Solar Energy 3.0

Solar Energy 3.0

Solar energy has witnessed significant demand in recent times due to its cost-effectiveness and versatile nature. In addition, technological advancements such as energy storage, and improvements in the panel design and material added significant advantages such as increased overall efficiency and optimize operational costs. The recent development in the solar panel material and design termed as perovskite operates on the principle of photon-to-electron conversion and improves the performance as well as durability of the solar panel. Perovskite solar panels are a type of photovoltaic (PV) technology that uses perovskite materials as the active layer to convert sunlight into electricity. Perovskites are a class of materials with a distinctive crystal structure that have been found to have excellent light-absorbing and charge-transporting properties.

The Solar Energy 3.0 Market is expected to grow at a steady rate of around 35% owing to the increasing demand for sustainable and affordable renewable energy resources coupled with the stringent government regulation to lower the carbon footprint. Major companies in the market are focusing to provide solar energy 3.0 with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions. For instance, in February 2022, Microquanta Semiconductor announced to build of a new perovskite solar plant in China with a capacity of 12MW.

• Based on the panel type, the market is segmented into silicon-based wafer cells and thin film cells. The silicon-based wafer cell segment registered a significant market share in the year 2021 owing to its lower installation charge, easy maintenance, and longer durability. Also, silicon solar panels have high energy conversion efficiency, typically ranging from 15% to 20% which makes them suitable to generate a higher amount of electricity compared to its counterpart. Further, silicon-based solar cells have a lower degradation rate and higher stability which is expected to support market growth during the forecast period.
• Based on the installation, the market is divided into roof-mounted, portable, ground-mounted, and floating solar panels. The roof-mounted solar panel segment is expected to witness significant demand during the forecast period. In addition to traditional rooftop solar panels, there are also emerging technologies such as solar roof tiles and shingles, which are designed to integrate seamlessly with the architecture of a building. These technologies are expected to further drive growth in the roof-mounted solar panel market. The market is also seeing increased competition among solar panel manufacturers, which is driving innovation and pushing prices down. In addition, advances in battery technology are making it easier for homeowners to store excess energy generated by their solar panels, further increasing the appeal of roof-mounted solar systems. Overall, the roof-mounted solar panel market is expected to continue its growth trajectory in the coming years as more people look for sustainable and cost-effective energy solutions.
• Based on the application, the market is segmented into commercial, industrial, and residential segments. The residential solar segment is expected to register significant demand in the coming time. The market has been growing rapidly in recent years, as more homeowners seek to reduce their carbon footprint and save money on energy bills. According to the International Energy Agency (IEA), the residential solar market is expected to continue its growth trajectory, with solar photovoltaic (PV) installations in homes expected to more than double between 2020 and 2030. In addition to the growing demand for solar energy among homeowners, government incentives and policies have also played a significant role in driving the growth of the residential solar market. For example, tax credits, rebates, and net metering programs can make solar installations more affordable and financially attractive for homeowners.
• For a better understanding of the market adoption of the solar energy 3.0 industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is anticipated to register at a significant market share during the forecast period. This is mainly due to the increasing demand for energy and the increasing adoption of renewable energy in the region. Also, the stringent government regulation for carbon emission and focus to replace the aging power infrastructure with the smart grid and smart technologies is expected to propel the market growth during the forecast period. Furthermore, the launch of the new renewable project and growing digitalization in the grid technology will support the market growth. For instance, according to the power technology, there are several solar power projects have been launched in the Asia-Pacific including Golmud Solae CSP Power Plant in China and Mudigubba Solar Park in India. Additionally, the increasing investment in the transmission & distribution line and increasing research & development activities are expected to propel the market growth. For instance, State Grid Corporation, China invested RMB 530 billion in the year 2022 for the construction of the ultra-high voltage transmission line.
• Some of the major players operating in the market include Tandem PV, WonderSolar, Oxford PV, Panasonic Industry Co., Ltd., Microquanta Semiconductor Co. Ltd., Energy Materials Corporation, Solaronix SA, Saule Technologies, Swift Solar Inc, Frontier Energy, Inc.