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 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.