Press release
Ultra-Efficient Solar Power Market Competitive Landscape, Key Drivers, Major Players, Outlook And Forecast To 2033
Ultra-Efficient Solar Power Market
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.
Market Overview -
Ultra-efficient solar power is energy generated using cutting-edge tools and technologies to convert sunlight into power. It entails creating and applying solar photovoltaic (PV) systems with increased energy efficiency, absorbing more solar energy, and transforming it into practical electricity.
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Surge In Energy Consumption Fuels Growth In Ultra-Efficient Solar Power Market
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.
Competitive Landscape -
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.
Technological Advancements Propel Innovation In Ultra-Efficient Solar Power Market
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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