Global Next-Generation Solar Cell Market Size Study & Forecast, by Material Type (Cadmium Telluride, Copper Indium Gallium Selenide, Amorphous Silicon, Gallium-Arsenide, and Others), by Installation, by End User, and Regional Forecasts 2025-2035

Description

The Global Next-Generation Solar Cell Market is valued at approximately USD 3.59 billion in 2024 and is anticipated to grow at a remarkable compound annual growth rate (CAGR) of 19.50% over the forecast period 2025-2035. Next-generation solar cells represent the forefront of renewable energy innovation, engineered to surpass the limitations of traditional photovoltaic technologies. These cells integrate advanced materials such as perovskites, cadmium telluride (CdTe), and copper indium gallium selenide (CIGS), which enhance light absorption efficiency, reduce production costs, and allow for flexible and lightweight module construction. The global transition toward sustainable energy, coupled with policy-driven decarbonization efforts, has significantly accelerated demand for next-generation solar technologies. Moreover, increased investments in R&D and government subsidies for clean energy infrastructure are catalyzing the expansion of this market across both developed and developing economies.

The market's momentum is further reinforced by surging electricity consumption and the global shift toward renewable energy grids. As nations race to achieve net-zero emission targets, solar energy has emerged as a critical pillar in national energy strategies. Technological breakthroughs in quantum dot cells, tandem solar cells, and bifacial module designs are reshaping performance metrics and cost structures. According to the International Renewable Energy Agency (IRENA), solar PV capacity is projected to reach over 5,000 GW globally by 2035, with next-generation technologies driving a substantial share of new installations. The proliferation of smart grids and energy storage systems is also complementing the adoption of advanced solar cells, providing a robust ecosystem for long-term market expansion. However, high initial investment and complex manufacturing processes may restrain smaller producers. Despite these challenges, partnerships between technology firms and energy conglomerates are expected to unlock new commercial pathways, enhancing efficiency and scalability in production.

The detailed segments and sub-segments included in the report are:

By Material Type:

Cadmium Telluride (CdTe)
Copper Indium Gallium Selenide (CIGS)
Amorphous Silicon
Gallium-Arsenide
Others

By Installation:

On-Grid
Off-Grid

By End User:

Residential
Commercial
Industrial
Utility

By Region:

North America

U.S.
Canada

Europe

UK
Germany
France
Spain
Italy
Rest of Europe

Asia Pacific

China
India
Japan
Australia
South Korea
Rest of Asia Pacific

Latin America

Brazil
Mexico

Middle East & Africa

UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa

Cadmium Telluride (CdTe) Expected to Dominate the Market

Among material types, Cadmium Telluride (CdTe) solar cells are expected to hold the dominant market position throughout the forecast period. CdTe's unique semiconductor properties allow for superior absorption of sunlight and high conversion efficiency at a fraction of the cost of traditional silicon cells. Moreover, the ability to produce CdTe modules using scalable thin-film manufacturing processes enhances their competitiveness in large-scale applications. Their durability and temperature resilience make them particularly suitable for utility-scale power generation in harsh environmental conditions. The ongoing technological refinements aimed at improving cell efficiency and reducing material wastage are poised to sustain the dominance of CdTe technology in the coming decade.

On-Grid Installations Lead in Revenue Contribution

On-grid installations currently command the largest revenue share in the next-generation solar cell market. The steady expansion of grid-connected solar power plants, combined with favorable government incentives, has made on-grid systems the backbone of solar infrastructure in most countries. These installations not only facilitate efficient energy distribution but also allow surplus power to be transmitted back into the main grid, optimizing energy utilization. Rapid urbanization, rising electricity demand, and supportive policy frameworks such as feed-in tariffs and renewable energy credits continue to strengthen the financial viability of grid-connected solar systems. Conversely, off-grid applications are witnessing accelerated adoption in remote areas and developing regions where grid access remains limited-highlighting a dual growth dynamic that underpins the global energy transition.

The key regions considered for the Global Next-Generation Solar Cell Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific dominates the market and is anticipated to maintain its leadership throughout the forecast period. This dominance can be attributed to strong governmental commitments toward renewable energy adoption, large-scale solar installations in China and India, and the presence of cost-effective manufacturing hubs. North America is also expected to witness substantial growth, propelled by tax credits, research investments, and a surge in residential and commercial solar adoption. Meanwhile, Europe continues to remain a mature yet innovative market, driven by stringent carbon neutrality targets and widespread rooftop solar integration. The Middle East, with its abundant solar irradiance and strategic energy diversification policies, is also emerging as a potential growth hotspot for next-generation solar technologies.

Major market players included in this report are:

First Solar, Inc.
JA Solar Holdings Co., Ltd.
Trina Solar Limited
Tata Power Solar Systems Limited
Hanwha Q Cells Co., Ltd.
Panasonic Corporation
SunPower Corporation
Canadian Solar Inc.
REC Solar Holdings AS
Sharp Corporation
NextEra Energy, Inc.
JinkoSolar Holding Co., Ltd.
Mitsubishi Electric Corporation
Hitachi, Ltd.
Oxford PV

Global Next-Generation Solar Cell Market Report Scope:

Historical Data - 2023, 2024
Base Year for Estimation - 2024
Forecast period - 2025-2035
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects such as driving factors and challenges that will define future market growth. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained above.

Key Takeaways:

Market Estimates & Forecast for 10 years from 2025 to 2035.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of the geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of the competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Next-Generation Solar Cell Market Report Scope & Methodology

1.1. Research Objective
1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study

Chapter 2. Executive Summary

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. key Findings

Chapter 3. Global Next-Generation Solar Cell Market Forces Analysis

3.1. Market Forces Shaping The Global Next-Generation Solar Cell Market (2024-2035)
3.2. Drivers
- 3.2.1. global transition toward sustainable energy
- 3.2.2. policy-driven decarbonization efforts
3.3. Restraints
- 3.3.1. high initial investment and complex manufacturing
3.4. Opportunities
- 3.4.1. increased investments in R&D and government subsidies for clean energy infrastructure

Chapter 4. Global Next-Generation Solar Cell Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global Next-Generation Solar Cell Market Size & Forecasts by Material Type 2025-2035

5.1. Market Overview
5.2. Global Next-Generation Solar Cell Market Performance - Potential Analysis (2025)
5.3. Cadmium Telluride (CdTe)
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market size analysis, by region, 2025-2035
5.4. Copper Indium Gallium Selenide (CIGS)
- 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.4.2. Market size analysis, by region, 2025-2035
5.5. Amorphous Silicon
- 5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.5.2. Market size analysis, by region, 2025-2035
5.6. Gallium-Arsenide
- 5.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.6.2. Market size analysis, by region, 2025-2035
5.7. Others
- 5.7.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.7.2. Market size analysis, by region, 2025-2035

Chapter 6. Global Next-Generation Solar Cell Market Size & Forecasts by Installation 2025-2035

6.1. Market Overview
6.2. Global Next-Generation Solar Cell Market Performance - Potential Analysis (2025)
6.3. On-Grid
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market size analysis, by region, 2025-2035
6.4. Off-Grid
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market size analysis, by region, 2025-2035

Chapter 7. Global Next-Generation Solar Cell Market Size & Forecasts by End User 2025-2035

7.1. Market Overview
7.2. Global Next-Generation Solar Cell Market Performance - Potential Analysis (2025)
7.3. Residential
- 7.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.3.2. Market size analysis, by region, 2025-2035
7.4. Commercial
- 7.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.4.2. Market size analysis, by region, 2025-2035
7.5. Industrial
- 7.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.5.2. Market size analysis, by region, 2025-2035
7.6. Utility
- 7.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.6.2. Market size analysis, by region, 2025-2035

Chapter 8. Global Next-Generation Solar Cell Market Size & Forecasts by Region 2025-2035

8.1. Growth Next-Generation Solar Cell Market, Regional Market Snapshot
8.2. Top Leading & Emerging Countries
8.3. North America Next-Generation Solar Cell Market
- 8.3.1. U.S. Next-Generation Solar Cell Market
  - 8.3.1.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.3.1.2. Installation breakdown size & forecasts, 2025-2035
  - 8.3.1.3. End User breakdown size & forecasts, 2025-2035
- 8.3.2. Canada Next-Generation Solar Cell Market
  - 8.3.2.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.3.2.2. Installation breakdown size & forecasts, 2025-2035
  - 8.3.2.3. End User breakdown size & forecasts, 2025-2035
8.4. Europe Next-Generation Solar Cell Market
- 8.4.1. UK Next-Generation Solar Cell Market
  - 8.4.1.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.4.1.2. Installation breakdown size & forecasts, 2025-2035
  - 8.4.1.3. End User breakdown size & forecasts, 2025-2035
- 8.4.2. Germany Next-Generation Solar Cell Market
  - 8.4.2.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.4.2.2. Installation breakdown size & forecasts, 2025-2035
  - 8.4.2.3. End User breakdown size & forecasts, 2025-2035
- 8.4.3. France Next-Generation Solar Cell Market
  - 8.4.3.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.4.3.2. Installation breakdown size & forecasts, 2025-2035
  - 8.4.3.3. End User breakdown size & forecasts, 2025-2035
- 8.4.4. Spain Next-Generation Solar Cell Market
  - 8.4.4.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.4.4.2. Installation breakdown size & forecasts, 2025-2035
  - 8.4.4.3. End User breakdown size & forecasts, 2025-2035
- 8.4.5. Italy Next-Generation Solar Cell Market
  - 8.4.5.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.4.5.2. Installation breakdown size & forecasts, 2025-2035
  - 8.4.5.3. End User breakdown size & forecasts, 2025-2035
- 8.4.6. Rest of Europe Next-Generation Solar Cell Market
  - 8.4.6.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.4.6.2. Installation breakdown size & forecasts, 2025-2035
  - 8.4.6.3. End User breakdown size & forecasts, 2025-2035
8.5. Asia Pacific Next-Generation Solar Cell Market
- 8.5.1. China Next-Generation Solar Cell Market
  - 8.5.1.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.5.1.2. Installation breakdown size & forecasts, 2025-2035
  - 8.5.1.3. End User breakdown size & forecasts, 2025-2035
- 8.5.2. India Next-Generation Solar Cell Market
  - 8.5.2.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.5.2.2. Installation breakdown size & forecasts, 2025-2035
  - 8.5.2.3. End User breakdown size & forecasts, 2025-2035
- 8.5.3. Japan Next-Generation Solar Cell Market
  - 8.5.3.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.5.3.2. Installation breakdown size & forecasts, 2025-2035
  - 8.5.3.3. End User breakdown size & forecasts, 2025-2035
- 8.5.4. Australia Next-Generation Solar Cell Market
  - 8.5.4.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.5.4.2. Installation breakdown size & forecasts, 2025-2035
  - 8.5.4.3. End User breakdown size & forecasts, 2025-2035
- 8.5.5. South Korea Next-Generation Solar Cell Market
  - 8.5.5.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.5.5.2. Installation breakdown size & forecasts, 2025-2035
  - 8.5.5.3. End User breakdown size & forecasts, 2025-2035
- 8.5.6. Rest of APAC Next-Generation Solar Cell Market
  - 8.5.6.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.5.6.2. Installation breakdown size & forecasts, 2025-2035
  - 8.5.6.3. End User breakdown size & forecasts, 2025-2035
8.6. Latin America Next-Generation Solar Cell Market
- 8.6.1. Brazil Next-Generation Solar Cell Market
  - 8.6.1.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.6.1.2. Installation breakdown size & forecasts, 2025-2035
  - 8.6.1.3. End User breakdown size & forecasts, 2025-2035
- 8.6.2. Mexico Next-Generation Solar Cell Market
  - 8.6.2.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.6.2.2. Installation breakdown size & forecasts, 2025-2035
  - 8.6.2.3. End User breakdown size & forecasts, 2025-2035
8.7. Middle East and Africa Next-Generation Solar Cell Market
- 8.7.1. UAE Next-Generation Solar Cell Market
  - 8.7.1.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.7.1.2. Installation breakdown size & forecasts, 2025-2035
  - 8.7.1.3. End User breakdown size & forecasts, 2025-2035
- 8.7.2. Saudi Arabia (KSA) Next-Generation Solar Cell Market
  - 8.7.2.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.7.2.2. Installation breakdown size & forecasts, 2025-2035
  - 8.7.2.3. End User breakdown size & forecasts, 2025-2035
- 8.7.3. South Africa Next-Generation Solar Cell Market
  - 8.7.3.1. Material Type breakdown size & forecasts, 2025-2035
  - 8.7.3.2. Installation breakdown size & forecasts, 2025-2035
  - 8.7.3.3. End User breakdown size & forecasts, 2025-2035

Chapter 9. Competitive Intelligence

9.1. Top Market Strategies
9.2. First Solar, Inc.
- 9.2.1. Company Overview
- 9.2.2. Key Executives
- 9.2.3. Company Snapshot
- 9.2.4. Financial Performance (Subject to Data Availability)
- 9.2.5. Product/Services Port
- 9.2.6. Recent Development
- 9.2.7. Market Strategies
- 9.2.8. SWOT Analysis
9.3. JA Solar Holdings Co., Ltd.
9.4. Trina Solar Limited
9.5. Tata Power Solar Systems Limited
9.6. Hanwha Q Cells Co., Ltd.
9.7. Panasonic Corporation
9.8. SunPower Corporation
9.9. Canadian Solar Inc.
9.10. REC Solar Holdings AS
9.11. Sharp Corporation
9.12. NextEra Energy, Inc.
9.13. JinkoSolar Holding Co., Ltd.
9.14. Mitsubishi Electric Corporation
9.15. Hitachi, Ltd.
9.16. Oxford PV