The Next-Generation Solar Cell Market Size is valued at USD 2.53 Bn in 2022 and is predicted to reach USD 12.91 Bn by the year 2031 at a 19.9 % CAGR during the forecast period for 2023-2031.
Next-generation solar cells are advanced technologies that improve classic silicon-based solar cells' efficiency, cost-effectiveness, and adaptability. These technologies provide novel techniques for capturing and converting sunlight into electricity, frequently overcoming the limitations of traditional solar cells. Improving manufacturing techniques and utilizing novel materials can potentially lower the manufacturing costs of next-generation solar cells. This lowers the cost of solar energy and makes it more competitive with other energy generation sources.
Rapid advances in materials science, nanotechnology, and manufacturing techniques drive the development of next-generation solar cell technologies. Efficiency, stability, and scalability innovations are critical for achieving a competitive advantage in the market. Materials science, nanotechnology, and manufacturing process advancements have enabled the creation of novel solar cell technologies with increased efficiency and stability.
However, manufacturing firms encountered difficulties in keeping operations running while complying with safety procedures. Reduced workforce, slower output, and changes in work arrangements may have hampered the production of next-generation solar cells.
Competitive Landscape
Some Major Key Players In The Next-Generation Solar Cell Market:
- Hanwha Q CELLS (South Korea),
- Oxford PV (UK),
- Kaneka Solar Energy (Japan),
- Flisom (Switzerland),
- Mitsubishi Chemical Group (Japan),
- Hanergy thin film power group (China),
- Heliatek (Germany),
- 3D-Micromac(Germany),
- Suntech Power Holdings (China)
- Sharp Corporation(Japan),
- Trina Solar (China),
- Panasonic Corporation(Japan),
- Sol Voltaics(Sweden),
- Geo Green Power(England),
- Jinko Solar (China),
- Canadian Solar(Canada),
- Yingli Solar(China),
- REC Group(Norway)
- First Solar (US),
- Ascent Solar Technologies (US),
- Solactron (US),
- MiaSole (US),
- Polysolar Technology (US),
- NanoPV technologies(US),
- Sunpower Corporation(US)
Market Segmentation:
The Next-Generation Solar Cell Market is segmented on the basis of material type, installation and end-use industry. Based on material type, the market is segmented as transceivers, Cadmium Telluride (CdTe), Copper Indian Gallium Selenide (CIGS), Amorphous Silicone (a-Si), Gallium-Arsenide (GaAs), and others. The others are segmented into organic solar cells, dye-sensitized solar cells, and perovskite solar cells. By installation, the market is segmented into on-grid and off-grid. The end-users segment consists of residential, commercial & industrial, utilities, and others.
Based On Others, The Perovskites Solar Cells Segment Is Accounted As A Major Contributor In The Next-Generation Solar Cell Market.
The perovskites solar cells category is expected to hold a major share of the global Next-Generation Solar Cell Market in 2022. Other material includes perovskite solar cells, organic solar cell, and dye-sensitized solar cells. Perovskite-structured materials utilized in solar cells are typically hybrid organic-inorganic lead or tin-halide compounds, such as methylammonium lead halide. Because these materials are solution-processed, their production is straightforward and economical. Hybrid metal halide perovskite solar cells (PSCs) have received a lot of attention due to their inexpensive cost, smaller design, low-temperature production, and outstanding light absorption qualities (high performance in low and diffuse light).
The Commercial & Industrial Segments Witness Growth At A Rapid Rate.
The commercial & industrial segment is projected to grow at a rapid rate in the global Next-Generation Solar Cell Market. Technological improvements, market trends, and environmental considerations contribute to the growing adoption of next-generation solar cells in the commercial and industrial sectors. Next-generation solar cells now have better efficiency, stability, and cost. Business processes are increasingly likely to include these technologies as they develop and become more dependable.
In The Region, The Asia Pacific Next-Generation Solar Cell Market Holds A Significant Revenue Share.
Asia Pacific's Next-Generation Solar Cell Market is anticipated to register the maximum market share in terms of revenue in the near future. The regional market is expanding as a result of the rising use of PV modules in countries like China, Japan, and India. Next-generation solar cells are more efficient than silicon-based cells and work well in both natural and artificial light. A next-generation solar cell is less than one micron thick and can be produced at low temperatures utilizing inexpensive methods like printing. Additionally, North America is anticipated to experience rapid growth during the projection period. The potential for next-generation solar cells to improve energy efficiency and advance sustainability goals has boosted attention in the region.
Next-Generation Solar Cell Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 2.53 Bn |
|
Revenue forecast in 2031 |
USD 12.91 Bn |
|
Growth rate CAGR |
CAGR of 19.9% from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments covered |
By Material Type, Installation, End-User Industry |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Hanwha Q CELLS (South Korea), Oxford PV (UK), Kaneka Solar Energy (Japan), Flisom (Switzerland), Mitsubishi Chemical Group (Japan), and Hanergy thin film power group (China), Heliatek (Germany), 3D-Micromac(Germany), Suntech Power Holdings (China), Sharp Corporation(Japan), Trina Solar (China), Panasonic Corporation(Japan), Sol Voltaics(Sweden), Geo Green Power(England), Jinko Solar (China), Canadian Solar(Canada), Yingli Solar(China), REC Group(Norway), First Solar (US), Ascent Solar Technologies (US), Solactron (US), MiaSole (US), Polysolar Technology (US), NanoPV technologies(US), Sunpower Corporation(US) |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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