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Next-generation Solar Cell Market Size

Report ID: GMI8921
Published Date: Apr 2024
Report Format: PDF

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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.

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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 Cell Market Report Attributes
Report Attribute	Details
Base Year:	2023
Next-generation Solar Cell Market Size in 2023:	USD 3.5 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	19.5%
2032 Value Projection:	USD 18 Billion
Historical Data for:	2018 - 2023
No. of Pages:	220
Tables, Charts & Figures:	250
Segments covered:	Material type, installation type, end user, and region
Growth Drivers:	Increasing energy demand Advancements in technology Rising concerns over the environment and sustainability goals Increasing adoption of photovoltaic cells Rising adoption of smart grid integration and energy storage solutions
Pitfalls & Challenges:	Cost constraints Issues related to toxicity

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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.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of next-generation solar cell was crossed USD 3.5 billion in 2023 and is expected to register over 19.5% CAGR from 2024-2032 owing to rising demand for energy-efficient solutions, improved conversion efficiency, and enhanced durability for maintaining long-term performance worldwide.

Next-generation solar cell industry from the on-grid segment held over 55% share in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to growing demand for electricity in urban areas served by established electricity grids.

Asia Pacific next-generation solar cell industry is expected to register over 21% CAGR from 2024-2032 due to growing adoption of PV modules and next-generation solar energy solutions in countries, such as China, Japan, and India in the region.

First Solar, Inc., Ascent Solar Technologies, Inc., Oxford Photovoltaics Ltd., Hanwha Group, Mitsubishi Corporation, Hanergy Thin Film Power Group, and Heliatek, are some of the major next-generation solar cell companies worldwide.