Next-Generation Solar Cell Market

Dublin, Oct. 17, 2024 (GLOBE NEWSWIRE) -- The "Next-Generation Solar Cell Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

The next-generation solar cell market size has grown rapidly in recent years. It will grow from $2.53 billion in 2023 to $2.95 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The next-generation solar cell market size is expected to see rapid growth in the next few years. It will grow to $5.51 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%.

The increase in the historic period can be credited to heightened awareness about the impact of traditional energy sources, urbanization, population growth, greater use of PV modules, rising demand for renewable energy, and increased acceptance of smart grid integration and energy storage solutions.

The growth anticipated in the upcoming period is driven by escalating energy needs, growing environmental concerns and sustainability objectives, greater adoption of photovoltaic cells, increased integration of smart grids and energy storage solutions, and rising electricity demand in urban areas. Key trends in the forecast period include advancements in technology design, improvements in manufacturing processes, developments in perovskite and organic photovoltaics, innovations such as thin-film technology, and a shift towards eco-friendly energy sources.

The rising demand for electricity is anticipated to propel the growth of the next-generation solar cell market. This increase in electricity demand is driven by population growth, urbanization, industrialization, and the expanding use of electric vehicles and electronic devices. Next-generation solar cells boost electricity production through higher efficiency, reduced costs, and enhanced performance in various conditions, making solar energy more accessible and reliable. Increasing electricity demand in urban areas is fueling the growth of the next-generation solar cell market.

Leading companies in the next-generation solar cell market are focusing on developing advanced technologies, such as the innovative N-Type tunnel oxide passivated contacts (TOPCon) technology, to enhance efficiency, reduce costs, and improve the overall performance and reliability of solar energy systems. The N-type TOPCon technology increases the efficiency and lifespan of solar modules by minimizing surface recombination and enhancing carrier extraction.

North America was the largest region in the next-generation solar cell market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market going forward. The regions covered in the next-generation solar cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.The countries covered in the next-generation solar cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Major companies operating in the next-generation solar cell market are Panasonic Corporation, Mitsubishi Chemical Holdings, Sharp Corporation, JinkoSolar Holding Co., Ltd, Trina Solar, Canadian Solar, First Solar Inc., Kaneka Corporation, SunPower Corporation, Yingli Solar, REC Group, 3D-Micromac, MiaSole, Heliatek, Sol Voltaics, Oxford PV, Navitas Solar, Geo Green Power, Suntech Power Holdings, Solactron, Hanwha Q CELLS, Ascent Solar Technologies Inc.

Next-generation solar cells represent advanced photovoltaic technologies designed to outperform traditional silicon-based solar cells in terms of performance, efficiency, and cost-effectiveness. These innovative solar cells utilize novel materials and architectures to enhance energy conversion capabilities and facilitate broader applications.

There are two primary categories of next-generation solar cells on-grid and off-grid. On-grid systems, also referred to as grid-tied systems, are solar power installations connected to the public electricity grid. They utilize various materials such as transceivers, cadmium telluride (CdTe), copper indium gallium selenide (CIGS), amorphous silicon (a-Si), gallium arsenide (GaAs), among others, tailored for diverse applications including residential and commercial sectors.

Key Attributes:

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Scope

Markets Covered:

1) By Type: On-Grid; Off-Grid
2) By Material Type: Transceivers; Cadmium Telluride (CdTe); Copper Indium Gallium Selenide (CIGS); Amorphous Silicon (a-Si); Gallium-Arsenide (GaAs); Other Material Types
3) By Application: Residential; Commercial; Other Applications

Key Companies Mentioned: Panasonic Corporation; Mitsubishi Chemical Holdings; Sharp Corporation; JinkoSolar Holding Co., Ltd; Trina Solar

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Next-Generation Solar Cell Market Other Major and Innovative Companies

• Canadian Solar

• First Solar Inc.

• Kaneka Corporation

• SunPower Corporation

• Yingli Solar

• REC Group

• 3D-Micromac

• MiaSole

• Heliatek

• Sol Voltaics

• Oxford PV

• Navitas Solar

• Geo Green Power

• Suntech Power Holdings

• Solactron

For more information about this report visit https://www.researchandmarkets.com/r/7wxe4

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• Next-Generation Solar Cell Market

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