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Technological Advancements In Next-Generation Solar Cells With The Launch Of N-Type TOPCon Modules Industry Trends Gaining Momentum in the Global Next-Generation Solar Cell Market
Next-Generation Solar Cell
Next-Generation Solar Cell Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for next-generation solar cells has seen a swift upsurge in recent years. This market is anticipated to expand from $2.95 billion in 2024 to $3.43 billion in 2025, with a compound annual growth rate (CAGR) of 16.2%. The remarkable growth during the historical period can be linked to escalating worries about the effects of traditional energy sources, a rise in urbanization and population, enhanced use of PV modules, soaring demand for renewable energy, and growing authorization of smart grid integration and energy storage solutions.
Next-Generation Solar Cell Market Size Forecast: What's the Projected Valuation by 2029?
The market size of the forthcoming generation of solar cells is anticipated to witness swift expansion in the upcoming years, predicting to reach $6.15 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 15.7%. This projected increase during the forecast period can be ascribed to factors like escalating energy requirement, growing awareness about environmental protection and sustainability objectives, increased acceptance of photovoltaic cells, the rise in smart grid integration and energy storage solutions, and an expanding demand for electricity in cities. Key market trends for the forecast period encompass state-of-the-art technology designs, progress in manufacturing processes, innovations in perovskite and organic photovoltaics, advancements like the emergence of thin-film technology and a shift towards greener energy sources.
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What Are the Drivers Transforming the Next-Generation Solar Cell Market?
The escalating need for electricity is set to fuel the expansion of the next-generation solar cell market in the future. This electricity requirement is attributed to the rise in population, urban sprawl, industrial development, and the use of electrically powered vehicles and gadgets increasingly. Next-generation solar cells amplify electricity generation through superior efficiency, lower expenses, and enhanced adaptability under a variety of circumstances, rendering solar power more reliable and widely available. In January 2024, for instance, the International Energy Agency (IEA), an autonomous intergovernmental body based in France, stated that the global electricity demand witnessed a 2.2% growth in 2023 and is set to rise by 3.4% per year through 2026. Additionally, in 2022, the USA saw a 2.6% spike in electricity demand. Hence, the booming electricity requirement in metropolitan regions catalyzes the upswing in the next-generation solar cell market.
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What Long-Term Trends Will Define the Future of the Next-Generation Solar Cell Market?
Leading businesses in the next-generation solar cell market are concentrating on inventing cutting-edge technology like new N-Type tunnel oxide passivated contacts (TOPCon) technology, with the objective of enhancing the effectiveness, minimizing the costs, and increasing the overall performance and dependability of solar energy systems. The N-type TOPCon technology plays a crucial role in improving the efficiency and longevity of the solar modules by minimizing surface recombination and enhancing carriers' extraction. For example, in February 2024, Navitas Solar, a module manufacturing firm based in India, introduced the new generation N-type TOPCon solar modules. These new modules, which come with a 12-year product and 30-year performance warranty, are constructed with 182 mm (M10) 16BB, half-cut cells. The panels hold the capacity to produce power ranging from 560 to 630 watts and the module efficiencies surpass 22%.
Which Segments in the Next-Generation Solar Cell Market Offer the Most Profit Potential?
The next-generation solar cellmarket 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 Firms Dominate the Next-Generation Solar Cell Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in the Next-Generation Solar Cell Market?
North America was the largest region in the next-generation solar cell market in 2024. 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.
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