Thin-film Photovoltaic Market Size

Thin-film Photovoltaic Market size was valued at USD 6.31 billion in 2024 and is projected to exceed USD 40.62 billion by the end of 2037, expanding at over 15.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of thin-film photovoltaic is evaluated at USD 7.09 billion..

Increasing demand for the adoption of renewable energy as a primary fuel is projected to boost demand for thin-film PV. According to analysts at Research Nester, approximately one seventh of the world's energy today is produced from renewables. In addition, initiatives are taken by various governments across different countries to reduce greenhouse emissions and help increase environmental benefits in the long run, which is further expected to escalate the demand in the market. For instance, a significant new project to lower greenhouse gas emissions worldwide was unveiled by Administrator Samantha Power on November 3 as part of the US government's efforts to address the climate problem. By 2030, USAID will help partner nations avoid emitting six billion metric tons of carbon dioxide equivalent. This figure is nearly equivalent to the annual domestic emissions in the United States or the equivalent of taking more than 1 billion gasoline-powered cars off the road, thus promoting the segment.

Additionally, increasing concerns about reducing dependency on conventional sources of energy have led to the need for low-cost sustainable options, leading to advancements in photovoltaic technology to increase the production of electricity and reduce overall cost and weight. This will increase the affordability, resulting in the growth of the thin-film photovoltaic market.