PUBLISHER: The Business Research Company | PRODUCT CODE: 1670994
PUBLISHER: The Business Research Company | PRODUCT CODE: 1670994
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 from The Business Research Company 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 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 17.0%. 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% (13.40 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.
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.
Ultra-Efficient Solar Power Global Market Report 2025 from The Business Research Company 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.
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 from the Business Research Company 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 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.