Next-Generation Solar Cell Market

Next-Generation Solar Cell Market Size, Share, Growth Analysis, By Material Type(Transceivers, Cadmium Telluride (CdTe)), By Installation(On Grid, Off Grid), By End User Industry(Residential, Commercial & Industrial) - Industry Forecast 2024-2031

Report ID: UCMIG45O2044 | Region: Global | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Next-Generation Solar Cell Market Insights

Market Overview:

The market for next-generation solar cells is estimated to be worth USD 3.0 billion in 2023 and will increase at a CAGR of 19.5% from 2023 to 2028 to reach USD 7.4 billion. In the coming years, it is anticipated that rising worries about climate change and a focus on decreasing carbon emissions would drive the market growth for next-generation solar cells.

Next-Generation Solar Cell Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Semiconductors by segment aggregation, the contribution of the Semiconductors in Semiconductors & Semiconductor Equipment and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

Segmentation Analysis:

The Next-Generation Solar Cell Market is segmented by Material Type, Installation, End User Industry. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

Next-Generation Solar Cell Market Basis Point Share Analysis, 2021 Vs. 2028
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  • Based on Material Type the market is segmented as, Transceivers, Cadmium Telluride (CdTe), Copper Indium Gallium Selenide(CIGS), Amorphous Silicon (a-Si), Gallium-Arsenide (GaAs), Others, Organic Solar Cells, Dye Sensitized Solar Cells, Perovskite Solar Cell
  • Based on Installation the market is segmented as, On Grid, Off Grid
  • Based on End User Industry the market is segmented as, Residential, Commercial & Industrial, Utilities, Others, KEY MARKET PLAYERS, First Solar, Hanwha Q CELLS, Ascent Solar Technologies, Oxford PV, Kaneka Solar Energy, Flisom, Solactron, Mitsubishi Chemical Group, MiaSole, Hanergy thin film power group

Regional Analysis:

Next-Generation Solar Cell Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.

Next-Generation Solar Cell Market Attractiveness Analysis, By Region 2020-2028
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Next-Generation Solar Cell Market : Risk Analysis

SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Next-Generation Solar Cell Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Next-Generation Solar Cell Market's supply chain, distribution, and total revenue growth.

Competitive landscaping:

To understand the competitive landscape, we are analyzing key Next-Generation Solar Cell Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Next-Generation Solar Cell Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

  • neration solar cell market is valued at USD 3.0 billion in 2023 and is projected to reach USD 7.4 billion by 2028, growing at a CAGR of 19.5% from 2023 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.
  • 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.
  • Overall, the empowerment and development of new and improved solar cell technologies are helping to make solar energy more cost-effective and practical for a broader range of applications. As solar power technologies continue to evolve and mature, they are expected to grow during the forecast period.
  • 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.
  • Along with this, toxicity is one of the major concerns. Some next-generation solar cells, such as those based on cadmium, contain toxic materials that can pose health and environmental risks. Finding safe and sustainable materials for use in these cells will be an essential consideration for their widespread adoption. Thus, the harmful effects of these toxic materials are expected to hamper their demand and market growth challenges.
  • Perovskites solar cells, organic solar cells, and dye-sensitized solar cells materials to hold the highest CAGR during the forecast period
  • Other material includes perovskites solar cells, organic solar cell, and dye-sensitized solar cells. Perovskite-structured materials used in solar cells are generally hybrid organic-inorganic lead or tin-halide materials, such as methylammonium lead halide. The fabrication of these materials is simple and inexpensive as they are solution-processed. Hybrid metal halide perovskite solar cells (PSCs) have garnered great attention due to their low price, thinner design, low-temperature processing, and excellent light absorption properties (good performance under low and diffuse light).
  • Aerospace & defense and portable electronic devices end-user industries segment to dominate the market during the forecast period
  • Other end-user industries include aerospace & defense and portable electronic devices. In the aerospace & defense vertical, solar panels are used in drones and high-altitude pseudo satellites (HAPS). Aerospace & defense vertical companies are constantly developing solar energy-based products to meet the cost and energy demands while maximizing the aerodynamic efficiency to perform missions efficiently. Solar cell-powered aircraft fly at higher elevations for long periods but with relatively limited applications, such as a tiny wing loading for cargo.
  • 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.
  • Recent developments
  • In July 2022, Hanwha Q CELLS acquired 66% of LYNQTECH GmbH, a subsidiary of enercity AG, to further its focus as a full-service provider of clean energy solutions for residential and commercial end-users.
  • In April 2022, First Solar announced that its responsibly produced photovoltaic (PV) solar module technology would power 17% of the annual energy needs of Nevada Gold Mines (NGM), the single largest gold-producing complex in the world. NGM is a joint venture between Barrick Gold Corporation and Newmont Corporation operated by Barrick.
  • In January 2022, Ascent Solar Technologies partnered with Momentus, a developer and manufacturer of novel 'last mile space solutions, to produce customized, flexible CIGS PV modules to provide power to a demonstration deployable PV array to fly on an upcoming Vigoride spacecraft—scheduled for flight in 2022.
  • KEY MARKET SEGMENTS
  • By Material Type
  • Transceivers
  • Cadmium Telluride (CdTe)
  • Copper Indium Gallium Selenide(CIGS)
  • Amorphous Silicon (a-Si)
  • Gallium-Arsenide (GaAs)
  • Others
  • Organic Solar Cells
  • Dye Sensitized Solar Cells
  • Perovskite Solar Cell
  • By Installation
  • On Grid
  • Off Grid
  • By End User Industry
  • Residential
  • Commercial & Industrial
  • Utilities
  • Others
  • KEY MARKET PLAYERS
  • First Solar
  • Hanwha Q CELLS
  • Ascent Solar Technologies
  • Oxford PV
  • Kaneka Solar Energy
  • Flisom
  • Solactron
  • Mitsubishi Chemical Group
  • MiaSole
  • Hanergy thin film power group

SkyQuest's Expertise:

The Next-Generation Solar Cell Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.

Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.

Scope Of Report

Report Attribute Details
The base year for estimation 2021
Historical data 2016 – 2022
Forecast period 2022 – 2028
Report coverage Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
  • By Material Type - Transceivers, Cadmium Telluride (CdTe), Copper Indium Gallium Selenide(CIGS), Amorphous Silicon (a-Si), Gallium-Arsenide (GaAs), Others, Organic Solar Cells, Dye Sensitized Solar Cells, Perovskite Solar Cell
  • By Installation - On Grid, Off Grid
  • By End User Industry - Residential, Commercial & Industrial, Utilities, Others, KEY MARKET PLAYERS, First Solar, Hanwha Q CELLS, Ascent Solar Technologies, Oxford PV, Kaneka Solar Energy, Flisom, Solactron, Mitsubishi Chemical Group, MiaSole, Hanergy thin film power group
Regional scope North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Country scope U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa
Key companies profiled
  • neration solar cell market is valued at USD 3.0 billion in 2023 and is projected to reach USD 7.4 billion by 2028, growing at a CAGR of 19.5% from 2023 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.
  • 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.
  • Overall, the empowerment and development of new and improved solar cell technologies are helping to make solar energy more cost-effective and practical for a broader range of applications. As solar power technologies continue to evolve and mature, they are expected to grow during the forecast period.
  • 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.
  • Along with this, toxicity is one of the major concerns. Some next-generation solar cells, such as those based on cadmium, contain toxic materials that can pose health and environmental risks. Finding safe and sustainable materials for use in these cells will be an essential consideration for their widespread adoption. Thus, the harmful effects of these toxic materials are expected to hamper their demand and market growth challenges.
  • Perovskites solar cells, organic solar cells, and dye-sensitized solar cells materials to hold the highest CAGR during the forecast period
  • Other material includes perovskites solar cells, organic solar cell, and dye-sensitized solar cells. Perovskite-structured materials used in solar cells are generally hybrid organic-inorganic lead or tin-halide materials, such as methylammonium lead halide. The fabrication of these materials is simple and inexpensive as they are solution-processed. Hybrid metal halide perovskite solar cells (PSCs) have garnered great attention due to their low price, thinner design, low-temperature processing, and excellent light absorption properties (good performance under low and diffuse light).
  • Aerospace & defense and portable electronic devices end-user industries segment to dominate the market during the forecast period
  • Other end-user industries include aerospace & defense and portable electronic devices. In the aerospace & defense vertical, solar panels are used in drones and high-altitude pseudo satellites (HAPS). Aerospace & defense vertical companies are constantly developing solar energy-based products to meet the cost and energy demands while maximizing the aerodynamic efficiency to perform missions efficiently. Solar cell-powered aircraft fly at higher elevations for long periods but with relatively limited applications, such as a tiny wing loading for cargo.
  • 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.
  • Recent developments
  • In July 2022, Hanwha Q CELLS acquired 66% of LYNQTECH GmbH, a subsidiary of enercity AG, to further its focus as a full-service provider of clean energy solutions for residential and commercial end-users.
  • In April 2022, First Solar announced that its responsibly produced photovoltaic (PV) solar module technology would power 17% of the annual energy needs of Nevada Gold Mines (NGM), the single largest gold-producing complex in the world. NGM is a joint venture between Barrick Gold Corporation and Newmont Corporation operated by Barrick.
  • In January 2022, Ascent Solar Technologies partnered with Momentus, a developer and manufacturer of novel 'last mile space solutions, to produce customized, flexible CIGS PV modules to provide power to a demonstration deployable PV array to fly on an upcoming Vigoride spacecraft—scheduled for flight in 2022.
  • KEY MARKET SEGMENTS
  • By Material Type
  • Transceivers
  • Cadmium Telluride (CdTe)
  • Copper Indium Gallium Selenide(CIGS)
  • Amorphous Silicon (a-Si)
  • Gallium-Arsenide (GaAs)
  • Others
  • Organic Solar Cells
  • Dye Sensitized Solar Cells
  • Perovskite Solar Cell
  • By Installation
  • On Grid
  • Off Grid
  • By End User Industry
  • Residential
  • Commercial & Industrial
  • Utilities
  • Others
  • KEY MARKET PLAYERS
  • First Solar
  • Hanwha Q CELLS
  • Ascent Solar Technologies
  • Oxford PV
  • Kaneka Solar Energy
  • Flisom
  • Solactron
  • Mitsubishi Chemical Group
  • MiaSole
  • Hanergy thin film power group
Customization scope Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Reap the benefits of customized purchase options to fit your specific research requirements.

Objectives of the Study

  • To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
  • To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
  • To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
  • To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

What does this Report Deliver?

  • Market Estimation for 20+ Countries
  • Historical data coverage: 2016 to 2022
  • Growth projections: 2022 to 2028
  • SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
  • Customization on Segments, Regions, and Company Profiles
  • 100+ tables, 150+ Figures, 10+ matrix
  • Global and Country Market Trends
  • Comprehensive Mapping of Industry Parameters
  • Attractive Investment Proposition
  • Competitive Strategies Adopted by Leading Market Participants
  • Market drivers, restraints, opportunities, and its impact on the market
  • Regulatory scenario, regional dynamics, and insights of leading countries in each region
  • Segment trends analysis, opportunity, and growth
  • Opportunity analysis by region and country
  • Porter's five force analysis to know the market's condition
  • Pricing analysis
  • Parent market analysis
  • Product portfolio benchmarking

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Next-Generation Solar Cell Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Next-Generation Solar Cell Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)
  • neration solar cell market is valued at USD 3.0 billion in 2023 and is projected to reach USD 7.4 billion by 2028, growing at a CAGR of 19.5% from 2023 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Market Dynamics:
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Driver: Technological advancements in next-generation solar cells
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Overall, the empowerment and development of new and improved solar cell technologies are helping to make solar energy more cost-effective and practical for a broader range of applications. As solar power technologies continue to evolve and mature, they are expected to grow during the forecast period.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Restraint: High installation costs
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Opportunity: Surging demand for renewable energy
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Challenge: Supply chain issues in the next-generation solar cell market
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Along with this, toxicity is one of the major concerns. Some next-generation solar cells, such as those based on cadmium, contain toxic materials that can pose health and environmental risks. Finding safe and sustainable materials for use in these cells will be an essential consideration for their widespread adoption. Thus, the harmful effects of these toxic materials are expected to hamper their demand and market growth challenges.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Perovskites solar cells, organic solar cells, and dye-sensitized solar cells materials to hold the highest CAGR during the forecast period
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Other material includes perovskites solar cells, organic solar cell, and dye-sensitized solar cells. Perovskite-structured materials used in solar cells are generally hybrid organic-inorganic lead or tin-halide materials, such as methylammonium lead halide. The fabrication of these materials is simple and inexpensive as they are solution-processed. Hybrid metal halide perovskite solar cells (PSCs) have garnered great attention due to their low price, thinner design, low-temperature processing, and excellent light absorption properties (good performance under low and diffuse light).
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Aerospace & defense and portable electronic devices end-user industries segment to dominate the market during the forecast period
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Other end-user industries include aerospace & defense and portable electronic devices. In the aerospace & defense vertical, solar panels are used in drones and high-altitude pseudo satellites (HAPS). Aerospace & defense vertical companies are constantly developing solar energy-based products to meet the cost and energy demands while maximizing the aerodynamic efficiency to perform missions efficiently. Solar cell-powered aircraft fly at higher elevations for long periods but with relatively limited applications, such as a tiny wing loading for cargo.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Asia Pacific region is expected to exhibit the highest CAGR during the forecast period
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Recent developments
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In July 2022, Hanwha Q CELLS acquired 66% of LYNQTECH GmbH, a subsidiary of enercity AG, to further its focus as a full-service provider of clean energy solutions for residential and commercial end-users.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In April 2022, First Solar announced that its responsibly produced photovoltaic (PV) solar module technology would power 17% of the annual energy needs of Nevada Gold Mines (NGM), the single largest gold-producing complex in the world. NGM is a joint venture between Barrick Gold Corporation and Newmont Corporation operated by Barrick.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In January 2022, Ascent Solar Technologies partnered with Momentus, a developer and manufacturer of novel 'last mile space solutions, to produce customized, flexible CIGS PV modules to provide power to a demonstration deployable PV array to fly on an upcoming Vigoride spacecraft—scheduled for flight in 2022.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET SEGMENTS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Material Type
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Transceivers
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cadmium Telluride (CdTe)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Copper Indium Gallium Selenide(CIGS)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Amorphous Silicon (a-Si)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Gallium-Arsenide (GaAs)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Others
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Organic Solar Cells
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Dye Sensitized Solar Cells
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Perovskite Solar Cell
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Installation
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • On Grid
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Off Grid
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By End User Industry
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Residential
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Commercial & Industrial
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Utilities
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Others
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET PLAYERS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • First Solar
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Hanwha Q CELLS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Ascent Solar Technologies
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Oxford PV
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Kaneka Solar Energy
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Flisom
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Solactron
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Mitsubishi Chemical Group
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • MiaSole
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Hanergy thin film power group
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments

Methodology

For the Next-Generation Solar Cell Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Next-Generation Solar Cell Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Next-Generation Solar Cell Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Next-Generation Solar Cell Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

The global market for Next-Generation Solar Cell was estimated to be valued at US$ XX Mn in 2021.

The global Next-Generation Solar Cell Market is estimated to grow at a CAGR of XX% by 2028.

The global Next-Generation Solar Cell Market is segmented on the basis of Material Type, Installation, End User Industry.

Based on region, the global Next-Generation Solar Cell Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the global Next-Generation Solar Cell Market are neration solar cell market is valued at USD 3.0 billion in 2023 and is projected to reach USD 7.4 billion by 2028, growing at a CAGR of 19.5% from 2023 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. , 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. , Overall, the empowerment and development of new and improved solar cell technologies are helping to make solar energy more cost-effective and practical for a broader range of applications. As solar power technologies continue to evolve and mature, they are expected to grow during the forecast period. , 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. , Along with this, toxicity is one of the major concerns. Some next-generation solar cells, such as those based on cadmium, contain toxic materials that can pose health and environmental risks. Finding safe and sustainable materials for use in these cells will be an essential consideration for their widespread adoption. Thus, the harmful effects of these toxic materials are expected to hamper their demand and market growth challenges. , Perovskites solar cells, organic solar cells, and dye-sensitized solar cells materials to hold the highest CAGR during the forecast period , Other material includes perovskites solar cells, organic solar cell, and dye-sensitized solar cells. Perovskite-structured materials used in solar cells are generally hybrid organic-inorganic lead or tin-halide materials, such as methylammonium lead halide. The fabrication of these materials is simple and inexpensive as they are solution-processed. Hybrid metal halide perovskite solar cells (PSCs) have garnered great attention due to their low price, thinner design, low-temperature processing, and excellent light absorption properties (good performance under low and diffuse light). , Aerospace & defense and portable electronic devices end-user industries segment to dominate the market during the forecast period , Other end-user industries include aerospace & defense and portable electronic devices. In the aerospace & defense vertical, solar panels are used in drones and high-altitude pseudo satellites (HAPS). Aerospace & defense vertical companies are constantly developing solar energy-based products to meet the cost and energy demands while maximizing the aerodynamic efficiency to perform missions efficiently. Solar cell-powered aircraft fly at higher elevations for long periods but with relatively limited applications, such as a tiny wing loading for cargo. , 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. , Recent developments , In July 2022, Hanwha Q CELLS acquired 66% of LYNQTECH GmbH, a subsidiary of enercity AG, to further its focus as a full-service provider of clean energy solutions for residential and commercial end-users. , In April 2022, First Solar announced that its responsibly produced photovoltaic (PV) solar module technology would power 17% of the annual energy needs of Nevada Gold Mines (NGM), the single largest gold-producing complex in the world. NGM is a joint venture between Barrick Gold Corporation and Newmont Corporation operated by Barrick. , In January 2022, Ascent Solar Technologies partnered with Momentus, a developer and manufacturer of novel 'last mile space solutions, to produce customized, flexible CIGS PV modules to provide power to a demonstration deployable PV array to fly on an upcoming Vigoride spacecraft—scheduled for flight in 2022. , KEY MARKET SEGMENTS , By Material Type , Transceivers , Cadmium Telluride (CdTe) , Copper Indium Gallium Selenide(CIGS) , Amorphous Silicon (a-Si) , Gallium-Arsenide (GaAs) , Others , Organic Solar Cells , Dye Sensitized Solar Cells , Perovskite Solar Cell , By Installation , On Grid , Off Grid , By End User Industry , Residential , Commercial & Industrial , Utilities , Others , KEY MARKET PLAYERS , First Solar , Hanwha Q CELLS , Ascent Solar Technologies , Oxford PV , Kaneka Solar Energy , Flisom , Solactron , Mitsubishi Chemical Group , MiaSole , Hanergy thin film power group.

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