The next-generation solar cell market is valued at USD 3.0 billion in 2023 and is projected to reach USD 7.4 billion by 2028, growing at a CAGR of 19.5% during the forecast period from 2023 to 2028. The major driving factors are technological advancement in next-generation solar cells, government initiatives in solar PV projects, and increasing demand for solar cells in the residential and commercial sectors.
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Cadmium telluride (CdTe) material is expected to account for the largest market share during the forecast period.
Cadmium telluride (CdTe) material-based solar cells are expected to have the largest market size during the forecast period. CdTe solar cell material is frequently in the utility-scale solar industry, including large-scale solar power plants that are designed to feed electricity into the grid. CdTe solar cells have high efficiency and cost-effectiveness. The market for others is expected to grow with the highest CAGR during the forecast period. Organic material-based solar cells have been increasingly used to power small electronic devices such as smartphones, tablets, and wearable technology, among others, boosting the market growth of these materials during the forecast period.
Residential end-user industry is expected to witness the highest CAGR during the forecast period.
The residential segment is expected to have the highest CAGR during the forecast period by end-user industry. To fulfill the home's electricity needs, solar cell-based PV systems are installed on the rooftop or at a location where adequate sunlight is available. Electricity is required for in-home lighting and ventilation solutions and several other consumer electronics and appliances, such as water pumping systems, lanterns, radios, televisions, flashlights, outdoor lights, security systems, gate openers, and fans. These solar cell-based PV systems need batteries to store electricity, and charged batteries can be used when needed. The excess electricity (if generated) can be sold by transferring it to the national or local electricity grid (depending on the system feasibility, availability, and the policy of the government and electricity company). PV systems are useful in remote areas and faraway villages where electricity grids are not available.
North America accounts for the largest market share during the forecast period.
The overall next-generation solar cell market in Asia Pacific held the largest share in 2022. The companies in this region are focusing on boosting their production capabilities and widening their distribution networks, and the manufacturers are utilizing new technologies for solar cells in their operations. Increased solar cell demands from countries such as China, Japan, India, and South Korea is experienced by the global market players. India and China are playing a major role in the growth of the Asia Pacific next-generation solar cell market. These countries are aggressively progressing in the global solar cell market. The presence of favorable government policies in the Asia Pacific contributes to the growth of the regional solar cell market.
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The report profiles key next-generation solar cell market players and analyzes their market shares. Players profiled in this report are First Solar (US), Hanwha Q CELLS (South Korea), Ascent Solar Technologies (US), Oxford PV (UK), Kaneka Solar Energy (Japan), Flisom (Switzerland), Solactron (US), Mitsubishi Chemical Group (Japan), MiaSole (US), and Hanergy thin film power group (China) are some major players.