The ultra-efficient solar power market size has grown rapidly in recent years. It will grow from $1.84 billion in 2023 to $2.18 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The expansion observed in the historical period can be attributed to heightened environmental awareness, initiatives for global energy transition, increased production scale, advances in grid integration, and the gradual reduction of costs over time.
The ultra-efficient solar power market size is expected to see rapid growth in the next few years. It will grow to $4 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The anticipated growth in the forecast period can be attributed to the integration of energy storage, a surge in energy demand, innovations in materials science, a global commitment to sustainability, and government policies and incentives. Prominent trends expected during the forecast period include the development of floating solar farms, the implementation of smart solar technologies, the establishment of solar innovation hubs, collaboration between the public and private sectors, and increased investments in research and development.
The increasing global energy consumption is playing a substantial role in driving the growth of the ultra-efficient solar power market in the foreseeable future. Energy consumption, representing the energy required for specific processes, has witnessed a surge in demand. Ultra-efficient solar power stands out as a solution capable of generating a remarkable 100 times more power compared to other renewable energy sources. Solar power, with the potential to outperform the combined energy output of all fossil fuels, is well-suited to address the escalating energy consumption. For example, Eurostat reported in 2023 that Europe's energy consumption rose from 1,235.6 million metric tons of oil equivalent (Mtoe) in 2020 to 1,309 million Mtoe in 2021. Additionally, data from the Energy Information Administration revealed a 2.6% increase in total US electricity consumption, reaching 4.05 trillion kWh in 2022. Thus, the escalating energy consumption is expected to be a driving force for the ultra-efficient solar power market.
The growing global demand for renewable energy is anticipated to fuel the expansion of the ultra-efficient solar power market in the coming years. Renewable energy, synonymous with clean energy, comprises sources that naturally replenish at a rate surpassing human consumption. Ultra-efficient solar power has the potential to revolutionize the renewable energy sector by significantly enhancing the electricity generation capacity from solar energy. International Energy Agency (IEA) data indicates a rise in electricity production from solar PV, increasing from 823.8 Terra Watt hours (TWh) in 2020 to 1002.9 TWh in 2021. Hence, the increasing demand for renewable energy is a driving factor for the growth of the ultra-efficient solar power market.
Technological advancements represent a prominent trend gaining momentum in the ultra-efficient solar power market. Key companies in this market are actively incorporating new technologies to develop more efficient solar panels, thereby boosting electricity production from sunlight. JinkoSolar, a China-based photovoltaics company, exemplifies this trend with its launch of next-generation N-type ultra-efficiency Tiger Neo modules in November 2021. These modules utilize N-type TOPCon technology, significantly improving reliability, performance, power, and energy density. Featuring an aggregate power generation of up to 620W and an outstanding conversion efficiency of up to 22.30%, the Tiger Neo modules leverage Multi-Busbar (MBB) and half-cut cell technology to enhance efficiency. The circular solder strip design further contributes to increased optical gain, resulting in a module with unparalleled efficiency of up to 22.30%.
In October 2021, SunPower Corporation, a prominent solar technology and energy services provider based in the United States, successfully acquired Blue Raven Solar for a total of $165 million. This strategic acquisition signifies a concerted effort to harness the collective strengths of both companies and introduce the most powerful and efficient solar technology to a wider range of homeowners. The collaboration between SunPower and Blue Raven is strategically positioned to accelerate SunPower's growth strategy, paving the way for the exploration of fresh opportunities within the residential solar market. Blue Raven Solar, a U.S.-based company, specializes in the installation of solar energy systems for residential properties.
Major players in the ultra-efficient solar power market are also directing their efforts toward developing tandem solar cells, which consist of two or more layers of photovoltaic material stacked atop each other. In November 2023, LONGi Solar, a China-based solar manufacturer, achieved a breakthrough by launching Crystalline Silicon-perovskite Tandem Solar Cells with a record-breaking power conversion efficiency of 33.9%. This tandem cell design allows for the absorption of a broader spectrum of sunlight, contributing to higher efficiency.
Major companies operating in the ultra-efficient solar power market report are Reliance Industries Ltd., Panasonic Corporation, LG Electronics Inc., Intel Corporation, Mitsubishi Chemical Corporation, 3M Co., Sharp Corporation, DuPont de Nemours Inc., Trina Solar Limited, Hanwha Solutions Corporation, JA SOLAR Technology Co. Ltd., AUO Corporation, Canadian Solar Inc., JinkoSolar Holding Co. Ltd., Kuraray Europe GmbH, Risen Energy Co. Ltd., SunPower Corporation, Sunway Berhad, SolarCity Corporation, Taiwan Sanyo Electric Co. Ltd., Solaria Corporation, Motech Industries Inc., Suntech Power Holdings Co. Ltd., Renewsys India Private Limited, Vikram Solar Limited, Tata Power Solar Systems Ltd., Emeren Limited, Talesun Solar Co. Ltd., WINAICO, Abengoa S.A.
North America was the largest region in the ultra-efficient solar power market in 2023. The regions covered in the ultra-efficient solar power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ultra-efficient solar power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary products associated with ultra-efficient solar power include silicon, cadmium telluride (CdTe), copper indium diselenide, and gallium arsenide (GaAs). Silicon high-efficiency solar cells are employed in the generation of ultra-efficient solar power, leveraging silicon's advantageous properties such as high and stable efficiencies, non-toxicity, and abundance. The technologies encompass crystalline, thin film PV, and concentric PV, tailored for industrial and commercial applications.
The ultra-efficient solar power market research report is one of a series of new reports that provides ultra-efficient solar power market statistics, including ultra-efficient solar power industry global market size, regional shares, competitors with an ultra-efficient solar power market share, detailed ultra-efficient solar power market segments, market trends and opportunities, and any further data you may need to thrive in the ultra-efficient solar power industry. This ultra-efficient solar power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ultra-efficient solar power market consists of sales of multi-crystalline photovoltaic solar cells and mono-crystalline photovoltaic solar cells. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The ultra-efficient solar power market size is expected to see rapid growth in the next few years. It will grow to $4 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The anticipated growth in the forecast period can be attributed to the integration of energy storage, a surge in energy demand, innovations in materials science, a global commitment to sustainability, and government policies and incentives. Prominent trends expected during the forecast period include the development of floating solar farms, the implementation of smart solar technologies, the establishment of solar innovation hubs, collaboration between the public and private sectors, and increased investments in research and development.
The increasing global energy consumption is playing a substantial role in driving the growth of the ultra-efficient solar power market in the foreseeable future. Energy consumption, representing the energy required for specific processes, has witnessed a surge in demand. Ultra-efficient solar power stands out as a solution capable of generating a remarkable 100 times more power compared to other renewable energy sources. Solar power, with the potential to outperform the combined energy output of all fossil fuels, is well-suited to address the escalating energy consumption. For example, Eurostat reported in 2023 that Europe's energy consumption rose from 1,235.6 million metric tons of oil equivalent (Mtoe) in 2020 to 1,309 million Mtoe in 2021. Additionally, data from the Energy Information Administration revealed a 2.6% increase in total US electricity consumption, reaching 4.05 trillion kWh in 2022. Thus, the escalating energy consumption is expected to be a driving force for the ultra-efficient solar power market.
The growing global demand for renewable energy is anticipated to fuel the expansion of the ultra-efficient solar power market in the coming years. Renewable energy, synonymous with clean energy, comprises sources that naturally replenish at a rate surpassing human consumption. Ultra-efficient solar power has the potential to revolutionize the renewable energy sector by significantly enhancing the electricity generation capacity from solar energy. International Energy Agency (IEA) data indicates a rise in electricity production from solar PV, increasing from 823.8 Terra Watt hours (TWh) in 2020 to 1002.9 TWh in 2021. Hence, the increasing demand for renewable energy is a driving factor for the growth of the ultra-efficient solar power market.
Technological advancements represent a prominent trend gaining momentum in the ultra-efficient solar power market. Key companies in this market are actively incorporating new technologies to develop more efficient solar panels, thereby boosting electricity production from sunlight. JinkoSolar, a China-based photovoltaics company, exemplifies this trend with its launch of next-generation N-type ultra-efficiency Tiger Neo modules in November 2021. These modules utilize N-type TOPCon technology, significantly improving reliability, performance, power, and energy density. Featuring an aggregate power generation of up to 620W and an outstanding conversion efficiency of up to 22.30%, the Tiger Neo modules leverage Multi-Busbar (MBB) and half-cut cell technology to enhance efficiency. The circular solder strip design further contributes to increased optical gain, resulting in a module with unparalleled efficiency of up to 22.30%.
In October 2021, SunPower Corporation, a prominent solar technology and energy services provider based in the United States, successfully acquired Blue Raven Solar for a total of $165 million. This strategic acquisition signifies a concerted effort to harness the collective strengths of both companies and introduce the most powerful and efficient solar technology to a wider range of homeowners. The collaboration between SunPower and Blue Raven is strategically positioned to accelerate SunPower's growth strategy, paving the way for the exploration of fresh opportunities within the residential solar market. Blue Raven Solar, a U.S.-based company, specializes in the installation of solar energy systems for residential properties.
Major players in the ultra-efficient solar power market are also directing their efforts toward developing tandem solar cells, which consist of two or more layers of photovoltaic material stacked atop each other. In November 2023, LONGi Solar, a China-based solar manufacturer, achieved a breakthrough by launching Crystalline Silicon-perovskite Tandem Solar Cells with a record-breaking power conversion efficiency of 33.9%. This tandem cell design allows for the absorption of a broader spectrum of sunlight, contributing to higher efficiency.
Major companies operating in the ultra-efficient solar power market report are Reliance Industries Ltd., Panasonic Corporation, LG Electronics Inc., Intel Corporation, Mitsubishi Chemical Corporation, 3M Co., Sharp Corporation, DuPont de Nemours Inc., Trina Solar Limited, Hanwha Solutions Corporation, JA SOLAR Technology Co. Ltd., AUO Corporation, Canadian Solar Inc., JinkoSolar Holding Co. Ltd., Kuraray Europe GmbH, Risen Energy Co. Ltd., SunPower Corporation, Sunway Berhad, SolarCity Corporation, Taiwan Sanyo Electric Co. Ltd., Solaria Corporation, Motech Industries Inc., Suntech Power Holdings Co. Ltd., Renewsys India Private Limited, Vikram Solar Limited, Tata Power Solar Systems Ltd., Emeren Limited, Talesun Solar Co. Ltd., WINAICO, Abengoa S.A.
North America was the largest region in the ultra-efficient solar power market in 2023. The regions covered in the ultra-efficient solar power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ultra-efficient solar power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary products associated with ultra-efficient solar power include silicon, cadmium telluride (CdTe), copper indium diselenide, and gallium arsenide (GaAs). Silicon high-efficiency solar cells are employed in the generation of ultra-efficient solar power, leveraging silicon's advantageous properties such as high and stable efficiencies, non-toxicity, and abundance. The technologies encompass crystalline, thin film PV, and concentric PV, tailored for industrial and commercial applications.
The ultra-efficient solar power market research report is one of a series of new reports that provides ultra-efficient solar power market statistics, including ultra-efficient solar power industry global market size, regional shares, competitors with an ultra-efficient solar power market share, detailed ultra-efficient solar power market segments, market trends and opportunities, and any further data you may need to thrive in the ultra-efficient solar power industry. This ultra-efficient solar power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ultra-efficient solar power market consists of sales of multi-crystalline photovoltaic solar cells and mono-crystalline photovoltaic solar cells. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Ultra-Efficient Solar Power Market Characteristics3. Ultra-Efficient Solar Power Market Trends and Strategies32. Global Ultra-Efficient Solar Power Market Competitive Benchmarking33. Global Ultra-Efficient Solar Power Market Competitive Dashboard34. Key Mergers and Acquisitions in the Ultra-Efficient Solar Power Market
4. Ultra-Efficient Solar Power Market - Macro Economic Scenario
5. Global Ultra-Efficient Solar Power Market Size and Growth
6. Ultra-Efficient Solar Power Market Segmentation
7. Ultra-Efficient Solar Power Market Regional and Country Analysis
8. Asia-Pacific Ultra-Efficient Solar Power Market
9. China Ultra-Efficient Solar Power Market
10. India Ultra-Efficient Solar Power Market
11. Japan Ultra-Efficient Solar Power Market
12. Australia Ultra-Efficient Solar Power Market
13. Indonesia Ultra-Efficient Solar Power Market
14. South Korea Ultra-Efficient Solar Power Market
15. Western Europe Ultra-Efficient Solar Power Market
16. UK Ultra-Efficient Solar Power Market
17. Germany Ultra-Efficient Solar Power Market
18. France Ultra-Efficient Solar Power Market
19. Italy Ultra-Efficient Solar Power Market
20. Spain Ultra-Efficient Solar Power Market
21. Eastern Europe Ultra-Efficient Solar Power Market
22. Russia Ultra-Efficient Solar Power Market
23. North America Ultra-Efficient Solar Power Market
24. USA Ultra-Efficient Solar Power Market
25. Canada Ultra-Efficient Solar Power Market
26. South America Ultra-Efficient Solar Power Market
27. Brazil Ultra-Efficient Solar Power Market
28. Middle East Ultra-Efficient Solar Power Market
29. Africa Ultra-Efficient Solar Power Market
30. Ultra-Efficient Solar Power Market Competitive Landscape and Company Profiles
31. Ultra-Efficient Solar Power Market Other Major and Innovative Companies
35. Ultra-Efficient Solar Power Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Ultra-Efficient Solar Power Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on ultra-efficient solar power market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Measure the impact of high global inflation on market growth.
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- Benchmark performance against key competitors.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for ultra-efficient solar power? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Product: Silicon; Cadmium Telluride (CdTe); Copper Indium Diselenide; Gallium Arsenide (GaAs)
2) By Technology: Crystalline; Thin film PV; Concentric PV
3) By Application: Industrial; Commercial
Key Companies Mentioned: Reliance Industries Ltd.; Panasonic Corporation; LG Electronics Inc.; Intel Corporation; Mitsubishi Chemical Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Reliance Industries Ltd.
- Panasonic Corporation
- LG Electronics Inc.
- Intel Corporation
- Mitsubishi Chemical Corporation
- 3M Co.
- Sharp Corporation
- DuPont de Nemours Inc.
- Trina Solar Limited
- Hanwha Solutions Corporation
- JA SOLAR Technology Co. Ltd.
- AUO Corporation
- Canadian Solar Inc.
- JinkoSolar Holding Co. Ltd.
- Kuraray Europe GmbH
- Risen Energy Co. Ltd.
- SunPower Corporation
- Sunway Berhad
- SolarCity Corporation
- Taiwan Sanyo Electric Co. Ltd.
- Solaria Corporation
- Motech Industries Inc.
- Suntech Power Holdings Co. Ltd.
- Renewsys India Private Limited
- Vikram Solar Limited
- Tata Power Solar Systems Ltd.
- Emeren Limited
- Talesun Solar Co. Ltd.
- WINAICO
- Abengoa S.A.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 2.18 Billion |
| Forecasted Market Value ( USD | $ 4 Billion |
| Compound Annual Growth Rate | 16.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
