Dublin, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The "Next-Generation Solar Cell Market - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The next-generation solar cell market is valued at USD 3 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.
The advantages of the next-generation solar cell over traditional solar cells are one of the major drivers in the market. One of the major restraints in the market is intense competition from players providing other renewable resources, including wind power and hydropower.
Copper indium gallium selenides is expected to account for a significant market share during the forecast period
Copper indium gallium selenides (CIGS) solar cells are among the most efficient thin-film PV technologies. CIGS PV cells are manufactured using CIGS by compressing between conductive layers. This material is characterized by its direct band gap, which allows it to absorb a high amount of energy while limiting the transmittance of light. This material can be deposited over substrates such as glass, plastic, steel, and aluminum and is thin enough to allow full-panel flexibility when deposited on a flexible backing. CIGS PV modules have efficiencies exceeding 20% in laboratories. Its solar panels can be installed on roofs and other surfaces because they are more efficient in producing more electricity. They are also cheaper than silicon-based panels.
Commercial & Industrial segments to exhibit significant growth in the next-generation solar cell market during the forecast period
The commercial and industrial sector includes commercial buildings, banks and financial institutes, educational institutions, enterprises, manufacturing plants, hospitals, hospitality buildings, and so on. The lighting and other electricity needs are fulfilled by installing PV systems on the rooftop and open areas. The excess electricity generated can be sold to local electricity companies by transmitting it through local grids (depending on the technical feasibility). PV systems are also used for electrification in various places, such as visitor centers in parks, hunting lodges, park ranger sites, remote farm workshops, vacation cabins, village lighting, highway rest stops, and public beaches. Hybrid PV systems, comprising PV modules and heat extraction units, are mounted together for industrial applications. These systems can also provide electrical and thermal energy simultaneously and achieve a higher energy conversion rate of the absorbed solar radiation than plain photovoltaics. Hence, they are used to generate electricity for commercial and industrial facilities.
US in North America is expected to record the largest market size during the forecast period
The US held the largest share of the North American next-generation solar cell market in 2022 and is expected to register a significant CAGR during the forecast period. The growth of the next-generation solar cell market in the US is driven by factors like an increase in state and federal policies and PV systems adoption programs, among others. Due to constant developments and government funding promoting renewable energy in North America, the next-generation solar cell market can anticipate rising demand from utilities in the region.
Research Coverage
The report defines, describes, and forecasts the next-generation solar cell market based on material type, installation, end-user industry, and region. It provides detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the next-generation solar cell market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and actions carried out by the key players to grow in the market.
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Next-Generation Solar Cell Market -Next-Generation Solar Cell Market to Grow at Significant Rate Owing to Increasing Demand from Utilities
- Next-Generation Solar Cell Market, by Material Type -Cadmium Telluride to Account for Largest Share of Next-Generation Solar Cell Market, by Material, in 2028
- Next-Generation Solar Cell Market, by End-User Industry -Utilities Held Largest Market Share in 2022
- Next-Generation Solar Cell Market, by Country -Next-Generation Solar Cell Market in Mexico to Grow at Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Advancements in Next-Generation Solar Cell Technology
- Advantages of Next-Generation Over Traditional Solar Cells
- Government Initiatives in Solar PV Projects
- Increasing Demand for Solar Cells in Residential and Commercial Sectors
Restraints
- High Installation Costs and Requirement for Skilled Workforce
- Intense Competition from Players Providing Other Renewable Resources, Including Wind Power and Hydropower
Opportunities
- Surging Demand for Renewable Energy
Challenges
- Supply Chain Challenges in Next-Generation Solar Cell Technologies
Case Study Analysis
- Sunpower Manufactures High-Efficiency Solar Panels for Customers with Limited Budgets
- Hanwha Q Cells Helps Copenhagen Zoo Implement C&I Rooftop System to Meet Sustainability Goal
- Sharp Helps Big C Supermarket (Thailand) Install Rooftop Solar Panels
- Sharp Installs Rooftop Solar Panels for Hewlett Packard (HP) to Minimize Carbon Footprint
- Tata Power Solar Commissions 3 MW Solar PV Power Plant in Iron Ore Mine at Noamundi
Company Profiles:
- 3D-Micromac Ag
- Ascent Solar Technologies
- Canadian Solar Inc.
- First Solar
- Flisom
- Geo Green Power
- Hanergy Thin Film Power Group
- Hanwha Q Cells
- Heliatek
- Jinko Solar
- Kaneka Solar Energy
- Miasole
- Mitsubishi Chemical Group
- Nanopv Solar
- Oxford Photovoltaics (Pv)
- Panasonic Corporation
- Polysolar Technology
- Rec Group
- Sharp Corporation Limited
- Sol Voltaics
- Solactron
- Sunpower Corporation
- Suntech Power Holdings Co. Ltd.
- Trina Solar
- Yingli Solar
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3 Billion |
| Forecasted Market Value (USD) by 2028 | $7.4 Billion |
| Compound Annual Growth Rate | 19.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/8ix1hh
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