Next-Generation Solar Cell Market Size to Reach USD 17.5 Billion by 2032 growing at 21.4% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

Next-Generation Solar Cell Market, valued at USD 2.6 Billion in 2022, is projected to surpass USD 17.5 Billion by 2032, indicating a robust CAGR of 21.4%

Next-generation solar cells boost efficiency, reduce production costs, and expand applications. These solar cells are lightweight, flexible, and transparent, allowing them to be integrated into various surfaces, from buildings to wearable devices. This unlocks new possibilities for renewable energy adoption in both urban and remote areas. As research and development continue, next-generation solar cells offer a pathway towards sustainable energy solutions, contributing to the mitigation of climate change and the transition towards a greener future. However, high production costs have become a constraint for the next-generation solar cell market. Furthermore, rising energy demand has prompted growth in the next-generation solar cell market. For instance, according to the U.S. Energy Information Administration, between 2022 and 2050, residential electricity consumption purchased from utilities is projected to rise by approximately 14% to 22% across all scenarios, reaching a range of 5.9 quads to 6.3 quads. As a consequence, market participants are exploring new advancements in the next-generation solar cell market.

Next-Generation Solar Cell Market Value

Next-Generation Solar Cell Market Statistics

  • The global next-generation solar cell market, which reached USD 2.6 billion in 2022, is forecasted to achieve a robust CAGR surpassing 21.4% from 2023 to 2032
  • North America maintains its lead with a significant 55% market share in 2022
  • Asia-Pacific is poised for remarkable growth, with an anticipated CAGR of 22%
  • Based on installation, on grid dominance, holds 55% of market share in 2022
  • Based on end-use industry, utilities sub-segment accomplished 60% of share in 2022
  • A discernible trend in the next-generation solar cell market is development of perovskites solar cells due to high efficiency and low maintenance cost

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Next-Generation Solar Cell Market Dynamics

Advancements in Solar Cell Technology Fuels the Next-Generation Solar Cell Market Value

Advancements in technology in the next-generation solar cell market are driving market growth, with increased efficiency, durability, and cost-effectiveness. Innovations such as perovskite, tandem, and organic solar cells are surpassing traditional silicon-based cells, offering higher efficiencies and flexibility in deployment. These advancements not only enhance energy production but also broaden the applications of solar power, from large-scale utility installations to portable devices and integrated building materials. Consequently, the market value of next-generation solar cells is experiencing steady growth as these technologies become increasingly accessible and adopted worldwide, driving the transition towards a more sustainable energy future. Additionally, key manufacturers are focusing on developments and new launches in solar cells to contribute to the market’s growth. For instance, in the SEMTRASOL research initiative, scientists at the Karlsruhe Institute of Technology (KIT) are crafting solar panels that boast finely adjustable absorption characteristics alongside remarkable efficiency, as of May 2023.

Growing Concerns Associated With Environment and Sustainability Offers Significant Next-Generation Solar Cell Market Opportunity

The growing concerns associated with the environment and sustainability creates an opportunity for the next-generation solar cell market. As urbanization grows significantly, there is rising concern for the environment and sustainability. Additionally, the growing global population further exacerbates issues related to the environment and sustainability, driving demand for next-generation solar cells. Furthermore, rising energy demand in developing countries presents an opportunity for the next-generation solar cell market in the forecast years.

Next-Generation Solar Cell Market Segmentation

The global market for next-generation solar cell has been segmented into material type, installation, end-use industry, and region.

  • Material type is classified into transceivers, cadmium telluride (CdTe), copper indium gallium selenide (CIGS), amorphous silicon (a-Si), gallium-arsenide (GaAs), and others
  • Installation are bifurcated into on-grid and off-grid
  • End-use industry are categorized into residential, commercial & industrial, utilities, and others
  • The next-generation solar cell market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Next-Generation Solar Cell Market Regional Outlook

In terms of next-generation solar cell market analysis, North America dominates the sector. Several key factors contribute to North America's dominance in this market. Firstly, the region boasts advanced research and development capabilities, with leading universities and research institutions driving innovation in solar technology. Additionally, government policies such as tax credits and subsidies for renewable energy projects have spurred investment and adoption of next-generation solar cells. Moreover, North America's robust infrastructure and growing demand for clean energy solutions further contribute to its leadership in this market. This combination of technological advancements, supportive policies, and market dynamics positions North America as a leader in solar energy.

Asia-Pacific is the fastest-growing region in the next-generation solar cell market. This growth is propelled by several factors, including increasing investments in renewable energy infrastructure, government initiatives promoting solar energy adoption, and the region's burgeoning population and energy demand. Moreover, technological advancements and innovations in countries like China, Japan, and South Korea contribute significantly to the development of next-generation solar technologies. For instance, in December 2022, JinkoSolar Holding Co., Ltd. revealed a significant technological advancement for its N-type monocrystalline silicon solar cell, measuring 182 mm. Once more, JinkoSolar has established a fresh milestone, attaining a peak solar conversion efficiency of 26.4% for its TOPCon solar cell, sized at 182 mm and beyond. Furthermore, with a strong focus on sustainability, the Asia-Pacific region is maintaining its position in the market.

Next-Generation Solar Cell Market Players

Next-generation solar cell companies profiled in the report include AGC, Advent Technologies Inc, Belectric, Toshiba, ARMOR Group, Sumitomo Chemical, Heliatek, Sunew, Mitsubishi Chemical, and Henkel.

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Mr. Frank Wilson

Acumen Research and Consulting

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