The global next-generation solar cell market is on a rapid growth trajectory, according to a recent report from Research & Markets. The market, valued at USD 3 billion in 2023, is expected to soar to USD 7.4 billion by 2028, showcasing a robust Compound Annual Growth Rate (CAGR) of 19.5% over the forecast period.
One of the primary drivers of this growth is the superior performance of next-generation solar cells in comparison to their traditional counterparts. These advanced cells offer distinct advantages, which have contributed to their increasing adoption across the solar energy sector. However, the market is not without its challenges, with intense competition from other renewable resources, including wind power and hydropower, presenting a notable constraint.
Copper indium gallium selenides (CIGS) solar cells are predicted to dominate the market during the forecast period. Known for their efficiency, CIGS PV cells are manufactured using this material and are capable of absorbing a high amount of energy while reducing light transmittance. These cells can be easily deposited on various substrates, including glass, plastic, steel, and aluminum, offering flexibility and efficiency, with laboratory efficiencies exceeding 20%. This cost-effective alternative to silicon-based panels has gained popularity for installations on roofs and various surfaces.
In the commercial and industrial segments, the growth of the next-generation solar cell market is particularly significant. These sectors include commercial buildings, financial institutions, educational facilities, manufacturing plants, and more. PV systems are utilized to meet lighting and electricity needs, with excess electricity often sold to local electricity companies. Additionally, hybrid PV systems, combining PV modules and heat extraction units, offer simultaneous electrical and thermal energy generation for industrial applications.
Leading the North American market is the United States, which held the largest share in 2022 and is poised for significant growth during the forecast period. The country’s market expansion can be attributed to the increasing adoption of state and federal policies, as well as PV system adoption programs, all of which have been bolstered by government funding to promote renewable energy.
The comprehensive report offers detailed insights into the next-generation solar cell market, covering aspects such as material types, installation methods, end-user industries, and regional trends. It also delves into the factors influencing market growth, including drivers, restraints, opportunities, and challenges. Competitive developments, such as product launches, acquisitions, expansions, contracts, and partnerships among key players in the industry, are also analyzed to provide a complete picture of the market’s evolution.