Next Generation Solar Cell Market Research Report By Technology (Perovskite Solar Cells, Organic Solar Cells, Quantum Dot Solar Cells, Hybrid Solar Cells), By Application (Building Integrated Photovoltaics, Portable and Flexible Photovoltaics, Vehicle Integrated Photovoltaics, Space and Defense Applications), By Panel Type (Monocrystalline Solar Panels, Polycrystalline Solar Panels, Amorphous Thin Film Solar Panels, Copper Indium Gallium Selenide (CIGS) Solar Panels), By Efficiency (Low Efficiency (up to 10%), Medium Efficiency (11-15%), Hi

Next Generation Solar Cell Market Overview

As per MRFR analysis, the Next Generation Solar Cell Market Size was estimated at 3.19 (USD Billion) in 2023.

The Next Generation Solar Cell Industry is expected to grow from 3.72 (USD Billion) in 2024 to 13.61 (USD Billion) by 2032. The Next Generation Solar Cell Market CAGR (growth rate) is expected to be around 17.61% during the forecast period (2024 - 2032).

Key Next Generation Solar Cell Market Trends Highlighted

The global next-generation solar cell market is witnessing significant growth driven by the rising demand for clean and renewable energy sources. Key market drivers include government initiatives promoting solar power adoption, advancements in solar cell technology leading to improved efficiency and cost reductions, and increasing public awareness about climate change and sustainability.Opportunities abound in the next-generation solar cell market, particularly in the development of perovskite solar cells, tandem solar cells, and organic and hybrid solar cells. Perovskite solar cells are promising due to their high efficiency and low production costs, while tandem solar cells combine multiple layers of different semiconductors for even higher efficiency. Organic and hybrid solar cells offer flexibility and low-cost manufacturing, making them suitable for various applications.Recent trends in the next-generation solar cell market include the increasing use of artificial intelligence (AI) in solar cell design and optimization, the development of flexible and lightweight solar cells for wearable and portable devices, and the growing integration of solar cells into building materials for energy-efficient construction. These trends are paving the way for the widespread adoption of next-generation solar cells in diverse applications, further propelling market growth in the years to come.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Next Generation Solar Cell Market Drivers

Technological advancements driving the Next Generation Solar Cell Market 

The global next-generation solar cell market is projected to witness substantial growth over the next decade, driven primarily by rapid technological advancements. These advancements have the potential to significantly improve the efficiency, durability, and cost-effectiveness of next-generation solar cells, making them increasingly attractive for both residential and commercial applications. One of the most promising developments in this area is the emergence of perovskite solar cells, which have demonstrated the potential to achieve conversion efficiencies of over 25%, significantly higher than conventional silicon-based solar cells.Perovskite solar cells are also lightweight, flexible, and solution-processable, making them suitable for a wide range of applications, including portable devices and building-integrated photovoltaics (BIPV). In addition to perovskite solar cells, other emerging technologies such as tandem solar cells, quantum dot solar cells, and organic solar cells are also expected to contribute to the growth of the global next-generation solar cell market. These technologies offer unique advantages in terms of efficiency, cost, and versatility, further expanding the potential applications of solar energy. Perovskite solar cells, in particular, have garnered significant attention due to their exceptional properties. Perovskite materials are composed of a hybrid organic-inorganic structure, which allows for bandgap engineering and tunable optoelectronic properties. This versatility makes perovskite solar cells suitable for a wide range of applications, including tandem solar cells, where they can be combined with other photovoltaic materials to achieve even higher efficiencies.Perovskite solar cells are also lightweight, flexible, and solution-processable, enabling their integration into various form factors and applications, such as wearable electronics, Internet of Things (IoT) devices, and BIPV. Furthermore, perovskite solar cells have the potential to be cost-effective, as they can be manufactured using scalable and low-cost solution-based processes. The increasing focus on sustainability and the growing demand for renewable energy sources are further driving the growth of the global next-generation solar cell market.Governments worldwide are implementing supportive policies and incentives to promote the adoption of solar energy, including feed-in tariffs, tax credits, and renewable portfolio standards. These policies are creating a favorable environment for investment in next-generation solar cell technologies, as they offer the potential to reduce the cost of solar electricity and increase its competitiveness with conventional energy sources.

Increasing demand for renewable energy sources

Another factor driving the global next-generation solar cell market is the growing demand for renewable energy sources. Earlier this decade, the worldwide increases in temperature have escalated the already existing worries about climate change, which has driven a surge in the demand for alternative energy from individuals, organizations, and governments. Solar power is the most efficient of the most popular renewable energy sources and has the potential to become a major source of energy for the entire planet.Next-generation cells have numerous advantages over the presently utilized solar cells, including higher efficiency, a lower price, and greater longevity, making them more appealing for homes and businesses.

Government initiatives and supportive policies

Government-led initiatives and favorable policies play a considerable role in the ongoing growth of the global market of next-generation solar cells. Governments around the world started to realize the significance of renewable sources of energy for global climate change and the countries’ energy security, which led to the development of supportive policies and their continuing evolution. Among the major types of points of government-led support are feed-in tariffs and tax credits along with the RPS.The supportive policies foster the development of the next-generation solar cell market by providing financial and regulatory support to businesses and individuals who decide to invest in solar energy. Notably, the policies address some of the industry’s most urgent weaknesses, such as the lack of cost-efficiency and associated low competitiveness of solar electricity against conventional sources, which underscores the attractiveness and the likely positive outcomes of such investment.

Next Generation Solar Cell Market Segment Insights

Next Generation Solar Cell Market Technology Insights

Technology-wise, the Next Generation Solar Cell Market is segmented into Perovskite Solar Cells, Organic Solar Cells, Quantum Dot Solar Cells, and Hybrid Solar Cells. Perovskite Solar Cells are expected to lead the market in the coming years as they are highly efficient and low-cost cells. The market for Organic Solar Cells is also anticipated to grow rapidly as they are flexible and lightweight. Being a relatively newer technology, Quantum Dot Solar Cells are expected to be even more efficient than Perovskite Solar Cells. Lastly, Hybrid Solar Cells, which can be a mixture of all the types of next-generation solar cells, are considered.The growth of the market can be attributed to the increasing demand for renewable energy sources, the high prices of conventional energy sources, and the government’s initiatives to promote solar energy. In 2023, Perovskite Solar Cells are expected to form the largest portion of the Next Generation Solar Cell Market, which is expected to continue in the years to come. Additionally, Perovskite Solar Cells are highly efficient and low cost, making them attractive for a wide range of applications. Meanwhile, Organic Solar Cells are expected to experience the fastest growth in the coming years, as they are flexible and lightweight, making them particularly suitable for use in portable and wearable devices.On the other hand, although the currently established Quantum Dot Solar Cells are a newer technology, they have the potential to be even more efficient than the Perovskite Solar Cells. However, they are still in the early stages of commercialization and are not currently available on the market. Lastly, Hybrid Solar Cells are considered, as these cells combine the advantages of all the other types of cells. Therefore, Hybrid Solar Cells are highly efficient and low-cost, as well as flexible, making them suitable for a wide range of applications.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Next Generation Solar Cell Market Application Insights

The Next Generation Solar Cell Market is segmented by Application into Building Integrated Photovoltaics, Portable and Flexible Photovoltaics, Vehicle Integrated Photovoltaics, and Space and Defense Applications. Building Integrated Photovoltaics held the largest revenue share in 2023, and it is expected to continue its dominance during the forecast period. The growth of this segment can be attributed to the increasing adoption of green building practices and the rising demand for energy-efficient solutions. Portable and Flexible Photovoltaics is projected to be the fastest-growing segment during the forecast period, owing to the increasing popularity of portable electronic devices and the growing demand for off-grid power solutions.Vehicle Integrated Photovoltaics is also expected to witness significant growth, driven by the increasing adoption of electric vehicles and the growing focus on sustainable transportation. Space and Defense Applications is expected to account for a smaller share of the Next Generation Solar Cell Market, but it is expected to grow steadily during the forecast period, driven by the increasing demand for lightweight and efficient power sources for space exploration and defense applications.

Next Generation Solar Cell Market Panel Type Insights

The Next Generation Solar Cell Market segmentation by Panel Type includes Monocrystalline Solar Panels, Polycrystalline Solar Panels, Amorphous Thin Film Solar Panels, and Copper Indium Gallium Selenide (CIGS) Solar Panels. Monocrystalline Solar Panels held the largest market share in 2023, and it is expected to continue its dominance during the forecast period. Polycrystalline Solar Panels are projected to witness a steady growth rate due to their lower cost compared to Monocrystalline Solar Panels. Amorphous Thin Film Solar Panels are anticipated to gain traction in the coming years owing to their flexibility and lightweight properties.CIGS Solar Panels are expected to have a significant market share in the future due to their high efficiency and durability.

Next Generation Solar Cell Market Efficiency Insights

The Next Generation Solar Cell Market is segmented by efficiency, with categories ranging from low to ultra-high. The low efficiency (up to 10%) segment is expected to witness a moderate growth rate, owing to its lower cost and established technology. The medium efficiency (11-15%) segment is projected to hold a significant market share, driven by its balanced performance and cost-effectiveness. The high efficiency (16-20%) segment is anticipated to experience substantial growth, attributed to its improved conversion efficiency and increasing adoption in commercial and industrial applications. The ultra-high efficiency (over 20%) segment is expected to gain traction, owing to its potential for higher power output and reduced energy costs. This segment is expected to witness significant investments in research and development, leading to advancements in cell design and materials. The increasing demand for high-performance solar cells is driving the growth of the ultra-high efficiency segment.

Next Generation Solar Cell Market Portability Insights

The portability segment is a key factor in the growth of the Next Generation Solar Cell Market. Non-portable solar cells are the most traditional type and are typically used in large-scale solar installations such as solar farms and commercial buildings. Portable solar cells are smaller and lighter, making them ideal for use in portable applications such as camping, hiking, and powering small electronics. Foldable solar cells are a newer type of portable solar cell that can be folded up for easy storage and transportation. Flexible solar cells are the most versatile type of portable solar cell and can be used in a variety of applications, including clothing, backpacks, and even vehicles.The Next Generation Solar Cell Market is expected to grow significantly in the coming years. The growth of the market is being driven by the increasing demand for renewable energy, the falling cost of solar cells, and the rising popularity of portable solar devices. The portability segment is expected to be a major driver of growth in the Next Generation Solar Cell Market. Portable solar cells are becoming increasingly popular for use in a variety of applications, including camping, hiking, and powering small electronics. The foldable and flexible nature of these solar cells makes them ideal for use in these applications.As the demand for portable solar devices continues to grow, the portability segment is expected to continue to grow rapidly.

Next Generation Solar Cell Market Regional Insights

The regional segmentation of the Next Generation Solar Cell Market showcases distinct market dynamics across different regions. North America holds a significant market share, driven by government initiatives and increasing adoption of renewable energy. Europe follows closely, with a focus on reducing carbon emissions and promoting energy independence. The APAC region exhibits substantial growth potential, fueled by rapid urbanization and rising energy demands. South America and MEA are emerging markets with growing interest in next-generation solar technologies.The Next Generation Solar Cell Market revenue is projected to reach USD 20.6 billion by 2024, with a CAGR of 17.61%, indicating significant market growth and investment opportunities.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Next Generation Solar Cell Market Key Players And Competitive Insights

Major players in the Next Generation Solar Cell Market are investing heavily in research and development to gain a competitive edge. They are also focusing on strategic partnerships and acquisitions to expand their product portfolio and geographical reach. The leading Next Generation Solar Cell Market players are adopting innovative technologies, such as tandem cells and perovskite-based solar cells, to improve the efficiency and cost-effectiveness of their products. The Next Generation Solar Cell Market industry is characterized by intense competition, with major players constantly vying for market share.First Solar, Inc. is a leading provider of comprehensive photovoltaic (PV) solar systems. The company designs, manufactures, and sells PV modules, systems, and services for residential, commercial, and utility-scale projects. First Solar's thin-film cadmium telluride (CdTe) technology offers several advantages over traditional crystalline silicon solar panels, including higher efficiency, lower cost, and improved durability. The company has a global presence and operates in over 25 countries.SunPower Corporation is another major player in the Next Generation Solar Cell Market. The company specializes in the development and production of high-efficiency solar cells, panels, and systems. SunPower's Maxeon solar panels are among the most efficient on the market, with an efficiency rating of up to 22.8%. The company also offers a range of solar energy solutions, including residential, commercial, and industrial systems. SunPower has a strong presence in the United States and is expanding its operations internationally.

Key Companies in the Next Generation Solar Cell Market Include

• JA Solar


• Canadian Solar


• SolarEdge Technologies


• Huawei


• Sharp


• Longi Solar


• SunPower


• REC Group


• Hanwha Q CELLS


• Enphase Energy


• First Solar


• Trina Solar


• LG Electronics


• BYD


• JinkoSolar

Next Generation Solar Cell Market Industry Developments

The development of cheaper and more efficient next-generation solar cells has been a major focus of research and development in recent years. These cells have the potential to revolutionize the solar industry by making solar power more affordable and accessible. One of the most promising next-generation solar cell technologies is perovskite solar cells. Perovskite solar cells have achieved efficiencies of over 25%, which is comparable to the efficiency of traditional silicon solar cells. However, perovskite solar cells are still in the early stages of development and face a number of challenges, including stability and scalability. Researchers are working to address these challenges and bring perovskite solar cells to market. In 2023, the global next-generation solar cell market is expected to be valued at USD 3.19 billion. The market is expected to grow at a CAGR of 17.61% from 2024 to 2032, reaching a value of USD 13.61 billion by 2032. The growth of the market is being driven by the increasing demand for renewable energy and the falling cost of next-generation solar cells.

Next Generation Solar Cell Market Segmentation Insights

Next Generation Solar Cell Market Technology Outlook

• Perovskite Solar Cells


• Organic Solar Cells


• Quantum Dot Solar Cells


• Hybrid Solar Cells

 Next Generation Solar Cell Market Application Outlook

• Building Integrated Photovoltaics


• Portable and Flexible Photovoltaics


• Vehicle Integrated Photovoltaics


• Space and Defense Applications

 Next Generation Solar Cell Market Panel Type Outlook

• Monocrystalline Solar Panels


• Polycrystalline Solar Panels


• Amorphous Thin Film Solar Panels


• Copper Indium Gallium Selenide (CIGS) Solar Panels

 Next Generation Solar Cell Market Efficiency Outlook

• Low Efficiency (up to 10%)


• Medium Efficiency (11-15%)


• High Efficiency (16-20%)


• Ultra-High Efficiency (over 20%)

 Next Generation Solar Cell Market Portability Outlook

• Non-Portable


• Portable


• Foldable


• Flexible

 Next Generation Solar Cell Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa