The ultra-efficient solar power market size has grown rapidly in recent years. It will grow from $2.14 billion in 2024 to $2.51 billion in 2025 at a compound annual growth rate (CAGR) of 17%. The growth in the historic period can be attributed to increased environmental awareness, global energy transition initiatives, scaled up production, grid integration advances, cost reductions over time.
The ultra-efficient solar power market size is expected to see rapid growth in the next few years. It will grow to $4.56 billion in 2029 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to energy storage integration, rising energy demand, innovations in materials science, global commitment to sustainability, government policies and incentives. Major trends in the forecast period include floating solar farms, smart solar technologies, solar innovation hubs, public and private sector collaboration, research and development investments.
The increasing energy consumption is significantly driving the growth of the ultra-efficient solar power market in the future. Energy consumption refers to the amount of energy required for specific processes. Ultra-efficient solar power can generate 100 times more power compared to other renewable energy sources, and it has the potential to produce more energy than all fossil fuels combined, making it an ideal solution for rising energy demands. For instance, in April 2023, a report from the U.S. Energy Information Administration (EIA), a U.S. federal statistical agency, indicated that renewable energy production and consumption reached record levels in 2022, accounting for approximately 13% (13.4 quads) of total energy production and 13% (13.18 quads) of total energy consumption. Moreover, hydropower generation and geothermal energy usage both experienced a 4% increase in 2022 compared to 2021. Therefore, the growth in energy consumption will propel the ultra-efficient solar power market.
The increasing demand for renewable energy is expected to drive the growth of the ultra-efficient solar power market in the future. Renewable energy, commonly known as clean energy, includes sources that naturally replenish at a rate surpassing human consumption on a timescale relevant to our needs. Ultra-efficient solar power has the potential to transform the renewable energy sector by significantly enhancing the amount of electricity generated from sunlight. For example, in December 2023, reports from the Department for Energy Security and Net Zero, a UK government department, indicated that renewable electricity generation reached 30.1 TWh in the third quarter of 2023, representing a 6.8% increase from 2022. This growth included the addition of 2.9 GW of new renewable capacity, particularly from solar PV and wind installations, resulting in renewables accounting for 44.5% of total electricity generation. Thus, the rising demand for renewable energy is fueling the growth of the ultra-efficient solar power market.
Technological advancement is a key trend gaining traction in the ultra-efficient solar power market. Major companies in this sector are concentrating on integrating new technologies to create more efficient solar panels that enhance electricity production from sunlight. For example, in March 2024, LONGi, a China-based solar products company, introduced its innovative Hi-MO X6 Bifacial Dual-Glass solar modules at the 19th China (Jinan) International Solar Energy Utilization Conference. This advanced product line includes the Hi-MO X6 Explorer and Hi-MO X6 Guardian (Anti Humidity & Heat), representing a significant breakthrough in the photovoltaic (PV) industry, specifically designed for high-temperature and high-humidity environments.
In May 2024, Emmvee Photovoltaic Power Pvt. Ltd., an India-based solar panel manufacturer, entered into a partnership with Hero Future Energies. Under this collaboration, Emmvee will provide up to 600 MWp of high-efficiency solar modules to Hero Future Energies over the next two years. This partnership is in line with Emmvee's strategy to expand its presence in the renewable energy market, and the company is eager to support Hero Future Energies in advancing their solar energy projects. Hero Future Energies is an India-based renewable energy firm that focuses on solar, wind, and hybrid power solutions on a global scale.
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 include Reliance Industries Ltd., Panasonic Corporation, LG Electronics Inc., 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, 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 2024. 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.
Ultra-efficient solar power refers to energy generation utilizing state-of-the-art tools and technologies to convert sunlight into electricity. This involves the development and application of solar photovoltaic (PV) systems with enhanced energy efficiency, enabling the absorption of more solar energy and its transformation into practical electricity.
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 $4.56 billion in 2029 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to energy storage integration, rising energy demand, innovations in materials science, global commitment to sustainability, government policies and incentives. Major trends in the forecast period include floating solar farms, smart solar technologies, solar innovation hubs, public and private sector collaboration, research and development investments.
The increasing energy consumption is significantly driving the growth of the ultra-efficient solar power market in the future. Energy consumption refers to the amount of energy required for specific processes. Ultra-efficient solar power can generate 100 times more power compared to other renewable energy sources, and it has the potential to produce more energy than all fossil fuels combined, making it an ideal solution for rising energy demands. For instance, in April 2023, a report from the U.S. Energy Information Administration (EIA), a U.S. federal statistical agency, indicated that renewable energy production and consumption reached record levels in 2022, accounting for approximately 13% (13.4 quads) of total energy production and 13% (13.18 quads) of total energy consumption. Moreover, hydropower generation and geothermal energy usage both experienced a 4% increase in 2022 compared to 2021. Therefore, the growth in energy consumption will propel the ultra-efficient solar power market.
The increasing demand for renewable energy is expected to drive the growth of the ultra-efficient solar power market in the future. Renewable energy, commonly known as clean energy, includes sources that naturally replenish at a rate surpassing human consumption on a timescale relevant to our needs. Ultra-efficient solar power has the potential to transform the renewable energy sector by significantly enhancing the amount of electricity generated from sunlight. For example, in December 2023, reports from the Department for Energy Security and Net Zero, a UK government department, indicated that renewable electricity generation reached 30.1 TWh in the third quarter of 2023, representing a 6.8% increase from 2022. This growth included the addition of 2.9 GW of new renewable capacity, particularly from solar PV and wind installations, resulting in renewables accounting for 44.5% of total electricity generation. Thus, the rising demand for renewable energy is fueling the growth of the ultra-efficient solar power market.
Technological advancement is a key trend gaining traction in the ultra-efficient solar power market. Major companies in this sector are concentrating on integrating new technologies to create more efficient solar panels that enhance electricity production from sunlight. For example, in March 2024, LONGi, a China-based solar products company, introduced its innovative Hi-MO X6 Bifacial Dual-Glass solar modules at the 19th China (Jinan) International Solar Energy Utilization Conference. This advanced product line includes the Hi-MO X6 Explorer and Hi-MO X6 Guardian (Anti Humidity & Heat), representing a significant breakthrough in the photovoltaic (PV) industry, specifically designed for high-temperature and high-humidity environments.
In May 2024, Emmvee Photovoltaic Power Pvt. Ltd., an India-based solar panel manufacturer, entered into a partnership with Hero Future Energies. Under this collaboration, Emmvee will provide up to 600 MWp of high-efficiency solar modules to Hero Future Energies over the next two years. This partnership is in line with Emmvee's strategy to expand its presence in the renewable energy market, and the company is eager to support Hero Future Energies in advancing their solar energy projects. Hero Future Energies is an India-based renewable energy firm that focuses on solar, wind, and hybrid power solutions on a global scale.
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 include Reliance Industries Ltd., Panasonic Corporation, LG Electronics Inc., 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, 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 2024. 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.
Ultra-efficient solar power refers to energy generation utilizing state-of-the-art tools and technologies to convert sunlight into electricity. This involves the development and application of solar photovoltaic (PV) systems with enhanced energy efficiency, enabling the absorption of more solar energy and its transformation into practical electricity.
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 Strategies4. Ultra-Efficient Solar Power Market - Macro Economic Scenario including the impact of Interest Rates, Inflation, Geopolitics and Covid and Recovery on the Market32. Global Ultra-Efficient Solar Power Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Ultra-Efficient Solar Power Market34. Recent Developments in the Ultra-Efficient Solar Power Market
5. Global Ultra-Efficient Solar Power Growth Analysis and Strategic Analysis Framework
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 High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Ultra-Efficient Solar Power Global Market Report 2025 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.
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Description
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? The ultra-efficient solar power market global 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- 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.
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
Subsegments:
1) By Silicon: Monocrystalline Silicon; Polycrystalline Silicon; Amorphous Silicon2) By Cadmium Telluride (CdTe): Thin-Film CdTe Solar Cells; Cadmium Telluride Modules
3) By Copper Indium Diselenide (CIS): Thin-Film CIS Solar Cells; CIS Modules
4) By Gallium Arsenide (GaAs): GaAs Solar Cells; Multijunction GaAs Solar Cells
Key Companies Mentioned: Reliance Industries Ltd.; Panasonic Corporation; LG Electronics Inc.; Mitsubishi Chemical Corporation; 3M Co.
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.
- 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
- 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.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 2.51 Billion |
| Forecasted Market Value ( USD | $ 4.56 Billion |
| Compound Annual Growth Rate | 16.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 28 |
