United States Next-Generation Solar Cells Market 2025-2032 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

Global Next-Generation Solar Cells Market reached US$ 4.21 billion in 2024 and is expected to reach US$ 19.62 billion by 2032, growing with a CAGR of 21.21% during the forecast period 2025-2032.

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Key Development:

United States: Recent Next‐Gen Solar Cell Developments

✅ In July 2025, First Solar signed a multi‐year exclusive agreement with UbiQD to integrate quantum‐dot (QD) technology into its CdTe thin‐film bifacial panels, aiming to more than double bifacial light conversion at certain wavelengths.

✅ In July 2025, UbiQD closed a $20 million Series B round to scale up quantum dot manufacturing in New Mexico, supporting its long-term supply deal with First Solar.

✅ In July 2025, First Solar announced its quantum-dot‐enhanced modules' commercial rollout is expected by late 2026, signaling early mass deployment of QD‐boosted PV.

✅ In July 2025, UbiQD's QD technology was highlighted for its origin in Los Alamos National Lab and MIT, and its ability to increase efficiency without major manufacturing changes, reinforcing US innovation in next-gen PV.

Japan: Recent Next‐Gen Solar Cell Developments

✅ In October 2025, J‐POWER made its investment in U.S.-based Active Surfaces (as above), marking a strategic move to commercialize flexible perovskite solar tech through international partnership.

✅ In October 2025, NEDO launched a six‐year R&D call under its Green Innovation Fund to support mass‐production technologies for tandem perovskite solar cells, including demonstration in real-world rooftop and ground systems.

✅ In September 2025, Japan's Ministry of the Environment introduced subsidy programs that cover up to 75% of costs for perovskite solar modules + battery integration, targeting scalable social‐model projects.

✅ In August 2025, Mitsubishi Electric was selected by JAXA's Space Strategy Fund to co-develop perovskite/CIGS tandem solar cells and space‐grade cover glass for satellites, enhancing domestic supply resilience.

✅ In July 2025, TOYO Co. / TOYO Solar LLC began trial production at its acquired Texas module plant (formerly Solar Plus Technology Texas), following its earlier acquisition expanding its U.S. manufacturing footprint for next-gen solar capacity.

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Key Players:

=> JinkoSolar Holding Co., Ltd., Trina Solar Co., Ltd., JA Solar Technology Co., Ltd., First Solar, Inc., Hanwha Q CELLS Co., Ltd., Oxford Photovoltaics Ltd., Kaneka Corporation, Ascent Solar Technologies, Inc., GCL-New Energy Holdings Limited, and MiaSolé.

Key Segments:

By Solutions

On-grid systems lead with 55% share, driven by grid-connected rooftop and utility-scale solar projects that benefit from net metering and government incentives. Off-grid systems account for 25%, supported by adoption in remote locations, rural electrification, and areas with limited grid access. Hybrid systems hold 20%, fueled by growing demand for energy reliability, microgrids, and integration of storage solutions with renewable energy systems.

By Material Type

Cadmium Telluride (CdTe) panels dominate with 18% share, supported by low-cost manufacturing and utility-scale solar adoption. Copper Indium Gallium Selenide (CIGS) holds 15%, driven by high efficiency and flexible applications. Amorphous Silicon (a-Si) accounts for 14%, favored in lightweight and low-cost modules. Gallium Arsenide (GaAs) represents 12%, used in aerospace and high-performance photovoltaic applications. Perovskite solar cells hold 10%, reflecting rapid research and emerging commercial adoption. Organic Photovoltaics (OPV) represent 8%, quantum dot solar cells 6%, and other materials 17%, including specialty thin-film technologies for niche applications.

By Application

Residential applications dominate with 38% share, fueled by rooftop solar adoption, net metering policies, and increasing awareness of clean energy. Commercial applications account for 34%, supported by office buildings, retail chains, and industrial rooftops adopting solar solutions. Industrial applications hold 28%, driven by utility-scale solar farms, manufacturing facilities, and large energy-intensive operations.

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By Region

Asia-Pacific - 42% Share
Asia-Pacific leads with 42%, driven by large-scale solar deployments, supportive government policies, and rapid industrialization in China, India, Japan, and South Korea.

Europe - 26% Share
Europe holds 26%, supported by renewable energy mandates, commercial adoption, and high-efficiency solar integration across Germany, France, U.K., Italy, Spain, and neighboring regions.

North America - 20% Share
North America accounts for 20%, fueled by residential rooftop adoption, utility-scale solar projects, and incentives in the U.S. and Canada.

South America - 6% Share
South America holds 6%, driven by emerging solar energy projects and growing adoption in Brazil, Mexico, and neighboring countries.

Middle East & Africa - 6% Share
The Middle East & Africa represent 6%, supported by solar farms, off-grid initiatives, and renewable energy programs in emerging markets.

FAQ

What is the current size of the Next-Generation Solar Cells Market?

A: In 2024, the Next-Generation Solar Cells Market was valued at US$ 4.21 billion, reflecting its strong industry presence.

Q2: How large is the Next-Generation Solar Cells Market expected to be by 2032?

A: By 2032, industry forecasts suggest the Next-Generation Solar Cells Market will grow to around US$ 19.62 billion, demonstrating significant expansion.

Q3: What is the growth rate of the Next-Generation Solar Cells Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 21.21% during the forecast period from 2025 to 2032.

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