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Key Influencer in the Next-Generation Solar Cell Market 2025: Increasing Electricity Demand Fuels Growth Of Next-Generation Solar Cell Market Driver
Key Influencer in the Next-Generation Solar Cell Market
The growing demand for electricity is expected to drive the next-generation solar cell market. Increased demand, driven by factors like urbanization, industrialization, and the use of electric vehicles, is pushing the need for efficient solar cells. Next-generation solar cells offer enhanced efficiency and performance, making solar energy more viable and accessible. The International Energy Agency reported in January 2024 that global electricity demand is expected to grow significantly in the coming years, propelling the growth of the next-generation solar cell market.
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What Is the projected market size and growth rate for the next-generation solar cell market?
The next-generation solar cell market has experienced rapid growth, rising from $2.95 billion in 2024 to $3.46 billion in 2025 at a CAGR of 17.1%. Growth has been driven by increasing concerns over conventional energy sources, urbanization, rising adoption of photovoltaic (PV) modules, growing demand for renewable energy, and increased integration with smart grids and energy storage solutions.
The next-generation solar cell market is projected to reach $6.42 billion by 2029, growing at a CAGR of 16.8%. Growth is fueled by increasing energy demand, sustainability goals, and the adoption of smart grid integration. Trends include advancements in perovskite and organic photovoltaics, thin-film technology development, and environmentally friendly energy sources.
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What new trends are reshaping the next-generation solar cell market and its opportunities?
Companies in the next-generation solar cell market are focusing on advanced technologies, such as N-Type tunnel oxide passivated contacts (TOPCon) technology, to improve solar energy systems' performance. For example, in February 2024, Navitas Solar, an India-based company, launched next-generation N-type TOPCon solar modules that offer efficiencies exceeding 22% and come with a 12-year product warranty. These modules are designed to improve efficiency and reliability while reducing costs.
What major market segments define the scope and growth of the next-generation solar cell market?
The next-generation solar cell market covered in this report is segmented -
1) By Type: On-Grid, Off-Grid
2) By Material Type: Transceivers, Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS), Amorphous Silicon (a-Si), Gallium-Arsenide (GaAs), Other Material Types
3) By Application: Residential, Commercial, Other Applications
Suubsegments:
1) By On-Grid: Residential On-Grid Systems, Commercial On-Grid Systems, Industrial On-Grid Systems
2) By Off-Grid: Residential Off-Grid Systems, Commercial Off-Grid Systems, Industrial Off-Grid Systems
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Which regions are key players in the growth of the next-generation solar cell market?
North America was the largest region in the next-generation solar cell market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market going forward. The regions covered in the next-generation solar cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the next-generation solar cell industry growth?
Major companies operating in the next-generation solar cell market are 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.
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What Is Covered In The Next-Generation Solar Cell Global Market Report?
•Market Size Forecast: Examine the next-generation solar cell market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the next-generation solar cell market for a structured understanding.
•Key Players Overview: Analyze major players in the next-generation solar cell market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the next-generation solar cell market.
•Segment Contributions: Evaluate how different segments drive overall growth in the next-generation solar cell market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the next-generation solar cell market.
•Industry Challenges: Identify potential risks and obstacles affecting the next-generation solar cell market.
•Competitive Landscape: Review strategic developments in the next-generation solar cell market, including expansions, agreements, and new product launches.
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