Thin Film Solar Cell Industry Insights: Market Forecast to 2029

November 14, 2025 by The Business Research Company

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How Much Larger Is The Thin Film Solar Cell Market Expected To Become By 2029 Compared With Its 2025 Level?

Year-over-year expansion has characterized the market for thin film solar cells recently, projecting a climb from a valuation of $14.44 billion in 2024 to $15.48 billion by 2025, which corresponds to a compound annual growth rate of 7.2%. This upswing observed during the past period stemmed from several contributing factors, including supportive government policies and financial aid, decreases in the expense of raw materials, heightened attention toward environmentally conscious practices, the inherent adaptability and pliability of the technology, advancements in production methods, and the continually rising worldwide requirement for energy.

Anticipation for the thin film solar cell industry points towards robust expansion in the coming period, with projections showing its valuation reaching $21.48 billion by 2029, marking a consistent annual increase of 8.5 percent; this upward trajectory is fueled by intensifying market rivalry, shifting buyer tastes, the incorporation of energy storage solutions, greater market penetration in developing economies, breakthroughs in material science, better functional capabilities under dim lighting, and deliberate capital injections into production capabilities. Key developments anticipated during this timeframe encompass progress in technology and overall efficiency gains, the rise of tandem and multijunction thin film solar cell architectures, expanded utilization within building-integrated photovoltaics (BIPV) systems, the progress of thin film solutions that exclude cadmium, growing use in electrifying rural areas and standalone power setups, alongside a heightened emphasis on ecological responsibility through recycling initiatives and sustainability practices.

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Which Major Market Drivers Are Shaping The Future Of The Thin Film Solar Cell Market?

Anticipated growth in the market for thin film solar cells is being fueled by mounting electricity requirements in geographically isolated regions, where electricity demand signifies the rate at which a dwelling or commercial entity utilizes electrical power across a set duration. Thin-film photovoltaic modules, which transform sunlight into usable electrical energy via the photovoltaic phenomenon and are capable of supplying power for applications like illumination and fluid pumping systems, are contributing to this escalation in electrical consumption; illustrative data shows a notable trend: Nepal experienced a 38 percent year-over-year expansion in its rural electrified sectors as of February 2022, according to findings published in the Energy for Sustainable Development journal, an Indian publication aimed at key policy shapers, and projections indicate that power needs in West Africa could multiply fivefold by the year 2030, thus confirming that increasing electricity usage outside of urban centers is a primary impetus for the expansion of the thin film solar cell industry.

How Is The Thin Film Solar Cell Market Segmented?

The thin film solar cell market covered in this report is segmented –

1) By Type: Cadmium Telluride, Amorphous Thin-Film Silicon, Copper Indium Gallium Selenide, Microcrystalline Tandem Cells, Thin-film Polycrystalline Silicon, Other Types

2) By Technology: On-Grid, Off-Grid

3) By Application: Residential, Commercial, Utility

Subsegments:

1) By Cadmium Telluride (CdTe): CdTe Thin Film Modules, CdTe Bifacial Modules

2)By Amorphous Thin-film Silicon (a-Si): Single Junction a-Si, Tandem a-Si

3)By Copper Indium Gallium Selenide (CIGS): CIGS Thin Film Modules, Bifacial CIGS Modules

4)By Microcrystalline Tandem Cells: Tandem Cells With Microcrystalline Layers, Tandem Structures With Silicon And CIGS

5)By Thin-Film Polycrystalline Silicon: Polycrystalline Thin Film Modules, Bifacial Polycrystalline Modules

6) By Other Types: Organic Photovoltaics (OPV), Perovskite Solar Cells, Flexible Thin Film Technologies

What Trends Are Expected To Drive The Thin Film Solar Cell Market?

A significant trend currently taking hold within the market for thin-film solar cells involves the formation of strategic alliances, as leading entities within this industry seek collaborations to bolster their standing. As an illustration of this movement, in April 2024, Zentrum für Sonnenenergie- und Wasserstoff-Forschung Baden-Württemberg (ZSW), a German research body focused on hydrogen and renewable energy innovations, entered into a cooperative research agreement with First Solar, Inc. This particular teaming is designed to drive forward the progress of thin-film photovoltaic (PV) technology, specifically targeting improvements in efficiency and investigating avenues for developing and refining tandem technologies that utilize only thin films, scaled up to gigawatt production capacities. First Solar, Inc., recognized as a worldwide frontrunner based in the US for solar technology manufacturing, is noted for its production of environmentally sound and sustainably produced solar modules.

Who Are The Key Multinational Companies Dominating The Thin Film Solar Cell Market?

Major companies operating in the thin film solar cell market are Ascent Solar Technologies Inc., Filsom AG, First Solar Inc., Hanergy Mobile Energy Group Ltd., Miasole Hi-Tech Corp., Mitsubishi Heavy Industries Ltd., Shunfeng International Clean Energy Limited, Solar Frontier K.K., NanoPV Solar Inc., Oxford Photovoltaics Ltd., Global Solar Inc., Solara GmbH, Toledo Solar Inc., Flisom Ltd., ENN Energy Holdings Ltd., Sharp Corp., Kaneka Corp., NexPower Technology Corp., Greatcell Solar Ltd., Exeger Operations AB, Fujikura Europe Ltd., G24 Power Ltd., Heliatek GmbH, Hanwha Qcells Co. Ltd., AVANCIS GmbH, Solbian Energie Alternative Srl, JA Solar Technology Co. Ltd.

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Which Global Regions Are Influencing The Competitive Landscape Of The Thin Film Solar Cell Market?

Asia-Pacific was the largest region in the thin film solar cell market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the thin film solar cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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