How has the next-generation solar cell market evolved, and where is it heading next?
The next-generation solar cell market size has grown rapidly in recent years. It will grow from $2.95 billion in 2024 to $3.46 billion in 2025 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to increased concerns regarding the impact of conventional energy, increasing urbanization and population growth, growing adoption of PV modules, surging demand for renewable energy, and rising approval of smart grid integration and energy storage solutions.
The next-generation solar cell market size is expected to see rapid growth in the next few years. It will grow to $6.42 billion in 2029 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to increasing energy demand, rising concerns over the environment and sustainability goals, increasing adoption of photovoltaic cells, rising adoption of smart grid integration and energy storage solutions, and growing demand for electricity in urban areas. Major trends in the forecast period include cutting-edge technology designing, manufacturing process advancements, developments in perovskite and organic photovoltaics, technological advancements such as the development of thin-film technology, and shift to environmentally friendly energy sources.
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What have been the primary factors driving the next-generation solar cell market’s growth?
The growing electricity demand is expected to drive the growth of the next-generation solar cell market going forward. The demand for electricity is due to population growth, urbanization, industrialization, and the increasing use of electric vehicles and electronic devices. Next-generation solar cells enhance electricity production through higher efficiency, reduced costs, and improved performance in diverse conditions, making solar energy more accessible and dependable. For instance, in January 2024, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global electricity demand grew by 2.2% in 2023 and is expected to increase by 3.4% annually through 2026. Further, in 2022, the United States’s electricity demand increased by 2.6%. Therefore, the growing demand for electricity in urban areas drives growth in the next-generation solar cell market.
What are the key segments within the next-generation solar cell market?
The next-generation solar cell market covered in this report is segmented –
1) By Type: On-Grid, Off-Grid
2) By Material Type: Transceivers, Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS), Amorphous Silicon (a-Si), Gallium-Arsenide (GaAs), Other Material Types
3) By Application: Residential, Commercial, Other Applications
Suubsegments:
1) By On-Grid: Residential On-Grid Systems, Commercial On-Grid Systems, Industrial On-Grid Systems
2) By Off-Grid: Residential Off-Grid Systems, Commercial Off-Grid Systems, Industrial Off-Grid Systems
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Which key players are shaping the next-generation solar cell market?
Major companies operating in the next-generation solar cell market are Panasonic Corporation, Mitsubishi Chemical Holdings, Sharp Corporation, JinkoSolar Holding Co.Ltd, Trina Solar, Canadian Solar, First Solar Inc., Kaneka Corporation, SunPower Corporation, Yingli Solar, REC Group, 3D-Micromac, MiaSole, Heliatek, Sol Voltaics, Oxford PV, Navitas Solar, Geo Green Power, Suntech Power Holdings, Solactron, Hanwha Q CELLS, Ascent Solar Technologies Inc.
How will emerging trends drive the next-generation solar cell market throughout the forecast period?
Major companies operating in the next-generation solar cell market are focusing on developing advanced technology, such as innovative N-Type tunnel oxide passivated contacts (TOPCon) technology, to improve efficiency, reduce costs, and enhance solar energy systems’ overall performance and reliability. The N-type TOPCon technology helps to enhance the efficiency and lifespan of the solar modules by reducing surface recombination and improving the extraction of carriers. For instance, in February 2024, Navitas Solar, an India-based module manufacturing company, launched next-generation N-type TOPCon solar modules. The new modules come with a 12-year product and 30-year performance warranty and are built with 182 mm (M10) 16BB, half-cut cells. The panels can generate power from 560 to 630 watts, with module efficiencies exceeding 22%.
How do regional factors impact the next-generation solar cell market, and which region is the largest contributor?
North America was the largest region in the next-generation solar cell market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market going forward. The regions covered in the next-generation solar cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Next-Generation Solar Cell Market Report 2025 Offer?
The next-generation solar cell market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Next-generation solar cells refer to advanced photovoltaic technologies that aim to surpass traditional silicon-based solar cells’ performance, efficiency, and cost-effectiveness. These innovative solar cells leverage new materials and architectures to improve energy conversion and enable broader applications.
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