Next-Generation Solar Cell Market to Soar to US$12.95 Billion by 2031, Driven by Rising Solar Installations and Renewable Energy Investments - The Insight Partners

SAN FRANCISCO, Aug. 11, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global next-generation solar cell market is observing significant growth owing to the increasing demand for solar panels across the globe.

The next generation solar cell market size is projected to reach US$12.95 billion by 2031 from US$4.13 billion in 2024. The market is expected to register a CAGR of 15.73% during 2025–2031. Solar installations globally, attributed to government-led incentives and schemes, along with growing residential solar rooftop installations, positively influence the growth of the next-generation solar cell market.

Further, the increasing investments in the renewable energy sector to reduce fossil fuel consumption and lower carbon emissions, as well as technological innovations in solar inverters, are among the factors driving the market growth. Governments worldwide are launching various schemes to encourage using solar power as a primary energy source.

Installing solar rooftop systems helps people produce electricity and utilize it for different residential, commercial, and even industrial applications. In addition, the application of solar energy has rapidly increased in recent years due to its capability to reduce the adverse environmental effects of conventional energy resources such as coal, natural gas, and oil. Hence, governments of various countries globally imposed tax incentives and favorable policies to support the remarkable growth of solar energy, which is anticipated to fuel the market growth in the coming years.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. Types of next-generation solar cell include perovskite solar cells, dye-sensitized solar cells, organic solar cells, thin film solar cells, and others. Next-generation solar cell manufacturers procure specific grades of materials from material suppliers and process them further to develop the final product.

Overview of Next Generation Solar Cell Market Report Findings

1. Growing Photovoltaic Applications in Residential, Commercial, and Industrial Sectors: Rising energy prices and uncertain energy supplies in some remote areas have driven the application of solar photovoltaics.

Building-integrated photovoltaics is a solar energy production system incorporating components such as roofs, windows, and facades. It serves the dual purpose of converting solar energy into electricity and providing building envelope functions such as waterproofing, weatherproofing, and sound insulation. Furthermore, the utilization of solar energy to generate heat for industrial applications, such as enhanced oil recovery, water desalination, food processing, mineral processing, and chemical production, is rapidly increasing across various sectors. Therefore, the growing application of solar photovoltaics in residential, commercial, and industrial sectors for rooftop solar systems, rural housing, villages in developing countries, offshore oil platforms, lighthouses, desalination plants, and remote healthcare facilities is driving the market for next-generation solar cells.

2. Application of Solar Power in Aerospace, Space, and Defense Industries: Growing technological development and government initiatives are driving the application of solar power in various sectors, such as aerospace and defense. One of these industries' critical solar energy applications is solar-powered unmanned aerial vehicles (UAVs). These vehicles are unarmed platforms that rely exclusively on solar energy to perform their functions. They are used in roles such as communications and persistent ISR. They facilitate secure communication between defense forces in remote areas, improving broadband connectivity.

Furthermore, spacecraft are equipped with solar panels that transform solar energy into electricity that powers them. Likewise, solar energy has been used to power spacecraft on Mars, such as NASA's Spirit and Opportunity rovers and the Phoenix lander. Therefore, the growing application of solar energy in the aerospace, space, and defense industries is likely to create lucrative opportunities for next-generation solar cell market players to drive the adoption of this type of solar cells in the coming years.

3. Geographical Insights: In 2024, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.

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Next Generation Solar Cell Market Segmentation

• Based on type, the next generation solar cell market is classified into perovskite solar cells, dye-sensitized solar cells, organic solar cells, thin film solar cells, and others. The thin film solar cells segment held the largest share of the market in 2024.
• The market is categorized into on- and off-grid based on installation type. The on-grid segment dominated the market in 2024.
• The end user segment of the next generation solar cell market is categorized into residential, commercial and industrial, and utilities. The utilities segment held the largest share of the market in 2024.
• The next generation solar cell market is segmented into five major regions: North America, Europe, APAC, Middle East & Africa, and South America.

Competitive Strategy and Development

• Key Players: A few major companies operating in the next-generation solar cell market include Hanwha Q Cells, Kaneka Solar Energy, Sharp Corporation, MiaSole, Panasonic Corporation, Geo Green Power, Sol Voltaics, Hanergy Thin Film Power Group, Oxford Photovoltaics Ltd, Ascent Solar Technologies, Inc., First Solar Inc., and Heliatek.
• Trending Topics: Solar PV Panels Market, Solar PV Inverter Market

Global Headlines on Next Generation Solar Cells Market

• "LONGi achieved Crystalline Silicon-Perovskite Tandem Solar Cell Efficiency of 34.85%."
• " TNO and Solarge unveiled a lightweight perovskite solar module prototype, which further aimed at scaling the technology for broad commercial applications."

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Conclusion

Asia Pacific is projected to register highest CAGR from 2025 to 2031. The Asia Pacific region includes Australia, China, India, South Korea, Japan, & the Rest of Asia Pacific. In Asia Pacific, the next generation solar cell market growth is due to significant developments in the renewable energy industry due to increased government strategies and initiatives towards climate change and net-zero emission targets.

The increasing investments in solar photovoltaic (PV) plants and the growth of solar power plant establishment in the residential sector across Asia Pacific countries such as China, India, Australia, and Japan are creating lucrative opportunities for the next generation solar cell market players. In China, most PV products, or solar panels, are installed in remote areas in huge solar farms that sell the energy produced to utilities. Satellite images show a rise in these large solar farms across China. The drastic increase in solar energy in the country is due to the country's electricity demand and severe air pollution crisis. The Government of China aims to encourage financial institutions to incentivize solar installations.

Therefore, the report from The Insight Partners provides several stakeholders—including raw equipment/component providers, manufacturers, suppliers & distributors, and end users—valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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