Future of Renewable Energy: Growth Opportunities in the Next-Generation Solar Cell Market
The next-generation solar cell industry size 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 are technological advancement in next-generation solar cells, government initiatives in solar PV projects, and increasing demand for solar cells in the residential and commercial sectors. By segment, next-generation solar cell industry for Cadmium telluride (CdTe) material is expected to account for the largest market share during the forecast period. Cadmium telluride (CdTe) material-based solar cells are expected to have the largest market size during the forecast period. CdTe solar cell material is frequently in the utility-scale solar industry, including large-scale solar power plants that are designed to feed electricity into the grid. CdTe solar cells have high efficiency and cost-effectiveness. The market for others is expected to grow with the ...