The report "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" The next-generation solar cell industry size 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% during the forecast period from 2023 to 2028. The major driving factors are technological advancement in next-generation solar cells, government initiatives in solar PV projects, and increasing demand for solar cells in the residential and commercial sectors.
Browse 152 market data Tables and 46 Figures spread through 191 Pages and in-depth TOC on "Next-Generation Solar Cell Industry 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 "
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/next-generation-solar-cell-market-94742566.html
By segment, next-generation solar cell industry for Cadmium telluride (CdTe) material is expected to account for the largest market share during the forecast period.
Cadmium telluride (CdTe) material-based solar cells are expected to have the largest market size during the forecast period. CdTe solar cell material is frequently in the utility-scale solar industry, including large-scale solar power plants that are designed to feed electricity into the grid. CdTe solar cells have high efficiency and cost-effectiveness. The market for others is expected to grow with the highest CAGR during the forecast period. Organic material-based solar cells have been increasingly used to power small electronic devices such as smartphones, tablets, and wearable technology, among others, boosting the market growth of these materials during the forecast period.
By segment, next-generation solar cell industry for Residential end-user industry is expected to witness the highest CAGR during the forecast period.
The residential segment is expected to have the highest CAGR during the forecast period by end-user industry. To fulfill the home's electricity needs, solar cell-based PV systems are installed on the rooftop or at a location where adequate sunlight is available. Electricity is required for in-home lighting and ventilation solutions and several other consumer electronics and appliances, such as water pumping systems, lanterns, radios, televisions, flashlights, outdoor lights, security systems, gate openers, and fans. These solar cell-based PV systems need batteries to store electricity, and charged batteries can be used when needed. The excess electricity (if generated) can be sold by transferring it to the national or local electricity grid (depending on the system feasibility, availability, and the policy of the government and electricity company). PV systems are useful in remote areas and faraway villages where electricity grids are not available.
By region, next-generation solar cell industry in North America accounts for the largest market share during the forecast period.
The overall next-generation solar cell industry in Asia Pacific held the largest share in 2022. The companies in this region are focusing on boosting their production capabilities and widening their distribution networks, and the manufacturers are utilizing new technologies for solar cells in their operations. Increased solar cell demands from countries such as China, Japan, India, and South Korea is experienced by the global market players. India and China are playing a major role in the growth of the Asia Pacific next-generation solar cell industry. These countries are aggressively progressing in the global solar cell industry. The presence of favorable government policies in the Asia Pacific contributes to the growth of the regional solar cell industry.
The report profiles key next-generation solar cell industry players and analyzes their market shares. Players profiled in this report are First Solar (US), Hanwha Q CELLS (South Korea), Ascent Solar Technologies (US), Oxford PV (UK), Kaneka Solar Energy (Japan), Flisom (Switzerland), Solactron (US), Mitsubishi Chemical Group (Japan), MiaSole (US), and Hanergy thin film power group (China) are some major players.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]