New York, NY – September 12, 2025 – The global thin-film photovoltaic (PV) market, valued at USD 15.67 billion in 2024, is poised for significant growth, projected to rise from USD 17.05 billion in 2025 to USD 33.47 billion by 2033, achieving a robust compound annual growth rate (CAGR) of 8.8% during the forecast period (2025–2033). This growth is driven by increasing government initiatives, rising household adoption, and substantial investments in renewable energy, particularly in urbanized and space-constrained environments.
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Market Growth Drivers
The thin-film PV market is experiencing rapid expansion due to its lightweight, flexible, and cost-effective nature compared to traditional crystalline silicon solar panels. Thin-film solar cells, made with minimal semiconductor materials deposited on substrates like glass or flexible materials, are easier to install and ideal for applications such as building-integrated photovoltaics (BIPV). These attributes make them a preferred choice in urban settings where space is limited, supporting the global push for sustainable energy solutions.
Government policies and funding, such as the U.S. Department of Energy’s USD 36 million investment in thin-film PV research, are accelerating market growth. Additionally, the United Nations projects that 68% of the world’s population will live in urban areas by 2050, further driving demand for compact, flexible solar solutions like thin-film PV systems that can be integrated into building facades, windows, and rooftops.
Regional Insights
Asia-Pacific: Dominating the global market, Asia-Pacific is expected to grow at a CAGR of 8.9% over the forecast period, led by China’s massive solar capacity expansion. China’s solar power capacity surged by 55% in 2023, reaching 609 GW, with ambitions to hit 1,000 GW by 2026.
Europe: Anticipated to be the fastest-growing region with a CAGR of 9.2%, Europe is benefiting from clean energy adoption and stringent greenhouse gas emission reduction policies, particularly in Germany, France, and the U.K.
North America: Rapid growth is fueled by tax incentives and R&D initiatives, with programs like the National Community Solar Partnership promoting thin-film PV adoption across the U.S. and Canada.
Opportunities in Energy Storage and Smart Grids
The integration of thin-film PV systems with energy storage solutions and smart grid technologies is unlocking new opportunities. According to the International Energy Agency (IEA), global energy storage capacity (excluding pumped hydro) is expected to surpass one terawatt-hour by 2030, with grid-scale battery storage capacity projected to reach 970 GW. Declining lithium-ion battery prices, down 14% in 2023 to USD 139 per kWh, enhance the economic viability of combining thin-film PV with storage systems, enabling self-sufficient microgrids and hybrid renewable energy installations.
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Challenges to Overcome
Despite its advantages, thin-film PV technology faces challenges due to lower efficiency (7%–18%) compared to crystalline silicon cells (18%–22%). However, advancements in materials like perovskite-based solar cells are expected to close this efficiency gap, enhancing the competitiveness of thin-film PV systems.
Key Players and Recent Developments
Leading companies in the thin-film PV market include First Solar, Kaneka Corporation, Ascent Solar Technologies, Oxford PV, Hanwha Q CELLS, Sharp Corporation, JA Solar Technology Co. Ltd, MiaSole, AVANCIS GmbH, and Solbian. Notable recent developments include:
January 2024: First Solar signed a power purchase agreement with Cleantech Solar to power its India manufacturing facility.
April 2024: Oxford PV joined the Ultra Low-Carbon Solar Alliance, reinforcing its commitment to sustainable energy solutions.
Market Segmentation
By Material: Copper (CIGS) and Aluminum (a-Si, CdTe)
By Type: Organic and Inorganic
By End-Use: Residential, Commercial, Industrial
By Region: North America, Europe, Asia-Pacific, Middle East and Africa, Latin America
About Straits Research
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