Next-Generation Solar Cell Market Size worth $7.4 billion by 2028, at a CAGR of 19.5%

September 15 18:34 2023
Next-Generation Solar Cell Market Size worth $7.4 billion by 2028, at a CAGR of 19.5%
Next-Generation Solar Cell Market Size
The Next-Generation Solar Cell Market Value is projected to be USD 7.4 billion by 2028, growing from USD 3.0 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period.

The “Next-Generation Solar Cell Market Size by Material Type (Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS), Amorphous Silicon, Gallium-Arsenide, Others), Installation (On-Grid, Off-Grid), End User and Geography – Global Forecast to 2028” The next-generation solar cell market size is valued at USD 3.0 billion in 2023 and is projected to reach USD 7.4 billion by 2028, growing at a CAGR of 19.5% during the forecast period from 2023 to 2028. The major driving factors are technological advancement in next-generation solar cells, government initiatives in solar PV projects, and increasing demand for solar cells in the residential and commercial sectors.

The report profiles key next-generation solar cell market players and analyzes their market shares. Players profiled in this report are First Solar (US), Hanwha Q CELLS (South Korea), Ascent Solar Technologies (US), Oxford PV (UK), Kaneka Solar Energy (Japan), Flisom (Switzerland), Solactron (US), Mitsubishi Chemical Group (Japan), MiaSole (US), and Hanergy thin film power group (China) are some major players.

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Browse 152 market data Tables and 46 Figures spread through 191 Pages and in-depth TOC on “Next-Generation Solar Cell Market Size by Material Type (Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS), Amorphous Silicon, Gallium-Arsenide, Others), Installation (On-Grid, Off-Grid), End User and Geography – Global Forecast to 2028 “

View detailed Table of Content herehttps://www.marketsandmarkets.com/Market-Reports/next-generation-solar-cell-market-94742566.html

Next-Generation Solar Cell Market

Market Dynamics:

Driver: Technological advancements in next-generation solar cells

The solar cell has different generations based on development. The first-generation solar cell includes solar cells based on crystalline silicon material. The second-generation solar  cells are thin film solar cells which is the primary focus of this report. It includes materials cadmium telluride (CdTe), amorphous silicon (a-Si), copper indium gallium selenide (CIGS), and Gallium Arsenide (GaAs). The third generation of solar cells is new in the market; some are not yet commercialized. Third-generation solar cells in organic solar cells, dye-sensitized solar cells, and perovskite solar cells have been included in other sections. Technological advancements such as the development of Thin-Film technology are making it possible to create solar cells that are more efficient, cost-effective, and durable while using less material. For instance, In June 2022, researchers at Princeton University developed the first commercially viable perovskite solar cells, which can be manufactured at room temperature and requires less energy to produce than any other solar cell, such as silicon-based solar cells.

First Solar (US)

First Solar designs, manufactures, markets, and distributes PV solar power systems and modules. The company operates its business via two reportable segments—Modules and Others. The Modules business segment is involved in designing, manufacturing, and selling CdTe solar modules. The company provides Series 6 and Series 6 Plus PV modules with a maximum power of 450 W. First Solar also provides recycling solutions for PV power plants and module owners. The company mainly sells its solar modules to system integrators and operators in the US and France. The company is expected to produce a capacity of 10 gigawatts of thin film solar panels by 2025 for the US.

Ascent Solar Technologies (US)

Ascent Solar Technologies is one of the leading providers of CIGS (Copper-Indium-Gallium-Selenide) solar technology with 40 years of R&D and a patent portfolio in solar technology.  The company’s patented monolithic integration process enables the manufacturing of solar cells with high flexibility, efficiency, durability, and weight savings. The company has 139,000 square foot headquarters that supports R&D, manufacturing, operations, and office space for Ascent employees. AFRL (Air Force Research Laboratory), National Aeronautics and Space Administration (NASA), and  NREL (National Renewable Energy Laboratory) are among a few of its notable research partners.    

North America accounts for the largest market share during the forecast period.

The overall next-generation solar cell market size in Asia Pacific held the largest share in 2022. The companies in this region are focusing on boosting their production capabilities and widening their distribution networks, and the manufacturers are utilizing new technologies for solar cells in their operations. Increased solar cell demands from countries such as China, Japan, India, and South Korea is experienced by the global market players. India and China are playing a major role in the growth of the Asia Pacific next-generation solar cell market size. These countries are aggressively progressing in the global solar cell market. The presence of favorable government policies in the Asia Pacific contributes to the growth of the regional solar cell market.

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