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Next-generation Solar Cell Market Trends

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

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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.

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.