Next Generation Solar Cells Market Size, Share 2023-2029

The global next generation solar cells market size was valued at USD 19,281.2 million in 2022 and is poised to grow at a significant CAGR of 18.3% during the forecast period 2023-29. Several regions are considering plans to move toward ultra-low-energy buildings to solve various difficulties linked with climate change. The European Union (EU) Energy Performance of Buildings Directive (EPBD) requires all new facilities in every EU member country to be virtually zero-energy buildings (nZEB) by the end of 2020. The United States, Japan, and South Korea have all established ZEB policies and goals. For example, the state of California has set an ambitious goal of "zero net energy (ZNE) residential buildings in the state by 2020 and zero net energy (ZNE) commercial buildings by 2030." Such encouraging policies are projected to propel worldwide market expansion.

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The next generation solar cells market is segmented based on, material, nanomaterial, and region.

By Material
• Polycrystalline Silicon
• Monocrystalline Silicon
• Cadmium Telluride
• Copper Indium Gallium Selenide (CIGS)
• Others

By Nanomaterial
• Nanowires
• Quantum Dots
• Graphene

By Geography
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa (MEA)

The Quantum dot segment is expected to account for a larger revenue share, and the market is expected to grow at a double-digit growth rate over the forecast years owing. Quantum dots have long been regarded as one of the most promising materials for use in next-generation solar cells. Quantum dots have exceptional light absorbance and can absorb light at a wide range of wavelengths. As a result, they have gained traction as a critical material for next-generation photovoltaic devices. With the potential for dramatically enhanced efficiencies at a fraction of the cost of current devices, quantum dots could help transform photovoltaics in a world where the demand for renewable energy has never been stronger.

Europe Leads Next Generation Solar Cells Market
Europe is expected to hold a significant market share in the global next generation solar cells market and is projected to grow at a prominent growth rate over the forecast years. Europe is predicted to be a prominent segment of the next-generation solar cells market due to rigorous environmental rules enacted by national governments in numerous countries. North America is also expected to be a significant location for investing in this industry. Several research institutes in this region have invested significantly in commercializing solar technology. The Asia Pacific region's expanding energy demands will give more potential prospects for the next-generation photovoltaic industry.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

Global Next Generation Solar Cells market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gaining significant geographic presence across the region. For instance, In November 2017, Heliatek installed the 'world's largest building-integrated organic photovoltaic' (BIOPV) system on top of a school in La Rochelle, France.

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Key player's profiles in the Next Generation Solar Cells Market report are Heliatek (Germany), ARMOR (France), infinityPV ApS (Denmark), Solarmer Energy, Inc. (U.S.), NanoFlex Power Corporation (U.S.), Optodot (U.S.), Eni (Italy), New Energy Technologies Inc. (U.S.), Novaled GmbH (Germany), Brite Solar (Greece).

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