Next-generation Solar Cell Market Analysis

Next-generation Solar Cell Market Analysis

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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%.
 

• With increasing urbanization and population growth, there is a growing demand for electricity in urban areas served by established electricity grids. On-grid solar installations can meet this demand sustainably while reducing reliance on fossil fuels and mitigating environmental impacts. For instance, in February 2024, Navitas Solar, a module manufacturing brand based in Surat, India, launched its latest next-generation N-Type TOPCon modules at The Smarter E India – Intersolar India 2024, for the on-grid installation. N-type TOPCon technology offers remarkable energy yield and a low temperature coefficient and improves the overall efficiency & lifespan of the solar modules.
   

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.
 

• There is a growing integration of solar cells directly into building materials such as roof tiles, windows, facades, and even exterior walls. Building-integrated Photovoltaic (BIPV) cells offer dual functionality by serving as both building components and energy generators, enhancing the aesthetic appeal of residential properties while maximizing solar energy production. For instance, in October 2023, Loom Solar, under its initiative Mission-Zero Emission launched a series of India’s first innovative solar solutions at the REI Expo 2023. These include one of the highest-capacity solar modules - Shark 575 -700 W TOPCon bifacial 16 bus bars, an IoT-based energy storage solution - Atlanta 5kWh-45 kWh, a high-frequency solar inverter - Fusion 3kW - 100kW, and customizable small solar panels for government & DIY projects that need design aesthetics. These solution offerings complement Loom Solar’s larger vision to provide the industry’s best solar solutions for residential, commercial, Industrial, agricultural, and other use-case applications.
   

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.