Global Thin Film Solar Cell market research 2024, Forecast To 2033

The thin film solar cell market size has experienced robust growth in recent years, ascending from$13.37 billion in 2023 to$14.68 billion in 2024, boasting a compound annual growth rate (CAGR) of 9.8%. This growth in the historic period can be attributed to government incentives and subsidies, reduced material costs, increased focus on sustainability, scalability and flexibility, improved manufacturing processes, and the rising global energy demand. Looking ahead, the thin film solar cell market is anticipated to witness strong growth, reaching$20.94 billion in 2028, with a compound annual growth rate (CAGR) of 9.3%. This growth in the forecast period can be attributed to market competitiveness, evolving consumer preferences, energy storage integration, increasing adoption in emerging markets, advancements in materials science, enhanced performance in low-light conditions, and strategic investments in manufacturing capacity. Major trends in the forecast period include technological advancements and efficiency improvements, tandem and multijunction thin film solar cells, increased adoption in building-integrated photovoltaics (BIPV), cadmium-free thin film technologies, rural electrification and off-grid applications, and a focus on recycling and sustainability.