From GlobeNewswire: 2025-05-20 09:00:00

The Thin Film Photovoltaics Market was valued at $7.15 Billion in 2023, projected to reach $28.33 Billion by 2032, growing at a CAGR of 16.53%. Policy incentives and trade measures are driving growth, with the US market estimated to reach $6.62 billion by 2032. Investments exceeding $52.7 billion will increase production capacity by over 25% through 2027.

Leading market players include First Solar, Solar Frontier, and Hanergy Thin Film Power Group. CdTe and CIGS technologies are benefiting the most from policy incentives and trade measures, with production capacity for thin film solar set to increase significantly by 2027.

Cadmium Telluride (CdTe) led the market in 2023, accounting for 28% of global revenue. Copper Indium Gallium Selenide (CIGS) is projected to witness the fastest growth due to its efficiency and flexibility. Single-junction thin film technology will dominate, while transparent thin film is expected to grow rapidly.

Ground-mounted installations led the market in 2023, while building-integrated photovoltaics (BIPV) are set to grow rapidly. Utility-scale power generation and BIPV segments are expected to lead the market in 2023 and beyond.

North America dominated the market in 2023, with Asia Pacific expected to experience the fastest growth from 2024 to 2032. Government incentives, favorable policies, and technological advancements are driving regional growth.

Recent developments include First Solar selling 14.1 GW of thin-film solar modules in 2024 and Ascent Solar Technologies expanding its CIGS thin film solar module for space power. The market analysis covers material, technology, installation, application, and end user segments from 2023 to 2032.



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