Next-generation Solar Cell Market Size - By Material Type (Organic Photovoltaics (OPVs), Cadmium Telluride (CdTe), Gallium Arsenide (GaAs), Perovskite Solar Cells, Dye-sensitized Solar Cells (DSSCs)), By Installation Type (On-grid, Off-grid), & Forecast, 2024 - 2032

Next-generation Solar Cell Market Size

Next-Generation Solar Cell Market was valued at over USD 3.5 billion in 2023 and is anticipated to grow at a CAGR of over 19.5% between 2024 and 2032. The rising demand for energy-efficient solutions, improved conversion efficiency, and enhanced durability for maintaining long-term performance is contributing to market growth.
 

The rising integration of solar cells with smart grid infrastructure and advancements in energy storage technologies, such as lithium-ion batteries, enhance the reliability and stability of solar power systems. Next-generation solar cells with higher efficiency and energy yield contribute to the effectiveness of grid-tied and off-grid solar installations, thereby supporting grid stability and enabling the easy integration of renewable energy sources into the power grid.
 

Next-generation solar cells comprise a substance known as lead iodide which is one of the breakdown products of perovskite cells. It is toxic and there are concerns that it may be carcinogenic. Many perovskite cells use lead, a massive pollutant. Researchers are constantly seeking substitutes as lead is a serious threat to the environment as it has harmful effects on the ecosystem.
 

Next-generation Solar Cell Market Trends

With increased concerns regarding the impact of conventional energy on global warming and climate change, solar Photovoltaic (PV) cell technology has gained prominence as a sustainable energy source. There is a shift toward solar panels to maintain efficiency, meet the requirements of energy, and intensify the output. For instance, in December 2022, Soleos introduced its solar panel, ANTARES BI 144, with unique features and robust performance. It offers increased efficiency to optimize space and lower overall system costs. This 182- and 212-mm ultra-high-power module falls in the mono-crystalline silicon category and features the latest PERC Solar cells with high transmission energy.
 

With the increasing adoption of newer technology, the next-generation solar cell is witnessing rapid changes with solar panels that have various applications in commercial, residential, and industrial sectors. Technology integration reduces electrical and optical losses by halving the current passing through each cell and utilizing incident light more effectively. Moreover, it offers advanced features such as preemptive risk detection and mitigation against hazards including malfunctions, fires, and sparks.
 

Next-generation Solar Cell Market Analysis

Based on installation type, the market is segmented into on-grid and off-grid. In 2023, the on-grid segment dominated the market with a share of over 55%.
 

• With increasing urbanization and population growth, there is a growing demand for electricity in urban areas served by established electricity grids. On-grid solar installations can meet this demand sustainably while reducing reliance on fossil fuels and mitigating environmental impacts. For instance, in February 2024, Navitas Solar, a module manufacturing brand based in Surat, India, launched its latest next-generation N-Type TOPCon modules at The Smarter E India – Intersolar India 2024, for the on-grid installation. N-type TOPCon technology offers remarkable energy yield and a low temperature coefficient and improves the overall efficiency & lifespan of the solar modules.

Based on end user, the market is divided into residential, commercial, industrial, Utilities, and others. The residential segment is the fastest growing and is anticipated to expand at a CAGR of over 21.5% between 2024 and 2032.
 

• There is a growing integration of solar cells directly into building materials such as roof tiles, windows, facades, and even exterior walls. Building-integrated Photovoltaic (BIPV) cells offer dual functionality by serving as both building components and energy generators, enhancing the aesthetic appeal of residential properties while maximizing solar energy production. For instance, in October 2023, Loom Solar, under its initiative Mission-Zero Emission launched a series of India’s first innovative solar solutions at the REI Expo 2023. These include one of the highest-capacity solar modules - Shark 575 -700 W TOPCon bifacial 16 bus bars, an IoT-based energy storage solution - Atlanta 5kWh-45 kWh, a high-frequency solar inverter - Fusion 3kW - 100kW, and customizable small solar panels for government & DIY projects that need design aesthetics. These solution offerings complement Loom Solar’s larger vision to provide the industry’s best solar solutions for residential, commercial, Industrial, agricultural, and other use-case applications.

Asia Pacific next-generation solar cell market is poised to attain gains at nearly 21% up to 2032. The growing adoption of PV modules and next-generation solar energy solutions in countries, such as China, Japan, and India, is fueling the regional market's growth. Over 90% of solar panels sold worldwide are made from crystalline silicon but next-generation solar cells have higher efficiency and excellent natural & artificial light performance compared to silicon-based cells. The thickness of a next-generation solar cell is under one micron and it can be manufactured at low temperatures.
 

Next-generation Solar Cell Market Share

First Solar, Inc. and Ascent Solar Technologies, Inc. hold a significant share of over 20%. First Solar, Inc. is a global provider of PV solar energy solutions, with a focus on advanced thin-film solar cell technology. It has established itself as a prominent player in the solar industry, particularly in the Utilities-scale solar market.

Ascent Solar Technologies, Inc. is a U.S.-based company focused on the development and commercialization of next-generation thin-film PV solar modules. The company has proprietary flexible Copper Indium Gallium Selenide (CIGS) solar technology, which offers lightweight, durable, and flexible solar panels suitable for a variety of applications.
 

Next-generation Solar Cell Market Companies

Major players operating in the next-generation solar cell industry are:

• First Solar, Inc.
• Ascent Solar Technologies, Inc.
• Oxford Photovoltaics Ltd.
• Hanwha Group
• Mitsubishi Corporation
• Hanergy Thin Film Power Group
• Heliatek
   

Next-generation Solar Cell Market News

• In April 2023, Ascent Solar, a U.S.-based manufacturer of thin-film CIGS solar modules, signed an agreement to acquire Flisom, its Switzerland-based thin-film rival, for an undisclosed sum. Flisom operates a 15 MW factory in Zurich, Switzerland.
   
• In January 2023, Hanwha Qcells launched the latest generation of its Q.MAXX solar panel series for the Australian residential market, with the power class increased by up to 15 Wp compared to previous iterations. The Q.Maxx BLK-G5+ solar panel is available in two versions, a 415 W product with a power conversion efficiency of 21.3% and a white frame, and an all-black 390-400 W module with an efficiency of 21%.
   

This next-generation solar cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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Market, By Material Type

• Organic Photovoltaics (OPVs)
• Cadmium Telluride (CdTe)
• Gallium Arsenide (GaAs)
• Perovskite solar cells
• Dye-Sensitized Solar Cells (DSSCs)
• Others

Market, By Installation Type

• On-grid
• Off-grid

Market, By End User

• Residential
• Commercial
• Industrial
• Utilities
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA