Next-Generation Solar Cell Market Report 2024

The next-generation solar cell market size has grown rapidly in recent years. It will grow from $2.53 billion in 2023 to $2.95 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The increase in the historic period can be credited to heightened awareness about the impact of traditional energy sources, urbanization, population growth, greater use of PV modules, rising demand for renewable energy, and increased acceptance 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 $5.51 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth anticipated in the upcoming period is driven by escalating energy needs, growing environmental concerns and sustainability objectives, greater adoption of photovoltaic cells, increased integration of smart grids and energy storage solutions, and rising electricity demand in urban areas. Key trends in the forecast period include advancements in technology design, improvements in manufacturing processes, developments in perovskite and organic photovoltaics, innovations such as thin-film technology, and a shift towards eco-friendly energy sources.

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 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.

The countries covered in the next-generation solar cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Next-generation solar cells represent advanced photovoltaic technologies designed to outperform traditional silicon-based solar cells in terms of performance, efficiency, and cost-effectiveness. These innovative solar cells utilize novel materials and architectures to enhance energy conversion capabilities and facilitate broader applications.

There are two primary categories of next-generation solar cells on-grid and off-grid. On-grid systems, also referred to as grid-tied systems, are solar power installations connected to the public electricity grid. They utilize various materials such as transceivers, cadmium telluride (CdTe), copper indium gallium selenide (CIGS), amorphous silicon (a-Si), gallium arsenide (GaAs), among others, tailored for diverse applications including residential and commercial sectors.

The next-generation solar cells market research report is one of a series of new reports that provides next-generation solar cells market statistics, including next-generation solar cells industry global market size, regional shares, competitors with a next-generation solar cells market share, detailed next-generation solar cells market segments, market trends and opportunities, and any further data you may need to thrive in the next-generation solar cells industry. This next-generation solar cells market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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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