Thin Film Photovoltaics Market Size

Thin Film Photovoltaics Market Size

Thin Film Photovoltaics Market was valued at USD 7.14 billion in 2023 and is expected to grow at a CAGR of over 16.5% between 2024 and 2032. The market is expected to increase significantly due to urbanization and infrastructural development.

To get key market trends

  Download Free Sample

The need for efficient and sustainable energy solutions is rising as infrastructure projects and cities grow. Thin film photovoltaics offer adaptability, lightness, and compatibility with a wide range of building materials. These features make them suited for Building-integrated Photovoltaics (BIPV) applications, such as solar windows, facades, and rooftops, which may produce power while acting as structural components. The need for thin film photovoltaic technology is fueled in part by the growth of smart cities and green building projects, as developers and urban planners look to integrate renewable energy sources into both new and existing buildings. Thin film photovoltaics' ability to mix well with urban architecture without compromising aesthetics or functionality makes them a preferred choice in the context of modern urbanization and infrastructure growth.
 

Critical growth factors for the thin film photovoltaics market include higher R&D spending and technological innovation. Thin film photovoltaic cells are becoming more efficient, long-lasting, and reasonably priced owing to ongoing developments in material science, nanotechnology, and manufacturing processes. Breakthroughs in materials, such as Cadmium Telluride (CDTE), evolving perovskite and organic photovoltaics, and Copper Indium Gallium Selenide (CIGS), are pushing the limits of thin film technology. Thin film photovoltaics is now more competitive with conventional silicon-based solar panels owing to these advancements, which also enhance lifespans, lower production costs, and improve energy conversion efficiency. Large R&D expenditures are also encouraging the creation of new applications and enhancing manufacturing techniques, both of which are necessary for increasing production and satisfying the expanding demand globally.
 

For instance, in March 2021, Siemens AG, a major player operating in the global market, acquired approximately 99.22 equity shares of C&S Electric Ltd. from its promoters for 2,100 million. Companies operating in the thin film photovoltaic market domain, such as Evolar, have been integrating digital technologies into their business processes to boost the efficiency of their products.
 

The comparatively lower efficiency of thin film solar cells in comparison to conventional silicon-based solar panels is one of the prominent drawbacks of the thin film photovoltaics sector. In photovoltaics, conversion efficiency refers to the percentage of solar energy that can be transformed into electrical power. Higher conversion efficiencies are often seen in silicon-based solar panels, especially in monocrystalline and polycrystalline varieties, which frequently reach 20% or higher in commercial products. On the other hand, thin film photovoltaic technologies, which include amorphous silicon, CIGS, and CDTE, often give lower efficiencies, within the range of 10–15%.
 

Due to this efficiency difference, thin film photovoltaic panels produce less electricity than their silicon counterparts. Consequently, a higher surface area is needed for thin film photovoltaic installations to provide the same amount of power. This might be a major drawback in situations where there is limited space, such as on urban rooftops or in small-scale installations, where it is essential to maximize power output per unit area. Furthermore, as more panels and related infrastructure may be required to produce desired energy outputs, the lower efficiency could influence the overall cost-effectiveness of thin film photovoltaic systems by raising installation and maintenance costs.