Press release
Leading Growth Driver in the Thin-Film Photovoltaics (PV) Module Market in 2025: Rising Focus On Renewable Energy Propels Market Growth Due To Cost-Effective Solar Power Solutions Driver's Influence
ThinFilm Photovoltaics PV Module
The thin-film photovoltaic (PV) module market is projected to thrive due to the increasing emphasis on renewable energy. Such energy, originating from natural sources like sunlight, wind, rain, tides, geothermal heat, and biomass, naturally regenerates and poses minimal environmental harm. Factors such as the burgeoning demand for sustainable energy alternatives, climate change worries, advancements in green energy technologies, government policies endorsing clean energy, and the global commitment to carbon emission reduction are intensifying the attention on renewable energy. Thin-film photovoltaic (PV) modules serve as an affordable and effective means for capitalizing on solar power, which facilitates renewable energy advancements. These modules can also be integrated into a variety of applications, from building facades to handheld devices, enabling a decrease in the carbon footprint and contributing to the shift to sustainable energy sources globally. For example, the European Environment Agency reported in January 2025 that the EU increased its renewable energy share to 24.5% in 2023, a 1% increase from 2022. Additionally, the Energy Information Administration reported in June 2023 that renewable energy consumption in the United States had risen to 13.2 quads in 2022, up from 12.1 quads in 2021. Hence, the focus on renewable energy is fueling the thin-film photovoltaic (PV) module market.
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How will the growth rate of the thin-film photovoltaics (pv) module market shape industry trends by 2034?
The market size for thin-film photovoltaics (PV) modules has witnessed robust expansion in the previous years. The market which was valued at $9.94 billion in 2024, is set to increase to $10.50 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.6%. The growth experienced during the historic period can be ascribed to increased government initiatives, higher usage of thin film solar cells, inflating investments into renewable energy, rising demand for conventional silicon solar cells, and the imposition of tariffs on c-Si solar panels.
Expectations are high for robust growth in the thin-film photovoltaic (PV) module market in the approaching years. Its growth is set to reach $12.94 billion in 2029, at a compound annual growth rate (CAGR) of 5.4%. An increase in the demand for traditional silicon solar cells, heightened attention and funding from governments, the gradually enhancing focus on green and environmental issues, rapidly progressing urbanization, and consistent focus on environmental sustainability are key factors contributing to the projected growth in the given time frame. The forecast period is likely to see many important developments like the incorporation of thin film solar cells, continual technological advancements, the arrival of new products and developments, flexible and lightweight design, along with further technological progress.
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What trends are poised to drive the future success of the thin-film photovoltaics (pv) module market?
Leading businesses in the thin-film PV module market are emphasizing advancements in bifacial solar technology such as transparent back contact technology. This is allowing for an increase in energy yield and efficiency, thereby providing high-performing and sustainable solar solutions which aid the worldwide shift towards renewable energy. Innovative in design, transparent back contact technology allows for infrared light to permeate the back of a solar module, reducing heat absorption and facilitating bifacial energy generation leading to increased efficiency. For example, in June 2023, US-based solar company, First Solar Inc., introduced its fully operational bifacial thin-film PV modules at Intersolar Europe. This marked a significant development as the first-ever bifacial solar panel employing advanced thin-film CdTe semiconductor. Their new Series 6 Plus Bifacial module merges the company's high-efficiency monofacial technology with bifaciality, leading to enhanced energy yield and durability for renewable energy applications.
Which primary segments of the thin-film photovoltaics (pv) module market are driving growth and industry transformations?
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 geographical regions are pioneering growth in the thin-film photovoltaics (pv) module market?
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.
Who are the influential players reshaping the thin-film photovoltaics (pv) module market landscape?
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.
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What Is Covered In The Thin-Film Photovoltaics (PV) Module Global Market Report?
•Market Size Forecast: Examine the thin-film photovoltaics (pv) module market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the thin-film photovoltaics (pv) module market for a structured understanding.
•Key Players Overview: Analyze major players in the thin-film photovoltaics (pv) module market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the thin-film photovoltaics (pv) module market.
•Segment Contributions: Evaluate how different segments drive overall growth in the thin-film photovoltaics (pv) module market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the thin-film photovoltaics (pv) module market.
•Industry Challenges: Identify potential risks and obstacles affecting the thin-film photovoltaics (pv) module market.
•Competitive Landscape: Review strategic developments in the thin-film photovoltaics (pv) module market, including expansions, agreements, and new product launches.
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