3M Company, Sharp Corporation, JA Solar Technology Co. Ltd., KANEKA Corporation, First Solar Inc., Hanergy Thin Film Power Group Limited, United Solar Ovonic LLC, AVANCIS GmbH, PowerFilm Inc., Solar Frontier Kabushiki Kaisha, MiaSole Hi-Tech Corp., Heliatek GmbH, Flisom AG, Oxford Photovoltaics Limited, Soltecture Solartechnik GmbH, Ascent Solar Technologies Inc., Dycotec Materials Ltd., NanoPV Solar Inc., Polysolar Ltd., Sunflare Inc.
How will emerging trends drive the thin-film photovoltaics (pv) module market throughout the forecast period?
Major companies operating in the thin-film PV module market are focusing on advancements in bifacial solar technology, such as transparent back contact technology, to enhance energy yield and efficiency, providing sustainable and high-performance solar solutions that contribute to the global transition to renewable energy. Transparent back contact technology is an innovative design that allows infrared light to pass through the back of a solar module, reducing heat absorption and enabling bifacial energy generation for improved efficiency. For instance, in June 2023, First Solar Inc., a US-based solar company, launched its fully functional bifacial thin-film PV modules at Intersolar Europe, marking the first-ever bifacial solar panel utilizing advanced thin-film CdTe semiconductor. The new Series 6 Plus Bifacial module combines the company’s high-efficiency monofacial technology with bifaciality, offering improved energy yield and durability for renewable energy applications.
How do regional factors impact the thin-film photovoltaics (pv) module market, and which region is the largest contributor?
North America was the largest region in the thin-film photovoltaics (PV) module market in 2024. The regions covered in the thin-film photovoltaics (PV) module market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Thin-Film Photovoltaics (PV) Module Market Report 2025 Offer?
The thin-film photovoltaics (pv) module market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A thin-film photovoltaic (PV) module is a type of solar panel made by depositing one or more layers of photovoltaic material onto a substrate. Its purpose is to convert sunlight into electricity using a lightweight, flexible, and cost-effective design, ideal for various applications where traditional solar panels may be too heavy or rigid.
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