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Next-Generation Solar Cell Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Next-Generation Solar Cell Market Size
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According to The Business Research Company's, The next-generation solar cell market size has grown rapidly in recent years. It will grow from $2.53 billion in 2023 to $2.95 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to increased concerns regarding the impact of conventional energy, increasing urbanization and population growth, growing adoption of PV modules, surging demand for renewable energy, and rising approval of smart grid integration and energy storage solutions.
The next-generation solar cell market size is expected to see rapid growth in the next few years. It will grow to $5.51 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to increasing energy demand, rising concerns over the environment and sustainability goals, increasing adoption of photovoltaic cells, rising adoption of smart grid integration and energy storage solutions, and growing demand for electricity in urban areas. Major trends in the forecast period include cutting-edge technology designing, manufacturing process advancements, developments in perovskite and organic photovoltaics, technological advancements such as the development of thin-film technology, and shift to environmentally friendly energy sources.
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Market Drivers and Trends:
The growing electricity demand is expected to drive the growth of the next-generation solar cell market going forward. The demand for electricity is due to population growth, urbanization, industrialization, and the increasing use of electric vehicles and electronic devices. Next-generation solar cells enhance electricity production through higher efficiency, reduced costs, and improved performance in diverse conditions, making solar energy more accessible and dependable. For instance, in January 2024, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global electricity demand grew by 2.2% in 2023 and is expected to increase by 3.4% annually through 2026. Further, in 2022, the United States's electricity demand increased by 2.6%. Therefore, the growing demand for electricity in urban areas drives growth in the next-generation solar cell market.
Major companies operating in the next-generation solar cell market are focusing on developing advanced technology, such as innovative N-Type tunnel oxide passivated contacts (TOPCon) technology, to improve efficiency, reduce costs, and enhance solar energy systems' overall performance and reliability. The N-type TOPCon technology helps to enhance the efficiency and lifespan of the solar modules by reducing surface recombination and improving the extraction of carriers. For instance, in February 2024, Navitas Solar, an India-based module manufacturing company, launched next-generation N-type TOPCon solar modules. The new modules come with a 12-year product and 30-year performance warranty and are built with 182 mm (M10) 16BB, half-cut cells. The panels can generate power from 560 to 630 watts, with module efficiencies exceeding 22%.
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Major Key Players of the Market:
Panasonic Corporation, Mitsubishi Chemical Holdings, Sharp Corporation, JinkoSolar Holding Co. Ltd, Trina Solar, Canadian Solar, First Solar Inc., Kaneka Corporation, SunPower Corporation, Yingli Solar, REC Group, 3D-Micromac, MiaSole, Heliatek, Sol Voltaics, Oxford PV, Navitas Solar, Geo Green Power, Suntech Power Holdings, Solactron, Hanwha Q CELLS, Ascent Solar Technologies Inc.
Next-Generation Solar Cell Market 2024 Key Insights:
• The next-generation solar cell market size is expected to see rapid growth in the next few years. It will grow to $5.51 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%.
• Increasing Electricity Demand Fuels Growth Of Next-Generation Solar Cell Market
• Technological Advancements In Next-Generation Solar Cells With The Launch Of N-Type TOPCon Modules
• North America was the largest region in the next-generation solar cell market in 2023
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