Next-Gen Solar Cell Market to Grow at 21.7% CAGR, hitting $14.2 Billion by 2031: Fueled by Climate Concerns and Tech Trends, TMR Report
Increase in concerns regarding climate change and a rise in focus on reducing carbon emissions are projected to propel the next-generation solar cell market size in the next few years
Wilmington, Delaware, United States, Aug. 10, 2023 (GLOBE NEWSWIRE) -- *Transparency Market Research Inc. - *The global next-generation solar cell market is projected to flourish at a *CAGR **of 21.7**%* from 2022 to 2031. As per the report published by TMR, a valuation of US$ 14.2 billion is anticipated for the market in 2031. As of 2023, the market for next-generation solar cells is expected to close at US$ 2.9 billion.The rise in transition toward clean and renewable energy sources is prompting improvement in the performance and cost-effectiveness of third-generation solar cells.
Increasing government investment in renewable energy sources and an increased number of government initiatives offering incentives, subsidies, and tax benefits to encourage the adoption of solar energy drives the market for next-generation solar cells.
Growing technological advances in materials science, nanotechnology, and manufacturing processes have paved the way for the development of new types of solar cells with improved performance characteristics are expected to boost the market demand during the forecast period.
Manufacturers in the market are focused on making solar energy more economically viable and attractive to a broader range of consumers and industries. Vendors are investing in the R&D of high-efficiency perovskite solar cells to expand their product portfolio and increase their next-generation solar cell market share
Increased research and development efforts by market players are leading to continuous improvements in solar cell technology. New materials, designs, and manufacturing techniques are boosting the efficiency and durability of next-generation solar cells, likely to provide an opportunity for growth of the market during the forecast period.
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*Key Takeaways from the Market Study*
· As of 2022, the next-generation solar cell market was valued at US$ 2.4 billion
· By material type, second generation segment to enjoy high demand, accumulating a high revenue share during the forecast period
· Based on deployment, the on-grid segment accounts for the highest market share
· Based on application, the commercial segment is expected to generate high revenue during the forecast period.
*Next-generation Solar Cell Market** – Regional Analysis *
· North America is a significant market for next-generation solar cells. The region has a strong focus on research and development, with many universities and research institutions actively working on improving solar cell efficiency and exploring new materials like perovskites.
· Asia Pacific is expected to hold the largest share of the next-generation solar cell market during the forecast period. The rise in population and the subsequent increase in energy demand are the major growth factors in the region. China, Japan, and South Korea have a significant market for solar energy and have invested in both conventional and next-generation solar technology.
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*Competitive Landscape*
The next-generation solar cell market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global next-generation solar cell market report:
· Canadian Solar
· Greatcell Energy
· JA Solar
· JinkoSolar Holding Co., Ltd.
· Jolywood
· LONGi
· Oxford PV
· Renshine Solar
· Saule Technologies
· SunPower Corporation
· Trina Solar
· Panasonic Holdings Corporation
· ReNew Energy Global Plc*Key Developments in the **Next-generation Solar Cell **Market *
· *In December 2022 -- **JinkoSolar** Holding Co., Ltd.* announced that it has achieved a major technical breakthrough for its 182 mm high-efficiency N-type monocrystalline silicon solar cell. JinkoSolar has once again set a new record, achieving a maximum solar conversion efficiency of 26.4% for its 182 mm and above large-size monocrystalline silicon TOPCon solar cell.
· *Saule** Technologies,* is the key player in perovskite solar cells, has been working on integrating perovskite solar cells into various applications, including building-integrated photovoltaics (BIPV) and consumer electronics. They have been focusing on scaling up production and commercializing their technology.
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*Next-generation Solar Cell Market** – Key Segments *
*Material Type*
· Second-generation
· Amorphous Silicon (a-Si)
· Microcrystalline Silicon (μc-Si)
· Cadmium Telluride / Cadmium Sulfide (CdTe/CdS)
· Copper Indium Gallium Selenide (CIGS)
· Third-generation
· DSSC PV
· Organic Photovoltaic (OPV)
· Quantum Dot (QD) PV
· Perovskite PV
· GaAs / GaInP
· Inorganics-in-Organics
· Tandem Solar Cells*Deployment*
· On-grid
· Off-grid
*Application*
· Residential
· Commercial
· Utility*Region*
· North America
· Europe
· Asia Pacific
· Middle East & Africa
· South America*About Transparency Market Research*
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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