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Technological Innovations Driving the Next-Generation Solar Cell Market

06-13-2024 10:42 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

Technological Innovations Driving the Next-Generation Solar

The next-generation solar cell market was 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% from 2023 to 2028. The surging demand for renewable energy is one of the major opportunities in the market.

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The utility segment held the largest market share in 2022, and a similar trend is expected to be observed during the forecast period. The utility segment includes solar power plants powered by PV systems. These power plants can be installed at a well-lit location, generating electricity through solar energy and selling it to consumers through grids.

The market for amorphous silicon (a-Si) is expected to grow with a significant CAGR during g the forecast period. The amorphous silicon (a-Si) has achieved an efficiency of ~7%. The companies in the next-generation solar cell market are working to improve the efficiency of the material. Amorphous silicon (a-Si) is expected to have more applications in the residential sector.

During the forecast period, China is projected to account for the largest share of the Asia Pacific next-generation solar cell market. According to the International Renewable Energy Agency, the country held the first position globally in total installed PV capacity-55 GWdc (309 GWdc cumulative)-in 2021. The country has also been at the forefront regarding the government's initiative toward increasing PV installations and research and development related to next-generation solar cells.

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Major players in this market ecosystem include 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). These next-generation solar cell market players availed opportunities like indulging in agreements and acquisitions. Product development and expansion were a few other strategies adopted by companies to strengthen their market position.

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