The Next-generation Solar Cell Market is Expected to Reach a CAGR of 19.5% from 2023 to 2028.

The Next-generation Solar Cell Market is Expected to Reach a CAGR of 19.5% from 2023 to 2028.

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% from 2023 to 2028.

The advantages of the next-generation solar cell over traditional solar cells are one of the major drivers in the market. One of the major restraints in the market is intense competition from players providing other renewable resources, including wind power and hydropower.

Copper indium gallium selenides (CIGS) solar cells are among the most efficient thin-film PV technologies.

CIGS PV cells are manufactured using CIGS by compressing between conductive layers. This material is characterized by its direct band gap, which allows it to absorb a high amount of energy while limiting the transmittance of light. This material can be deposited over substrates such as glass, plastic, steel, and aluminum and is thin enough to allow full-panel flexibility when deposited on a flexible backing. CIGS PV modules have efficiencies exceeding 20% in laboratories. Its solar panels can be installed on roofs and other surfaces because they are more efficient in producing more electricity. They are also cheaper than silicon-based panels.

The lighting and other electricity needs are fulfilled by installing PV systems on the rooftop and open areas.

The excess electricity generated can be sold to local electricity companies by transmitting it through local grids (depending on the technical feasibility). PV systems are also used for electrification in various places, such as visitor centers in parks, hunting lodges, park ranger sites, remote farm workshops, vacation cabins, village lighting, highway rest stops, and public beaches. Hybrid PV systems, comprising PV modules and heat extraction units, are mounted together for industrial applications. These systems can also provide electrical and thermal energy simultaneously and achieve a higher energy conversion rate of the absorbed solar radiation than plain photovoltaics. Hence, they are used to generate electricity for commercial and industrial facilities.