Next-Generation Solar Cell Market Value Size, Share & Industry Growth Analysis

Chicago, Aug. 29, 2023 (GLOBE NEWSWIRE) — The Next-Generation Solar Cell Market by Material Type (Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS), Amorphous Silicon, Gallium-Arsenide, Others), Installation (On-Grid, Off-Grid), End User and Geography – Global Forecast to 2028“, High installation cost is a major restraint on the market’s growth. One of the major challenges for the market is supply chain. The supply chain requires collaborating with industry stakeholders, material suppliers, manufacturers, and research institutes.  

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Next-Generation Solar Cell Market Report Scope:

Report Coverage Details
Market Revenue in 2023 $3.0 billion
Estimated Value by 2028 $7.4 billion
Growth Rate Poised to grow at a CAGR of 19.5%
Market Size Available for 2019–2028
Forecast Period 2023–2028
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Material Type, Installation, End User and Geography
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge Security and safety concern
Key Market Opportunities Growing demand for advanced driver assistance systems (ADAS) and deployment of autonomous vehicles
Key Market Drivers Increasing demand for integrated sensors in smartphones

Key Market Players in Next-Generation Solar Cell Market

  • First Solar (US),
  • Hanwha Q CELLS (South Korea),
  • Ascent Solar Technologies (US),
  • Oxford PV (UK),
  • Kaneka Solar Energy (Japan),
  • Flisom (Switzerland)

“Browse in-depth TOC on “Next-Generation Solar Cell Market Trends, Growth Drivers“­­­­­­­­

152 – Tables
46 – Figures

191 – Pages

Market Dynamics

Driver: Technological advancements in next-generation solar cells

The solar cell has different generations based on development. The first-generation solar cell includes solar cells based on crystalline silicon material. The second-generation solar  cells are thin film solar cells which is the primary focus of this report. It includes materials cadmium telluride (CdTe), amorphous silicon (a-Si), copper indium gallium selenide (CIGS), and Gallium Arsenide (GaAs). The third generation of solar cells is new in the market; some are not yet commercialized. Third-generation solar cells in organic solar cells, dye-sensitized solar cells, and perovskite solar cells have been included in other sections. Technological advancements such as the development of Thin-Film technology are making it possible to create solar cells that are more efficient, cost-effective, and durable while using less material. For instance, In June 2022, researchers at Princeton University developed the first commercially viable perovskite solar cells, which can be manufactured at room temperature and requires less energy to produce than any other solar cell, such as silicon-based solar cells.

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Restraint: High installation costs

Solar energy is cost competitive compared to traditional fossil fuels, but the installation costs of solar cells are relatively high, which is a significant barrier for homeowners and businesses, especially with limited financial resources. The permits and inspection costs from local authorities depend highly on locations and the installed system type. In some cases, additional equipment such as inverters, batteries, and monitoring systems costs can add up. Labor costs can also be a significant factor in solar installation costs. Highly skilled workers are often required to install solar panels and related equipment, and these workers may charge higher wages. Other factors, such as site preparation for solar installation, can also be costly, particularly in cases where the ground needs to be leveled or other site preparation is required.

Opportunity: Surging demand for renewable energy

In the past few years, the demand for renewable energy has surged. With governments worldwide coming together for initiatives such as the Paris Climate Agreement, the demand for renewable energy, such as solar, is set to rise in the coming years. According to a 2018 report by the International Energy Agency, renewables will have the fastest growth in the electricity sector, catering to almost 30% of the power demand by 2023. During this period, renewables are forecast to account for more than 70% of global electricity generation, led by solar PV. Moreover, according to a March 2020 report by the International Renewable Energy Agency, solar and wind energy continued to dominate renewable capacity expansion, jointly accounting for 90% of all net renewable additions in 2019. Solar energy prices are already below retail electricity prices in major countries such as China. Besides, the cost of solar power is anticipated to decline by 15–35% by 2024, which is expected to spur the demand for solar cells and create growth opportunities for the next-generation solar cell market players.

Challenge: Supply chain issues in the next-generation solar cell market

Although there are many promising advantages of next-generation solar cells over traditional solar cells, some challenges need to be addressed before next-generation solar cells are widely adopted. Some of these challenges are the manufacturing costs of next-generation solar cells. The cost is generally higher than that of traditional solar cells. As the next-generation solar cells are not widely adopted, and their efficiency is still under research, they are manufactured in scale, so the cost is usually high. As the next-generation solar cells are still in the early stages of development, scaling up their production needs for large-scale energy systems will be challenging. New manufacturing techniques and supply chains will need to be developed to support their mass production.

Asia Pacific region is expected to exhibit the highest CAGR during the forecast period

Asia Pacific is expected to continue to dominate the next-generation solar cell market from 2023 to 2028. The growing adoption of PV modules in countries such as China, Japan, and India is fueling the regional market’s growth. Next-generation solar cells have higher efficiency and excellent natural and artificial light performance than silicon-based cells. The thickness of a next-generation solar cell is under one micron and can be manufactured at low temperatures using low-cost technologies, such as printing.

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