Top 30 Companies in Thin Film Photovoltaics Market Worldwide 2025: Market Research Report (2024-2035)
RELEASE DATE: Aug 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, the Global Thin Film Photovoltaics Market Size is projected to grow from USD 15.79 Billion in 2024 to USD 35.72 Billion by 2035, at a CAGR of 7.7% during the forecast period 2025–2035. The thin film photovoltaics market is growing with rising demand for efficient, lightweight, and flexible solar solutions, falling production expenses, government encouragement, and increasing usage in residential, commercial, and portable segments.
Introduction
The thin film photovoltaics (PV) market refers to solar cells made of ultra-thin films of semiconductor material coated on substrates, which present benefits including flexibility, light weight, and lower manufacturing costs than silicon PVs. Applications range from utility-sized solar farms to building integrated photovoltaics (BIPV) on rooftops and windows, pocket power solar chargers, and even wearable technology. Major advantages are their versatility in working on different surfaces, inexpensiveness by virtue of requiring less material, improved performance under low light, and reduced carbon footprint. Influential factors are increased global demand for clean energy, increased solar technology developments, and increased need for lightweight, versatile solar solutions. Opportunities are created due to increasing investments in renewable energy, increased off-grid electrification in developing countries, and governmental efforts to adopt sustainable energy. The growing trend of adopting perovskite, CIGS, and CdTe materials further accelerates innovation and competition in the thin film photovoltaics market.
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Thin Film Photovoltaics Market Size & Statistics
- The Market Size for Thin Film Photovoltaics Was Estimated To be worth USD 15.79 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 7.7% between 2025 and 2035.
- The Global Thin Film Photovoltaics Market Size is anticipated to reach USD 35.72 Billion by 2035.
- Asia Pacific is expected to generate the largest demand during the forecast period in the Thin Film Photovoltaics Market
- North America is expected to grow the fastest during the forecast period in the Thin Film Photovoltaics Market.
Regional growth and demand
North America is expected to grow the fastest during the forecast period in the thin film photovoltaics market. North America is the most rapidly growing market for thin film photovoltaics due to technological growth, growing usage of renewable energy, high government incentives, and growing investment in clean energy infrastructure. The expanding need for sustainable solutions within residential and commercial spaces also drives fast market development in the region.
Asia Pacific is expected to generate the largest demand during the forecast period in the thin film photovoltaics market. Asia Pacific is the highest thin film photovoltaics market owing to dynamic industrialization, growing solar power projects, and supportive government initiatives in nations such as China, India, and Japan. Increasing energy consumption, affordable solar solutions, and investment in renewable infrastructure also fuel the market's growth in the region.
Top 10 trends in the Thin Film Photovoltaics Market
- Rise of flexible solar panels
- Increase in CIGS and CdTe adoption
- Growth in off-grid solar applications
- Integration with building-integrated photovoltaics (BIPV)
- Emergence of perovskite solar cells
- Focus on eco-friendly manufacturing
- Hybrid thin film technologies
- Declining production costs
- Expanding use in consumer electronics
- Environmental and aesthetic appeal
1. Rise of flexible solar panels
Flexible solar panel development is greatly propelling the thin film photovoltaics market. Their ability to bend, being lightweight, makes them easy to incorporate into curved surfaces, handheld devices, and non-conventional structures. The use of solar power beyond conventional rooftops has created new demand in industries such as transportation, consumer electronics, and off-grid renewable power systems.
2. Increase in CIGS and CdTe adoption
The increasing adoption of CIGS and CdTe technologies is creating growth for the market of thin film photovoltaics. The materials boast improved efficiency, increased low-light performance, and lower production costs than silicon. Their stability and scalability make them suitable for use in utility scale projects, BIPV, and off-grid systems.
3. Growth in off-grid solar applications
Off-grid solar expansion is propelling the demand for thin film photovoltaics since they are light, flexible, and easy to deploy. Ideal for rural and remote areas, the TFPV panels provide stable, low-maintenance power solutions where grid access is either not present or limited, promoting energy inclusion and sustainability.
4. Integration with building-integrated photovoltaics (BIPV)
Integration of BIPV is one of the main drivers of the thin film photovoltaics market. The fact that TFPV is cost-effective, light in weight, flexible, and visually appealing makes it an ideal choice for seamless integration with windows, facades, and rooftops, making sustainable buildings with space for modern architectural designs while reducing total energy consumption.
5. Emergence of perovskite solar cells
The invention of perovskite solar cells is revolutionizing the thin film photovoltaics business with their efficiency, low manufacturing cost, and ability to utilize flexible substrates. These next-generation materials are very promising for lightweight, affordable solar technology, fueling innovation and creating opportunities for consumer, building, and portable power applications.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the thin film photovoltaics market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 23 Companies Leading the Thin Film Photovoltaics Market
- First Solar
- Ascent Solar Technologies
- Merck KGaA
- Fujikura Europe Ltd.
- Solibro GmbH
- Exeger Operations AB
- Peccell Technologies, Inc.
- ALPS Technology Inc.
- Sony Corporation
- Avancis
- Solar Frontier
- Oxford PV
- Sol Voltaics
- Stion Corporation
- Ricoh
- Trina Solar
- Solaronix SA
- Heliatek
- KANEKA Corporation
- AVANCIS GmbH
- Solaris Technology Industry, Inc.
- Tata Power Solar Systems Ltd.
- Konica Minolta Sensing Europe B.V.
1. First Solar
Headquarters: Tempe, Arizona, USA
First Solar is a worldwide market leader in thin film photovoltaics technology, with expertise in the design and manufacturing of high-performance cadmium telluride (CdTe) solar modules. Their thin-film technology provides excellent energy yield, robust performance in hot conditions, and a reduced carbon footprint compared to silicon-based panels. First Solar's modules are used extensively for utility-scale solar power plants globally. The company specializes in its vertically integrated manufacturing paradigm, ongoing innovation, and focus on sustainability. It is also at the forefront of recycling demolition panels, enabling a circular economy in the solar sector.
2. Ascent Solar Technologies
Headquarters: Thornton, Colorado, USA
Ascent Solar Technologies is one of the dominant companies in the market for thin film photovoltaics, specializing in the manufacture and development of lightweight, flexible CIGS (copper indium gallium selenide) solar panels. Their products are intended for use in high-performance applications where conventional solar panels are unsuitable, including in aerospace, defense, off-grid, and portable power systems. Ascent solar modules are designed to be incorporated into curved or flexible surfaces, so they are particularly suitable for restricted or mobile applications. Ascent focuses on innovation, reliability, and energy efficiency, directing its efforts towards niche markets with high demand for advanced, portable solar solutions.
3. Merck KGaA
Headquarters: Darmstadt, Germany
Merck KGaA is actively involved in the thin film photovoltaics market through the provision of specialty chemicals and advanced materials necessary for the fabrication of solar cells. The firm offers materials for perovskite solar technology, CdTe, and CIGS solar technologies in the form of printable pastes, functional coatings, and organic semiconductors. Efficient, affordable, and scalable solar solutions are facilitated by Merck via its innovation and R&D in material science. Through its ability to facilitate greater efficiency and improved stability in thin film solar cells, Merck is instrumental in driving next-generation photovoltaic technologies across the world.
4. Fujikura Europe Ltd.
Headquarters: Windsor, United Kingdom
Fujikura Europe Ltd is a leading player in the thin film photovoltaics industry with expertise in developing and supplying new solar cell materials and components. The firm concentrates on producing high quality thin film photovoltaic modules, especially for building integrated photovoltaics (BIPV) and flexible solar uses. Fujikura Europe uses the latest technology to improve the efficiency, ruggedness, and light weight of thin film solar panels and promotes sustainable energy solutions in residential, commercial, and industrial segments in Europe and worldwide.
5. Solibro GmbH
Headquarters: Thalheim, Germany
Solibro GmbH is a market leader in the thin film photovoltaics business with its special focus on the development and manufacturing of productive CIGS (Copper Indium Gallium Selenide) thin film solar modules. The company is dedicated to providing light, flexible, and strong solar solutions ideal for building-integrated photovoltaics (BIPV), portable power, and other special applications. Solibro's groundbreaking technology provides outstanding performance in dusky environments and aids the adoption of sustainable energy through economical, green solar products in residential, commercial, and industrial sectors.
Are you ready to discover more about the thin film photovoltaics market?
The report provides an in-depth analysis of the leading companies operating in the global thin film photovoltaics market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- First Solar
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Ascent Solar Technologies
- Merck KGaA
- Fujikura Europe Ltd.
- Solibro GmbH
- Exeger Operations AB
- Peccell Technologies, Inc.
- ALPS Technology Inc.
- Sony Corporation
- Others.
Conclusion
The thin film photovoltaics (TFPV) market consists of ultra-thin, flexible solar cells with lightweight, economical, and efficient alternatives to conventional silicon panels. Mostly used in utility-scale, building integrated photovoltaics (BIPV), portable, and off-grid usage, TFPV is augmented by increasing clean energy needs and improved technology in materials such as CIGS, CdTe, and perovskite. Industry leaders First Solar, Ascent Solar, Merck, Fujikura Europe, and Solibro spearhead innovation, opening up opportunities for renewable energy, sustainability, and versatile solar solutions globally.
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