The next-generation solar cell market is valued at USD 3.0 billion in 2023 and is projected to reach USD 7.4 billion by 2028, growing at a CAGR of 19.5% during the forecast period from 2023 to 2028. The major driving factors for the market are increasing demand for renewable energy due to the need to reduce the emission of greenhouse gases, governmental incentives such as tax credits, and subsidy benefits to make it more accessible to a wider range of consumers.
Major players in this market ecosystem include First Solar (US), Hanwha Q CELLS (South Korea), Ascent Solar Technologies (US), Oxford PV (UK), Kaneka Solar Energy (Japan), Flisom (Switzerland), Solactron (US), Mitsubishi Chemical Group (Japan), MiaSole (US), and Hanergy Thin Film Power Group (China). The next-generation solar cell industry players have predominantly used agreement and partnership tactics to strengthen their market position.
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In April 2022, First Solar announced that Origis Energy ordered 750 megawatts (MW) DC of responsibly produced thin-film photovoltaic (PV) solar modules. The deal utilizes First Solar’s agile contracting approach. Origis will benefit from any technological advances through 2024 when the Cadmium Telluride (CadTel) thin-film modules will be delivered to its projects across the United States. This 750 MW solar agreement builds on a long-term alliance between the First Solar and Origis teams.
First Solar (US)
First Solar designs, manufactures, markets, and distributes PV solar power systems and modules. The company operates its business via two reportable segments—Modules and Others. The Modules business segment is involved in designing, manufacturing, and selling CdTe solar modules. The company provides Series 6 and Series 6 Plus PV modules with a maximum power of 450 W. First Solar also provides recycling solutions for PV power plants and module owners. The company mainly sells its solar modules to system integrators and operators in the US and France. The company is expected to produce a capacity of 10 gigawatts of thin film solar panels by 2025 for the US.
Ascent Solar Technologies (US)
Ascent Solar Technologies is one of the leading providers of CIGS (Copper-Indium-Gallium-Selenide) solar technology with 40 years of R&D and a patent portfolio in solar technology. The company’s patented monolithic integration process enables the manufacturing of solar cells with high flexibility, efficiency, durability, and weight savings. The company has 139,000 square foot headquarters that supports R&D, manufacturing, operations, and office space for Ascent employees. AFRL (Air Force Research Laboratory), National Aeronautics and Space Administration (NASA), and NREL (National Renewable Energy Laboratory) are among a few of its notable research partners.
Next-Generation Solar Cell Market by Material Type (Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS), Amorphous Silicon, Gallium-Arsenide, Others), Installation (On-Grid, Off-Grid), End User and Geography - Global Forecast to 2028
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