An industry research provider, The Insight Partners.  reported that the global next-generation solar cell market is set to grow from $4.13 billion in 2024 to $12.95 billion by 2031, with a CAGR of 15.73% between 2025 and 2031. Growth is fueled by higher demand for solar panels, government incentives, and more rooftop installations. Investments in renewable energy and new solar inverter technology have also helped. These solar cells are used in homes, businesses, industries, aerospace, space, and defense. Thin film solar cells had the biggest market share in 2024, and on-grid systems were most common. Asia Pacific led in 2024 and is expected to grow fastest, driven by China, India, Australia, and Japan. Major companies include Hanwha Q Cells, Kaneka Solar Energy, Sharp, MiaSole, and Panasonic.