Next-generation Solar Cell Market Size & Share 2024 - 2032
Market Size by Material Type (Organic Photovoltaics (OPVs), Cadmium Telluride (CdTe), Gallium Arsenide (GaAs), Perovskite Solar Cells, Dye-sensitized Solar Cells (DSSCs)), by Installation Type (On-grid, Off-grid), & Forecast.
Report ID: GMI8921
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Published Date: April 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Shubham Chaudhary
Next-generation Solar Cell Market Size
Next-Generation Solar Cell Market was valued at over USD 3.5 billion in 2023 and is anticipated to grow at a CAGR of over 19.5% between 2024 and 2032. The rising demand for energy-efficient solutions, improved conversion efficiency, and enhanced durability for maintaining long-term performance is contributing to market growth.
Next-generation Solar Cell Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
The rising integration of solar cells with smart grid infrastructure and advancements in energy storage technologies, such as lithium-ion batteries, enhance the reliability and stability of solar power systems. Next-generation solar cells with higher efficiency and energy yield contribute to the effectiveness of grid-tied and off-grid solar installations, thereby supporting grid stability and enabling the easy integration of renewable energy sources into the power grid.
Next-generation solar cells comprise a substance known as lead iodide which is one of the breakdown products of perovskite cells. It is toxic and there are concerns that it may be carcinogenic. Many perovskite cells use lead, a massive pollutant. Researchers are constantly seeking substitutes as lead is a serious threat to the environment as it has harmful effects on the ecosystem.
Next-generation Solar Cell Market Trends
With increased concerns regarding the impact of conventional energy on global warming and climate change, solar Photovoltaic (PV) cell technology has gained prominence as a sustainable energy source. There is a shift toward solar panels to maintain efficiency, meet the requirements of energy, and intensify the output. For instance, in December 2022, Soleos introduced its solar panel, ANTARES BI 144, with unique features and robust performance. It offers increased efficiency to optimize space and lower overall system costs. This 182- and 212-mm ultra-high-power module falls in the mono-crystalline silicon category and features the latest PERC Solar cells with high transmission energy.
With the increasing adoption of newer technology, the next-generation solar cell is witnessing rapid changes with solar panels that have various applications in commercial, residential, and industrial sectors. Technology integration reduces electrical and optical losses by halving the current passing through each cell and utilizing incident light more effectively. Moreover, it offers advanced features such as preemptive risk detection and mitigation against hazards including malfunctions, fires, and sparks.
Next-generation Solar Cell Market Analysis
Based on installation type, the market is segmented into on-grid and off-grid. In 2023, the on-grid segment dominated the market with a share of over 55%.
Based on end user, the market is divided into residential, commercial, industrial, Utilities, and others. The residential segment is the fastest growing and is anticipated to expand at a CAGR of over 21.5% between 2024 and 2032.
Asia Pacific next-generation solar cell market is poised to attain gains at nearly 21% up to 2032. The growing adoption of PV modules and next-generation solar energy solutions in countries, such as China, Japan, and India, is fueling the regional market's growth. Over 90% of solar panels sold worldwide are made from crystalline silicon but next-generation solar cells have higher efficiency and excellent natural & artificial light performance compared to silicon-based cells. The thickness of a next-generation solar cell is under one micron and it can be manufactured at low temperatures.
Next-generation Solar Cell Market Share
First Solar, Inc. and Ascent Solar Technologies, Inc. hold a significant share of over 20%. First Solar, Inc. is a global provider of PV solar energy solutions, with a focus on advanced thin-film solar cell technology. It has established itself as a prominent player in the solar industry, particularly in the Utilities-scale solar market.
Ascent Solar Technologies, Inc. is a U.S.-based company focused on the development and commercialization of next-generation thin-film PV solar modules. The company has proprietary flexible Copper Indium Gallium Selenide (CIGS) solar technology, which offers lightweight, durable, and flexible solar panels suitable for a variety of applications.
Next-generation Solar Cell Market Companies
Major players operating in the next-generation solar cell industry are:
Next-generation Solar Cell Market News
This next-generation solar cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:
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Market, By Material Type
Market, By Installation Type
Market, By End User
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →