- Polycrystalline Silicon
- Monocrystalline Silicon
- Cadmium Telluride
- Copper Indium Gallium Selenide (CIGS)
Next Generation Solar Cells Market size was valued at USD 19,281.2 million in 2022 and is projected to grow at an 18.3% CAGR from 2023 to 2029. The Next-generation Organic Solar Cell refers to a form of organic photovoltaic that uses organic electronics, a subset of electronics that converts sunlight into electricity with the help of thin layers of organic semiconductors. The vast majority of these organic photovoltaics are compound cell solar. It has a photosensitive nature of organic matter as a semiconductor material, and to achieve the effect of solar power, the photovoltaic consequence of the voltage is formed with the help of currents. The next-generation organic solar cell materials are substantially more stable at high temperatures and benefit from electro-optical characteristics. Based on the nanomaterial type, the global next-generation solar cells market is segmented into Nanowires, Quantum Dots, and Graphene. The Quantum Dots segment is anticipated to grow at a significant CAGR over the forecast years. Due to its distinct size-dependent optoelectronic characteristics. Considering the need to provide a large amount of electricity, low-cost PV techniques are urgently required. To meet cost and performance targets, the emerging third-generation PVs including dye-sensitized solar cells (DSSCs), perovskite solar cells (PSCs), organic photovoltaic (OPV), and quantum-dot sensitized solar cells (QDSSCs) have been introduced. The main features of third-generation PVs are simple manufacturing, low cost, and high performance. The worldwide energy crisis, environmental pollution, stringent regulations, and provisions of government incentives and tax rebates to install solar panels are the primary factors driving the global next-generation organic solar cell market.
Next Generation Solar Cells Market Key Developments:
In January 2020, Denmark's Aarhus University undertook a research project to develop tiny organic PV technology. This technique has the potential to be utilized to create light-based, neural-stimulating scaffolds inside the human body.
Fastest Growing Market
Solar energy cannot be considered a large-scale energy source in practice. Due to low energy conversion rates compared to conventional fuels, renewable energy cannot compete with traditional sources. The growing need for commercial renewable energy approaches and rising fossil fuel prices drive investment in the next-generation photovoltaic sector. When compared to traditional means of energy generation, photovoltaic cells' high initial costs and low conversion efficiency render this technology ineffective. Thin PV cell makers are exploring alternatives to cadmium telluride, commonly utilized in manufacturing thin cells. Copper indium gallium selenide solar cells are a significant breakthrough widely adopted by next-generation thin-film solar manufacturers. The high initial expenses in testing next-generation photovoltaic technology are a significant impediment to the market's future growth.
The Quantum Dots segment is expected to lead this market during the forecast period.
The increasing demand for clean energy sources for power generation and supportive government policies drive the market.
Europe dominated the market in terms of share in 2022.
Heliatek (Germany), ARMOR (France), infinity V ApS (Denmark), Solarmer Energy, Inc. (U.S.), NanoFlex Power Corporation (U.S.), Optodot (U.S.), Eni (Italy), New Energy Technologies Inc. (U.S.), Novaled GmbH (Germany), Brite Solar (Greece) are the leading players of the market.