The Ultra-Efficient Solar Power Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Ultra-Efficient Solar Power Global Market Report 2024, 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 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 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. 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 rising energy consumption is significantly contributing to the growth of the ultra-efficient solar power market going forward. Energy consumption refers to the energy needed for a specific procedure. Ultra-efficient solar power can generate 100 times more power compared to other renewable energy sources, and solar power can produce more energy than all the fossil fuels combined, which makes it ideal for addressing growing energy consumption. For instance, according to 2023 data released by Eurostat, a Luxembourg-based government agency that collects data on the European economy, Europe’s energy consumption increased from 1,235.6 million metric tons of oil equivalent (Mtoe) in 2020 to 1,309 million metric tons of oil equivalent (Mtoe) in 2021. Furthermore, in April 2023, according to the Energy Information Administration, a US-based government agency responsible for energy, the total US electricity consumption increased by 2.6% to reach 4.05 trillion kWh in 2022. Therefore, rising energy consumption will drive the ultra-efficient solar power market.
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The ultra-efficient solar power market covered in this report is segmented –
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
Top Major Players:
Reliance Industries Ltd
Panasonic Corporation
LG Electronics Inc.I
ntel Corporation
Mitsubishi Chemical Corporation
North America was the largest region in the ultra-efficient solar power market in 2023.
Technological advancement is the key trend gaining popularity in the ultra-efficient solar power market. Major companies operating in the ultra-efficient solar power market are focusing on integrating new technologies to develop more efficient solar panels for increasing electricity production from sunlight. For instance, in November 2021, JinkoSolar, a China-based photovoltaics company, launched next-generation N-type ultra-efficiency Tiger Neo modules. The New Tiger Neo uses N-type TOPCon technology, substantially improving reliability, performance, power, and energy density. The new module has an aggregate power generation of up to 620W in large quantities and an unusually high conversion efficiency of up to 22.30%. The N-type TOPCon technology from JinkoSolar generates around 3%–4% more energy and offers an efficiency improvement of 5%–6% over mono PERC. The new Tiger Neo modules incorporate a Multi-Busbar (MBB) and half-cut cell technology to reduce internal resistance loss and are mass-produced on 182mm wafers. Furthermore, the circular solder strip design increases optical gain, resulting in a module with up to 22.30% efficiency.
The ultra-efficient solar power market report table of contents includes:
1. Executive Summary
2. Ultra-Efficient Solar Power Market Characteristics
3. Ultra-Efficient Solar Power Market Trends And Strategies
4. Ultra-Efficient Solar Power Market - Macro Economic Scenario
5. Global Ultra-Efficient Solar Power Market Size and Growth
…
32. Global Ultra-Efficient Solar Power Market Competitive Benchmarking
33. Global Ultra-Efficient Solar Power Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ultra-Efficient Solar Power Market
35.Ultra-Efficient Solar Power Market Future Outlook and Potential Analysis
36. Appendix
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How come 750 MW plant of Madhya Pradesh hailed as the ‘largest’ against Solar Parks of more than 2000 MW capacity?
The answer lies in the difference between single-site power plant and Solar Park.
