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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.
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.
Why is the demand for on-grid installation of next-generation solar cells growing?
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.
How big is the Asia Pacific next-generation solar cell market?
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.
What is the value of the next-generation solar cell market?
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.
Who are the key leaders in the next-generation solar cell industry?
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.