Press release
Next-Generation Solar Cell Market Exclusive Trends Analysis with Forecast to 2031
According to the latest research by InsightAce Analytic, the Global Next-Generation Solar Cell Market is valued at US$ 2.53 Bn in 2022, and it is expected to reach US$ 12.91 Bn by 2031, with a CAGR of 19.9% during a forecast period of 2023-2031.
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Next-generation solar cells refer to advanced photovoltaic technologies that aim to improve the efficiency, cost-effectiveness, and sustainability of solar energy generation. These innovations seek to address limitations associated with traditional silicon-based solar cells. With a focus on capturing and converting sunlight into power, next-generation solar cell technology offers creative solutions that frequently overcome the drawbacks of current solar cells. The goal to increase the effectiveness, affordability, and adaptability of solar energy technology is driving the development of next-generation solar cells.
New and improved next-generation solar cell technologies are being created as a result of the quick progress being made in materials science, nanotechnology, and manufacturing methods. For an advantage in the market, efficiency, stability, and scalability innovations are essential. The degree to which a technology is ready to satisfy a particular set of application needs depends on a number of factors, including consumer awareness, governmental support, and the speed of market adoption. The adoption of next-generation solar cells may be influenced by customer demand for sustainable products and interest in renewable energy sources.
List of Prominent 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)
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Market Dynamics:
Drivers-
The global transition to cleaner and more sustainable energy sources, industry trends, legislative backing, and technology breakthroughs, are driving the market for next-generation solar cells. Governments and companies are pushing investments in renewable energy sources due to the urgency of addressing climate change and reducing carbon emissions. A clean and sustainable way to meet energy needs while reducing environmental effects is provided by next-generation solar cells. Energy demand is rising as a result of urbanization and population expansion. Urban infrastructure can incorporate next-generation solar cells, creating a decentralized energy source to fulfil the expanding energy demands of cities.
Challenges:
Next-generation solar cells provide a number of prospective benefits over conventional solar cells, but some issues must be resolved before they are widely used. The production prices of next-generation solar cells are one of these issues. The price is typically higher than that of conventional solar cells. The cost is typically high because next-generation solar cells are produced in large quantities even if their efficiency is still being researched and they have not yet gained widespread adoption. The production requirements for large-scale energy systems will be difficult to scale up because the next-generation solar cells are still in the early phases of development. New manufacturing processes and supply channels must be created to facilitate their mass production.
Regional Trends:
The solar cell market in the Asia Pacific region is anticipated to exhibit a significant market share and is likely to have substantial growth at a high CAGR in the foreseeable future. Numerous countries within the region have implemented regulatory frameworks and provided incentives aimed at promoting the acceptance of renewable energy sources, such as solar technologies. These programs include Feed-in tariffs, tax breaks, financial assistance, and regulatory support for next-generation solar cells. Moreover, interest in distributed energy resources, such as solar energy, is sparked by the increasing focus on energy transition and resilience in North America. Businesses and communities seek solutions to improve energy security and reduce reliance on the conventional grid.
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Recent Developments:
• In June 2023, First Solar will acquire Swedish photovoltaic (PV) firm Evolar AB to learn about thin-film perovskite technologies. The purchase price was $38 Bn, with up to $42 Bn to be paid if certain technical milestones were met. The deal was meant to accelerate First Solar's development of tandem cells, which would have higher conversion efficiencies than CdTe alone.
• In April 2021, The new REC Alpha Pure Black solar panel was presented by the REC Group. The new panel was a big improvement over the multiple-award-winning REC Alpha, which came out in 2019. It was made without lead and put out a lot more power. In June 2021, REC's fully automated factory in Singapore started making the REC Alpha Pure Black. The first deliveries were due in July.
Segmentation of Next-Generation Solar Cell Market-
By Material Type-
• Transceivers
• Cadmium Telluride (CdTe)
• Copper Indian Gallium Selenide (CIGS)
• Amorphous Silicone (a-Si)
• Gallium-Arsenide (GaAs)
• Others
o Organic Solar Cells
o Dye-Sensitized Solar Cells
o Perovskites solar cells
By Installation-
• On-Grid
• Off-Grid
By End-User Industry-
• Residential
• Commercial & Industrial
• Utilities
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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