Why Investors Are Betting Big on Flexible Power
In the global race toward renewable energy, a quiet revolution is unfolding across solar technology laboratories and manufacturing facilities. While traditional silicon panels have dominated the solar landscape for decades, a new generation of thin-film photovoltaic technology is capturing the imagination of scientists and investors alike.
The thin-film photovoltaics market was valued at $7.15 billion in 2023 and is projected to reach a staggering $28.33 billion by 2032, growing at a remarkable 16.53% compound annual growth rate 3 .
Companies have announced 380 clean technology manufacturing facilities since the IRA was signed into law, nearly half of which were operational as of March 31, 2025 6 .
Enables integration into curved surfaces and portable devices
Significantly lighter than traditional panels
Better performance in low-light and high-temperature conditions 4
Global investment in clean energy manufacturing has reached unprecedented levels, with quarterly investment more than tripling—from $2.5 billion in Q3 2022 to $14.0 billion in Q1 2025 6 .
The United States thin-film market was estimated at $2.0 billion in 2023 and is projected to reach $6.62 billion by 2032, growing at a CAGR of 14.20% 3 .
The U.S. Inflation Reduction Act (IRA) has played a pivotal role, with its Section 45X Advanced Manufacturing Production Tax Credit directly subsidizing U.S.-based production of key components including solar modules 6 .
"With investments exceeding $52.7 billion raised through advanced manufacturing and R&D projects, production capacity for thin-film solar is expected to increase by over 25% through 2027" 3 .
USA · CdTe technology
14.1 GW sold (2024)
$4.2B revenue
USA · CIGS technology
Space applications
Portable solar products
China · Flexible CIGS
18.5% efficiency
Portable applications
USA · CIGS technology
Flexible solar
Diverse applications
Scientists developed two-terminal monolithic perovskite/silicon tandem solar cells, achieving a certified power conversion efficiency of 33.89%, surpassing the theoretical limit for single-junction solar cells .
Building-integrated photovoltaics represent the fastest growth segment from 2024 to 2032, driven by sustainable building requirements 3 .
Thin-film solar cells are being integrated into vehicle surfaces to supplement power for electric vehicles .
Lightweight, flexible CIGS modules enhance unmanned aerial vehicle (UAV) flight durations for military and defense needs .
The rise of smart cities has created demand for sustainable power sources for distributed sensors and devices 4 .
Companies are developing flexible solar products for portable electronics, enabling off-grid charging capabilities 9 .
Still holds 61% market share with moderate growth driven by cost reduction and large-area deployment 3 .
Researchers created two-terminal monolithic perovskite/silicon tandem devices achieving a certified efficiency of 33.89% .
| Material/Technique | Function | Significance |
|---|---|---|
| Perovskite precursors | Forms light-absorbing layer | Enable low-cost, high-efficiency solar cells |
| CdTe/CIGS deposition systems | Creates photovoltaic layers | Allow precise control of film composition |
| Transparent conductive oxides | Serves as front electrode | Provide conductivity with light transmission |
| Encapsulation materials | Protects sensitive layers | Prevents degradation from moisture and oxygen |
| Roll-to-roll processing | Enables mass production | Facilitates scalable manufacturing |
"The convergence of technological advancement, manufacturing scale-up, and expanding applications creates a compelling investment thesis that extends well into the next decade."