Next-Generation Solar Cell Market Report 2026

The next-generation solar cell market size has grown rapidly in recent years. It will grow from $3.43 billion in 2025 to $4 billion in 2026 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to rising government incentives and subsidies for solar adoption, increasing investments in renewable energy infrastructure, growth in residential and commercial rooftop solar installations, increasing awareness of environmental sustainability, adoption of advanced solar cell technologies.

The next-generation solar cell market size is expected to see rapid growth in the next few years. It will grow to $6.95 billion in 2030 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to growing demand for high-efficiency and next-generation solar technologies, increasing focus on off-grid solar solutions, rising investments in distributed solar energy systems, expansion of industrial and commercial solar applications, increasing integration with energy storage and smart grid systems. Major trends in the forecast period include increasing adoption of high-efficiency photovoltaic materials, rising integration of flexible and lightweight solar modules, growing use of tandem and multi-junction solar cells, expansion of residential and commercial solar deployments, increasing focus on solar cell durability and longevity.

The rising demand for electricity is anticipated to propel the growth of the next-generation solar cell market. This increase in electricity demand is driven by population growth, urbanization, industrialization, and the expanding use of electric vehicles and electronic devices. Next-generation solar cells boost electricity production through higher efficiency, reduced costs, and enhanced performance in various conditions, making solar energy more accessible and reliable. For instance, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, reported that global electricity demand grew by 2.2% in 2023 and is projected to increase by 3.4% annually through 2026. Additionally, in 2022, the United States saw a 2.6% rise in electricity demand. Therefore, the increasing electricity demand in urban areas is fueling the growth of the next-generation solar cell market.

Leading companies in the next-generation solar cell market are focusing on developing advanced technologies, such as the innovative N-Type tunnel oxide passivated contacts (TOPCon) technology, to enhance efficiency, reduce costs, and improve the overall performance and reliability of solar energy systems. The N-type TOPCon technology increases the efficiency and lifespan of solar modules by minimizing surface recombination and enhancing carrier extraction. For example, in February 2024, Navitas Solar, an India-based module manufacturing company, launched next-generation N-type TOPCon solar modules. These new modules come with a 12-year product and 30-year performance warranty and are constructed with 182 mm (M10) 16BB, half-cut cells. The panels can generate power from 560 to 630 watts, with module efficiencies exceeding 22%.

In April 2023, Ascent Solar Technologies Inc., a US-based solar module manufacturing company, acquired Flisom for an undisclosed amount. This acquisition will allow Ascent Solar to triple its production capacity and create a new revenue stream in the luxury goods and building-integrated photovoltaics (BIPV) markets. Flisom is a Switzerland-based next-generation solar cell manufacturing company.

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.

North America was the largest region in the next-generation solar cell market in 2025. 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, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the next-generation solar cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The next-generation solar cell market consists of sales of solar panels, solar energy systems, batteries, or energy storage systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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