Next-Generation Solar Cell Market to Reach USD 14.11 Billion by 2032, Driven by Growing Demand for Efficient and Sustainable Energy Solutions Globally | SNS Insider

Next-Generation Solar Cell Market growth is driven by advancements in perovskite and tandem technologies, government incentives, and demand for high-efficiency renewable energy solutions.

Austin, June 05, 2025 (GLOBE NEWSWIRE) — Next-Generation Solar Cell Market Size & Growth Insights:

According to the SNS Insider Report, “The Next-Generation Solar Cell Market size was valued at USD 3.31 billion in 2024 and is expected to reach USD 14.11 billion by 2032, growing at a CAGR of 19.94% over the forecast period 2025-2032.”

Rising Clean Energy Demand, Tech Advances, and Supportive Policies are Driving the Next-Generation Solar Cell Market Growth

Next-Generation Solar Cell Market is expanding at a rapid pace thanks to the growing need for clean, sustainable energy, along with progress in solar technology such as perovskite and tandem cells. Offering enhanced efficiency, building integration, and applications in windows, facades, and rooftops, such cells are attractive to both residential and commercial users. Laboratory yields of over 30% for tandem perovskite-silicon cells are promising beyond conventional Si-cells.

In the U.S., the market is estimated to reach USD 0.64 billion by 2024, with the CAGR of 19.38% over the forecast period, as a result of trends, such as urbanization, uptake of smart home solar, corporate sustainability targets and supportive state policies. The Inflation Reduction Act’s USD 369 billion clean energy investment package also spurs innovation and deployment in this area around the world.

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Which region is expected to dominate the Next-Generation Solar Cell market in the future?

In 2024, Asia Pacific held the largest revenue share of 41.2% in the next-generation solar cell market and is expected to grow at the fastest CAGR from 2025 to 2032. This growth is fueled by a fast-paced urbanization, growing industrialization; along with strong government support – though subsidies, tax benefits, and net metering.

China, which has ambitious renewable targets and is making huge investments in solar manufacturing, is leading the region

North America, led by the U.S., also holds a significant share, due to clean energy demand, government incentives and advanced solar R&D.

Europe maintains a solid share, with Germany at the forefront, driven by sustainability targets and policy assistance.

Latin America and the Middle East & Africa are poised for rapid growth owing to large solar potential, escalating energy demand, and surging renewable investments.

Next-Generation Solar Cell Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 3.31 Billion
Market Size by 2032	USD 14.11 Billion
CAGR	CAGR of 19.94% From 2024 to 2032
Report Scope & Coverage	Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	• By Material Type (Transceivers, Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS), Amorphous Silicon (a-Si), Gallium-Arsenide (GaAs), Torsion Cables) • By Installation (On Grid, Off Grid) • By End User Industry (Residential, Commercial & Industrial, Utilities, Others)

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Which Material Type Segment Led the Next-Generation Solar Cell Market in 2024?

By Material Type

In 2024, Cadmium Telluride (CdTe) holds the largest market share at 33.8% owing to its low cost, ease of fabrication and high efficiency especially in utility-scale PV systems. It continues to lead and command the market because of constant efficiency improvements and low production cost.

Copper Indium Gallium Selenide (CIGS) is expected to experience the highest CAGR over 2025-2032, due to the its ability to be cost-effective, flexibility, and higher energy conversion efficiency which is expected to contribute to broader application in residential and commercial sector over the forecast period.

By Installation

In 2024, the on-grid segment dominated with a 74.1% share, favored for its connection to the main power grid and the ability to sell excess energy back to utilities, making it cost-effective and reliable. Driven by the global shift toward renewable energy, on-grid systems are widely adopted across residential, commercial, and industrial sectors.

Off-grid systems, crucial for energy autonomy in remote and underserved areas, are expected to see the highest CAGR from 2025 to 2032, supported by growing demand in developing regions and advances in battery storage technology.

Which Sector Leads the Next-Generation Solar Cell Market?

By End User Industry

In 2024, the utility sector led the next-generation solar cell market with a 46.5% share, on account of economic viability, sustainable goal along with government financial support in the context of large solar farms. Utilities depend on solar to help meet rising demand and cut emissions.

From 2025 to 2032, the residential sector is expected to grow fastest due to rising energy costs, driven by higher energy prices, greater climate concerns, on-going panel efficiency gains, a reduced cost to install, more energy-storage competition, and greater governmental incentives to foster homeowner energy independence.

Leading Market Players with their Product Listed in this Report are:

• Hanwha Q CELLS
• Oxford Photovoltaics
• Heliatek
• LONGi Green Energy
• JinkoSolar
• JA Solar
• Trina Solar
• First Solar
• SunPower Corporation
• Hanergy

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Regional Insights and Growth Trends in the Next-Generation Solar Cell Market

Recent Developments:

• In May 2025, Hanwha Q Cells has the goal of mass-producing tandem solar cells by 2027 following international IEC and UL certifications. That makes it the first company to overtake Chinese competitors in the next generation of solar technology.
• In September 2024, Oxford PV has started commercial rollout of its record-holding perovskite-on-silicon tandem solar panels, up to 20% more efficient than conventional panels. It’s a significant advancement in solar efficiency that could help speed up worldwide decarbonization efforts.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6.  Competitive Landscape

7. Next-Generation Solar Cell Market, by Material Type

8. Next-Generation Solar Cell Market, by Installation

9. Next-Generation Solar Cell Market, by End User Industry

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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