NEXT-GEN SOLAR IN 2031: MARKET INSIGHTS, TRENDS, AND OPPORTUNITIES

Next-Gen Solar in 2031: Market Insights, Trends, and Opportunities

Next-Gen Solar in 2031: Market Insights, Trends, and Opportunities

Blog Article

The global next-generation solar cell market was valued at USD 2.4 billion in 2022 and is projected to expand at a robust CAGR of 21.7% from 2023 to 2031, reaching USD 14.2 billion by the end of the forecast period. Next-generation solar cells encompassing second- and third-generation technologies such as amorphous silicon, CIGS, perovskite PV, organic photovoltaics, tandem cells, and more are designed to overcome the efficiency, cost, and manufacturing limitations of traditional silicon panels. Analysts believe the confluence of rising climate-change concerns, decarbonization targets, and rapid technological advances will drive widespread adoption of these advanced photovoltaic solutions.

Market Drivers & Trends


  • Climate Policy & Decarbonization: Governments and corporations worldwide have set ambitious net-zero and renewable-energy targets. Solar power, as a cornerstone of clean energy strategies, is benefitting from favorable regulations, tax credits, and renewable portfolio standards.

  • Efficiency & Cost Pressures: To compete with conventional energy, solar must become both more efficient and cost-effective. Advances in high-efficiency perovskite-on-silicon tandem cells aim to boost conversion efficiencies from the current ~20–22% to over 27%, reducing levelized cost of electricity (LCOE).

  • R&D Investments: Significant R&D funding both public and private is flowing into low-temperature processing, novel absorber materials, and scalable manufacturing methods. The Inflation Reduction Act (IRA) in the U.S. and EU research consortia like PEPPERONI are prime examples of this trend.

  • Modular & Flexible Designs: Lightweight, flexible cells and building-integrated photovoltaics (BIPV) are unlocking new applications from wearable electronics to solar facades expanding market reach beyond utility-scale installations.


Key Players and Industry Leaders
The next-generation solar cell space is characterized by a mix of established PV giants, specialized perovskite start-ups, and vertically integrated module manufacturers. Leading companies profiled in the market report include:

  • Canadian Solar

  • Greatcell Energy

  • JA Solar

  • JinkoSolar Holding Co., Ltd.

  • Jolywood

  • LONGi

  • Oxford PV

  • Renshine Solar

  • Saule Technologies

  • SunPower Corporation

  • Trina Solar

  • Panasonic Holdings Corporation

  • ReNew Energy Global Plc


Recent Developments

  • Renshine Solar–Changshu JV (2023): Announced a 150 MW perovskite module production facility in Jiangsu Province, slated for completion in Q3 2023.

  • First Solar Acquires Evolar AB (May 2023): Bolstered its thin-film perovskite capabilities through the acquisition of Sweden’s Evolar AB.

  • PEPPERONI Consortium (2022): Hanwha Qcells joined European institutes under this four-year, €14.5 million EU-funded R&D program to accelerate tandem cell technologies.

  • JinkoSolar Tiger Neo Launch (2021): Introduced ultra-efficient flagship modules achieving conversion rates above 22%, targeting utility-scale deployments.


Latest Market Trends

  • Perovskite Tandem Cells: Combining perovskite with silicon or CIGS to exceed single-junction efficiency limits.

  • Green Manufacturing: Adoption of low-temperature, solution-based processing to cut energy use and emissions.

  • Flexible & Wearable PV: Roll-to-roll production of thin-film cells enabling integration into textiles and mobile devices.

  • Digitalization & AI: Machine-learning–driven process controls improving yield and reducing costs in pilot and commercial lines.

  • Supply-chain Localization: Regional incentives are encouraging onshore production of high-purity materials and cell assembly.


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Market Opportunities

  • Emerging Economies: Off-grid and mini-grid applications in Africa, Southeast Asia, and Latin America offer substantial upside.

  • Building-Integrated Photovoltaics (BIPV): Architects and developers are specifying PV facades, roof tiles, and glass for net-zero buildings.

  • Agrivoltaics: Dual land use—combining solar arrays with agriculture—is gaining momentum for optimizing land and resource utilization.

  • Vehicle-Integrated PV: Electric vehicles are beginning to incorporate lightweight PV panels to extend driving range and power auxiliary systems.

  • Energy-Plus Storage Systems: Integrating next-gen cells with battery storage and smart-grid controls to deliver dispatchable clean power.


Future Outlook
By 2031, next-generation solar technologies are expected to account for a significant share of annual global PV installations. Continued improvements in materials science and manufacturing scale will push average module efficiencies beyond 25%, with perovskite tandems leading the efficiency race. As global LCOE parity with fossil fuels is achieved in more regions, solar-plus-storage systems will become the preferred choice for new power capacity additions. Strategic partnerships between material suppliers, cell manufacturers, and EPC (engineering, procurement, and construction) firms will define the competitive landscape.

Market Segmentation

  • By Material Type

    • Second-Generation: Amorphous Silicon (a-Si), Microcrystalline Silicon (μc-Si), CdTe/CdS, CIGS

    • Third-Generation: Dye-Sensitized Solar Cells (DSSC), Organic PV (OPV), Quantum Dot (QD) PV, Perovskite PV, GaAs/GaInP, Inorganics-in-Organics, Tandem Solar Cells



  • By Deployment

    • On-grid

    • Off-grid



  • By Application

    • Residential

    • Commercial

    • Utility



  • By Region

    • North America (U.S., copyright)

    • Europe (U.K., Germany, France, others)

    • Asia Pacific (China, India, Japan, South Korea, ASEAN)

    • South America (Brazil, others)

    • Middle East & Africa (GCC, South Africa, others)




Regional Insights

  • Asia Pacific: Dominant market share driven by China’s aggressive commercialization of TOPCon, HJT, IBC, perovskite, and tandem cells; robust manufacturing base in South Korea and Taiwan.

  • North America: Strong growth fueled by the U.S. Inflation Reduction Act’s investment and production tax credits, spurring capacity expansions and domestic supply-chain investments.

  • Europe: Increasing adoption of BIPV and stringent energy-efficiency mandates; EU research funding accelerating technology validation and pilot lines.

  • Latin America & MEA: Early-stage deployments in off-grid and hybrid renewable installations; investment through international climate-finance mechanisms.


Why Buy This Report?

  • Comprehensive Coverage: In-depth analysis of global and regional market dynamics from 2017 to 2031.

  • Strategic Insights: Porter’s Five Forces, value-chain analysis, and expert commentary on emerging trends.

  • Competitive Benchmarking: Profiles of 12+ leading players with financials, SWOT, product portfolios, and strategic roadmaps.

  • Data-Rich Format: Electronic (PDF) + Excel workbook containing quantitative and qualitative data, forecasts, and segment breakouts.

  • Actionable Recommendations: Identifies high-growth segments, potential partnerships, and risk-mitigation strategies for investors, manufacturers, and EPC contractors.


About Transparency Market Research

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