Next-generation Solar Cell Market Growth, Size, Revenue, Demand and Future Outlook
Next-generation Solar Cell Market Growth, Size, Trends Analysis- By Material Type, By Installation Type, By End User - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: May-2025 | Report ID: POAE2533 | Pages: 1 - 250 | Formats*: |
| Category : Power & Energy | |||
Next-generation Solar Cell Market Introduction and Overview
According to SPER Market Research, the Global Next-generation Solar Cell Market is estimated to reach USD 25.44 billion by 2034 with a CAGR of 19.76%.
The report includes an in-depth analysis of the Global Next-generation Solar Cell Market, including market size and trends, product mix, Applications, and supplier analysis. The growing demand for energy-efficient solutions, improved conversion efficiency, and long-term durability is driving market growth. Advancements in energy storage, like lithium-ion batteries, and the integration of solar cells with smart grids are enhancing system reliability and grid stability. Next-generation solar cells, offering higher efficiency and energy yield, are boosting both grid-tied and off-grid applications across residential, commercial, and industrial sectors. These innovations reduce electrical and optical losses by halving current through each cell and optimizing light use. Additionally, they incorporate advanced features like preemptive risk detection and protection against hazards such as malfunctions, fires, and electrical sparks. However, challenges like high manufacturing costs and complex fabrication processes, which hinder large-scale adoption. Additionally, issues with long-term stability and material availability affect performance and scalability.
By Installation Type:
The market is segmented by installation type into on-grid and off-grid systems, with the on-grid segment having dominated in recent years. As urbanization and population growth continue, the demand for electricity in areas connected to established power grids is rising. On-grid solar installations help meet this need sustainably, reducing dependence on fossil fuels and minimizing environmental impact.
By End user:
Based on end user, the market is segmented into residential, commercial, industrial, utilities, and others, with the residential sector emerging as the fastest-growing segment. There's a rising trend of integrating solar cells directly into building materials like roof tiles, windows, facades, and exterior walls. These Building-integrated Photovoltaic (BIPV) systems serve a dual purpose—functioning as both structural elements and energy sources—while also enhancing the visual appeal of residential properties and optimizing solar energy generation.
By Regional Insights:
The Asia Pacific next-generation solar cell market is expected to witness strong growth in the coming years. The increasing adoption of photovoltaic modules and advanced solar energy technologies in countries like China, Japan, and India is driving regional expansion. While most solar panels globally still rely on crystalline silicon, next-generation solar cells offer superior efficiency and perform well under both natural and artificial light. These advanced cells are also significantly thinner and can be produced at lower temperatures, making them more versatile and cost-effective.
Market Competitive Landscape:
The market is moderately consolidated. Some of the market key players are Ascent Solar Technologies, Inc., First Solar, Inc., Hanergy Thin Film Power Group, Hanwha Group, Heliatek, Mitsubishi Corporation, Oxford Photovoltaics Ltd., and others.
Recent Developments:
In April 2023, Ascent Solar, a U.S.-based producer of thin-film CIGS solar modules, entered into an agreement to acquire Flisom, a Switzerland-based competitor in the thin-film sector.
In January 2023, Hanwha Qcells introduced the newest generation of its Q.MAXX solar panel series for the Australian residential market, featuring an increased power output of up to 15 Wp over earlier models. The Q.MAXX BLK-G5+ comes in two variants: a 415 W panel with 21.3% efficiency and a white frame, and an all-black module ranging from 390 to 400 W with a 21% efficiency rating.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Material Type, By Installation Type, By End User |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa |
| Companies Covered | Ascent Solar Technologies, Inc., First Solar, Inc., Hanergy Thin Film Power Group, Hanwha Group, Heliatek, Mitsubishi Corporation, Oxford Photovoltaics Ltd., and others. |
Key Topics Covered in the Report:
- Global Next-generation Solar Cell Market Size (FY’2021-FY’2034)
- Overview of Global Next-generation Solar Cell Market
- Segmentation of Global Next-generation Solar Cell Market By Material Type {(Organic Photovoltaics (OPVs), Cadmium Telluride (CdTe), Gallium Arsenide (GaAs), Perovskite solar cells, Dye-Sensitized Solar Cells (DSSCs), Others)}
- Segmentation of Global Next-generation Solar Cell Market By Installation Type (On-grid, Off-grid)
- Segmentation of Global Next-generation Solar Cell Market By End User (Residential, Commercial, Industrial, Utilities, Others)
- Statistical Snap of Global Next-generation Solar Cell Market
- Expansion Analysis of Global Next-generation Solar Cell Market
- Problems and Obstacles in Global Next-generation Solar Cell Market
- Competitive Landscape in the Global Next-generation Solar Cell Market
- Details on Current Investment in Global Next-generation Solar Cell Market
- Competitive Analysis of Global Next-generation Solar Cell Market
- Prominent Players in the Global Next-generation Solar Cell Market
- SWOT Analysis of Global Next-generation Solar Cell Market
- Global Next-generation Solar Cell Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
- 1.1. Scope of the report
- 1.2. Market segment analysis
2. Research Methodology
- 2.1. Research data source
- 2.1.1. Secondary Data
- 2.1.2. Primary Data
- 2.1.3. SPER’s internal database
- 2.1.4. Premium insight from KOL’s
- 2.2. Market size estimation
- 2.2.1. Top-down and Bottom-up approach
- 2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
- 4.1. Driver, Restraint, Opportunity and Challenges analysis
- 4.1.1. Drivers
- 4.1.2. Restraints
- 4.1.3. Opportunities
- 4.1.4. Challenges
5. Market variable and outlook
- 5.1. SWOT Analysis
- 5.1.1. Strengths
- 5.1.2. Weaknesses
- 5.1.3. Opportunities
- 5.1.4. Threats
- 5.2. PESTEL Analysis
- 5.2.1. Political Landscape
- 5.2.2. Economic Landscape
- 5.2.3. Social Landscape
- 5.2.4. Technological Landscape
- 5.2.5. Environmental Landscape
- 5.2.6. Legal Landscape
- 5.3. PORTER’s Five Forces
- 5.3.1. Bargaining power of suppliers
- 5.3.2. Bargaining power of buyers
- 5.3.3. Threat of Substitute
- 5.3.4. Threat of new entrant
- 5.3.5. Competitive rivalry
- 5.4. Heat Map Analysis
6. Competitive Landscape
- 6.1. Global Next-generation Solar Cell Market Manufacturing Base Distribution, Sales Area, Product Type
- 6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Next-generation Solar Cell Market
7. Global Next-generation Solar Cell Market, By Material Type, (USD Million) 2021-2034
- 7.1. Organic Photovoltaics (OPVs)
- 7.2. Cadmium Telluride (CdTe)
- 7.3. Gallium Arsenide (GaAs)
- 7.4. Perovskite solar cells
- 7.5. Dye-Sensitized Solar Cells (DSSCs)
- 7.6. Others
8. Global Next-generation Solar Cell Market, By Installation Type, (USD Million) 2021-2034
- 8.1. On-grid
- 8.2. Off-grid
9. Global Next-generation Solar Cell Market, By End User, (USD Million) 2021-2034
- 9.1. Residential
- 9.2. Commercial
- 9.3. Industrial
- 9.4. Utilities
- 9.5. Others
10. Global Next-generation Solar Cell Market, (USD Million) 2021-2034
- 10.1. Global Next-generation Solar Cell Market Size and Market Share
11. Global Next-generation Solar Cell Market, By Region, 2021-2034 (USD Million)
- 11.1. Asia-Pacific
- 11.1.1. Australia
- 11.1.2. China
- 11.1.3. India
- 11.1.4. Japan
- 11.1.5. South Korea
- 11.1.6. Rest of Asia-Pacific
- 11.2. Europe
- 11.2.1. France
- 11.2.2. Germany
- 11.2.3. Italy
- 11.2.4. Spain
- 11.2.5. United Kingdom
- 11.2.6. Rest of Europe
- 11.3. Middle East and Africa
- 11.3.1. Kingdom of Saudi Arabia
- 11.3.2. United Arab Emirates
- 11.3.3. Qatar
- 11.3.4. South Africa
- 11.3.5. Egypt
- 11.3.6. Morocco
- 11.3.7. Nigeria
- 11.3.8. Rest of Middle-East and Africa
- 11.4. North America
- 11.4.1. Canada
- 11.4.2. Mexico
- 11.4.3. United States
- 11.5. Latin America
- 11.5.1. Argentina
- 11.5.2. Brazil
- 11.5.3. Rest of Latin America
12.Company Profile
- 12.1. Ascent Solar Technologies, Inc.
- 12.1.1. Company details
- 12.1.2. Financial outlook
- 12.1.3. Product summary
- 12.1.4. Recent developments
- 12.2. First Solar, Inc.
- 12.2.1. Company details
- 12.2.2. Financial outlook
- 12.2.3. Product summary
- 12.2.4. Recent developments
- 12.3. Hanergy Thin Film Power Group
- 12.3.1. Company details
- 12.3.2. Financial outlook
- 12.3.3. Product summary
- 12.3.4. Recent developments
- 12.4. Hanwha Group
- 12.4.1. Company details
- 12.4.2. Financial outlook
- 12.4.3. Product summary
- 12.4.4. Recent developments
- 12.5. Heliatek
- 12.5.1. Company details
- 12.5.2. Financial outlook
- 12.5.3. Product summary
- 12.5.4. Recent developments
- 12.6. Mitsubishi Corporation
- 12.6.1. Company details
- 12.6.2. Financial outlook
- 12.6.3. Product summary
- 12.6.4. Recent developments
- 12.7. Oxford Photovoltaics Ltd.
- 12.7.1. Company details
- 12.7.2. Financial outlook
- 12.7.3. Product summary
- 12.7.4. Recent developments
- 12.8. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Next-generation Solar Cell Market is projected to reach USD 25.44 billion by 2034, growing at a CAGR of of 19.76%. during the forecast period.
Next-generation Solar Cell Market grew in Market size from 2025. The Market is expected to reach USD 25.44 billion by 2034, at a CAGR of 19.76% during the forecast period.
Next-generation Solar Cell Market CAGR of 19.76% during the forecast period.
You can get the sample pages by clicking the link - Click Here
Next-generation Solar Cell Market size is USD 25.44 billion from 2025 to 2034.
Next-generation Solar Cell Market is covered By Material Type, By Installation Type, By End User
The North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa is the highest Market share in the Next-generation Solar Cell Market .
Ascent Solar Technologies, Inc., First Solar, Inc., Hanergy Thin Film Power Group, Hanwha Group, Heliatek, Mitsubishi Corporation, Oxford Photovoltaics Ltd., and others.
The report includes an in-depth analysis of the Global Next-generation Solar Cell Market, including market size and trends, product mix, Applications, and supplier analysis.
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