#Solar Photovoltaic (PV) Market Growth

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Global Solar Photovoltaic (PV) Mounting Systems Market was valued at USD 511.21 million in 2021 and is expected to reach USD 727.00 million by 2029, registering a CAGR of 4.50% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.

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As the world races to meet net-zero targets, emissions from all industrial sectors must be reduced more urgently than ever. Agriculture is an important area of focus as it contributes up to 22% of global greenhouse gas emissions – almost as much as the energy sector. One approach to decarbonising the agricultural sector is agrivoltaics. It involves integrating solar panels – or photovoltaics (PVs) – into fields of crops, greenhouses and livestock areas, which can help farmers reduce their carbon footprint while continuing to produce food. Agrivoltaics can also mitigate one of the main criticisms often made of solar power – that solar farms “waste” vast tracts of agricultural land that could otherwise be used for food production. In reality, solar farms currently occupy only 0.15% of the UK’s total land – not much compared to its 70% agricultural land. The simplest example of an agrivoltaic system would be conventional, crystalline silicon PVs (the market-leading type of solar panels), installed in fields alongside livestock. This method of farm diversification has become increasingly popular in recent years for three main reasons. First, it enhances biodiversity as the fields are not seeing a regular crop rotation, being monocultured, or being harvested for silage. Second, it increases production as livestock benefit from the shade and the healthier pasture growth. Finally, the solar farm has reduced maintenance costs because livestock can keep the grass short. All this is achieved while the solar panels provide locally-generated, clean energy.

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Understanding Solar Panel Inverters: Types and Functions

The solar power industry has grown tremendously over the past few decades and is expected to continue growing at over 6% CAGR by 2032. This growth has significantly impacted the solar panel inverter market, which is projected to grow at a 7.7% CAGR over the same period. As a result, solar power stocks have seen a substantial increase. In this article, we'll explore the types and functions of solar panel inverters, a crucial component of any solar power system.

What is a Solar Panel Inverter?

Solar panels consist of silicon photovoltaic (PV) cells that convert sunlight into electrical energy. However, the electricity produced by solar panels is in the form of direct current (DC), which is not suitable for home appliances. Home appliances require alternating current (AC), where the flow of electricity reverses periodically. This is where solar panel inverters come in—they convert DC electricity into AC electricity.

To clarify, DC electricity flows in a single direction, making it efficient for transferring power over short distances without significant losses. However, for practical home use, AC electricity is necessary due to its ability to travel over longer distances with less energy loss. The solar panel inverter acts as an intermediary, converting DC from the solar panels to AC for use in the home or office. Additionally, in an on-grid solar system, the inverter connects the solar panels to the local electricity grid, allowing for net metering and storing excess energy in batteries.

Why is an Inverter Necessary in Solar Power Systems? Solar panel inverters perform several essential functions that make them crucial for any solar power setup:

Converting DC to AC: The primary function of a solar inverter is to convert the DC electricity produced by solar panels into AC electricity, making it usable for home appliances.

Monitoring Solar Panel Performance: Most solar inverters come with built-in monitoring capabilities, allowing you to track the amount of electricity being converted and identify any issues with the solar panels. This feature helps ensure optimal performance and identify potential problems early.

Connecting to the Grid: Inverters connect your solar system to the local utility grid, enabling you to sell excess electricity back to the grid for a credit or financial return. This connection also allows you to draw electricity from the grid when your solar panels aren't producing enough power, ensuring a reliable power supply.

Optimizing Solar Panel Efficiency: Some inverters, such as power optimizers, help maximize the efficiency of each solar panel. Factors like shading, orientation, and debris can cause individual panels to produce different amounts of electricity. Power optimizers adjust the output of each panel to ensure a consistent flow of electricity from the entire array.

Protecting Your Electrical System: Solar inverters also play a protective role by preventing electrical overloads and short circuits. They have built-in safety features that shut down the system in case of overvoltage or other electrical issues, protecting your home and solar investment.

Types of Solar Panel Inverters

There are three main types of solar panel inverters commonly used in residential systems:

String Inverters: This is the most traditional type of solar inverter, similar to a centralized air conditioning system. All solar panels are connected in series to a single inverter. String inverters are most effective in situations where all panels receive equal sunlight without shading. However, if one panel is shaded or malfunctioning, it can reduce the output of the entire system.

Microinverters: Microinverters are installed on each individual solar panel, allowing for more precise energy conversion and monitoring. This setup is ideal for installations where panels face different directions or are prone to shading.

Power Optimizers: Power optimizers combine the benefits of string inverters and microinverters. Each panel is equipped with an optimizer, which adjusts the output to match other panels before sending the DC electricity to a centralized inverter for conversion to AC.

Conclusion Solar panel inverters are essential for converting the DC electricity generated by solar panels into AC electricity suitable for household use. They also play a vital role in monitoring system performance, optimizing efficiency, connecting to the grid, and protecting your electrical system. Choosing the right type of inverter—string inverter, microinverter, or power optimizer—depends on your specific needs, including your budget, site conditions, and energy goals.

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BIPV Market: Trends Supplement Large-Scale Solar Systems Adoption

As per the International Energy Outlook, the global power demand is expected to rise by 80%, requiring an investment of around $19.7 trillion by 2040. Also, the Paris Agreement set a target of limiting global warming temperature below 2° Celsius, preferably 1.5° Celsius. This has influenced governments to seek innovative ways to reduce emissions while meeting energy demand, which has paved the way for photovoltaic materials in buildings. Triton’s analysis estimates that the global building integrated photovoltaics market will propel at a CAGR of 17.31% during the forecast period 2023-2030.

Building integrated photovoltaics serves the dual purpose of being the outer layer of a building and a power generator. This, in turn, has opened a new frontier in green infrastructure, influencing architects to develop energy-efficient and aesthetically appealing buildings. For instance, Ubiquitous Energy’s transparent solar window panels, UE Power, have emerged as an aesthetically appealing power-generating alternative to conventional windows.

BIPV Revolution: Trends Reshape Energy Landscape

According to the International Renewable Energy Agency (IRENA) , around 90% of the world’s power can be generated with renewable energy by 2050. Since buildings consume high amounts of energy, BIPV integration will facilitate their transition from energy users to producers. On that note, the notable trends reshaping the market are:

Governments perceive investing in green energy solutions as an opportunity to attain GHG reduction targets. Hence, over the past few years, authorities worldwide have employed various measures to stimulate the adoption of sustainable technologies, including BIPV modules, across residential, commercial, and industrial sectors. For example:

As per the Indian Ministry of New & Renewable Energy (MNRE) , the government has implemented the production-linked incentive (PLI) scheme for high-efficiency solar PV modules with an outlay of INR 24,000 crore, to achieve domestic manufacturing capacity of solar PV cells and modules.

In 2021, the German government amended the Renewable Energy Act by establishing grid priority to drive the onshore wind, solar PV, and biogas growth. The government proposed to increase its solar capacity installations to 100 GW by 2030.

The Chinese government also formulated a policy that requires all new buildings to conform to energy guidelines modeled after LEED specifications. This policy combines a recent initiative to reconstruct 50% of residential high-rise buildings. The country is anticipated to add more than 600 GW of solar power by 2030.

Reaping the benefits from such incentives, the industrial sector leads the BIPV market at 39.54%. However, over the forecast period 2023-2030, the commercial sector is expected to witness the fastest growth at 17.38%.

As per IEA, the global solar PV generation reached around 821 TWh in 2020, a whopping 23% increase from 2019. The energy association also stated that next to utility-scale deployment, distributed applications on buildings contribute to around 40% of PV use globally. In this regard, rooftop-based applications are alleviating the burden on the distribution grids, enabling companies and households to pay lesser energy bills while reducing emissions. Moreover, the cost of installing rooftop PV systems reached around $1 per watt. Hence, roofing captures the majority of the market share at 55.69% in terms of application.

China drives the global market, followed by the US, European nations, and Japan playing a major role. The rise in installations from around 19.4 GW in 2017 to 27.3 GW in 2021 was the key aspect that made China a leader in rooftop installations. For instance, Shanghai and Dezhou have acquired the title of ‘Solar City’, which features a large fleet of rooftop solar water heaters. Besides, the Net Zero Energy Building mandate across China is expected to accelerate the PV roofing segment, with solar tiles gaining major traction. Hence, these developments are expected to widen the scope of the Asia-Pacific BIPV market over the forecast period 2023-2030.

IEA projects that photovoltaic systems are estimated to account for approximately 14% of the total power generation by 2050, owing to the rising detrimental impact of fossil fuels. In fact, the organization stated that PV systems saved more than 860 million tons of C02 in 2020. The construction industry is highly innovative in the commercial sector owing to the development of cost-effective zero-emission green facilities.

As per IRENA, Germany ranks fourth in solar energy production globally. In 2021, the nation installed solar capacities of almost 60 GW, an increase of 5.3 GW from 2020. These actions are based on the country’s aim to obtain a 65% share of the renewable energy sector by 2030. Moreover, the Energy Efficiency Strategy for Building suggested advanced technology development to achieve the goal of a virtually climate-neutral building stock by 2050. Hence, the growing focus on sustainable energy sources fuels the overall Europe BIPV market, spearheaded mainly by Germany.

PV Cost Reduction: A Driving Force for Market Players

Since photovoltaic systems generate energy with around 42% efficiency using multi-junction cells, they have emerged as an ideal alternative over complex installations, such as wind turbines. As per the UN, between 2010 to 2020, the cost of power from solar systems plummeted by around 85%. This highlights the question:

What induced PV cost reduction?

The significant cost decline is mainly because of overproduction and higher investment in PV modules. Another factor is the efforts by Chinese suppliers and wholesalers to reduce the stock held in European warehouses to prevent anti-dumping and anti-subsidy tariffs. This oversupply, from China to Europe thus shrunk the cost of silicon. Such developments led energy solutions supplier Sungrow to supply products to the world’s largest BIPV plant (120 MW) in Central China’s Jiangxi Province. Therefore, the increasing efficiency, ease of installation, and decreasing cost of PV modules over conventional sources like coal and natural gas are expected to open new avenues for players in the building integrated photovoltaics market.

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Global Solar Silicon Wafer Market: Key Trends, Technological Advancements, and Future Growth Opportunities - UnivDatos

According to a new report by UnivDatos Market Insights, the Solar Silicon Wafer Market is expected to reach USD 16.23 billion in 2030 by growing at a CAGR of 9.7%. The increasing demand for clean energy is driving the demand for solar silicon wafers, as solar panels are a critical component of solar energy systems. Solar panels consist of photovoltaic (PV) cells made from silicon wafers, which convert sunlight into electricity.

As the demand for solar energy continues to grow, so does the demand for silicon wafers. According to the International Energy Agency (IEA), renewable energy, including solar energy, is expected to play a key role in meeting global energy demand and reducing carbon emissions. As more countries and companies set targets to reduce their carbon footprint and transition to renewable energy, the demand for solar energy is likely to continue to grow.

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Various solar silicon wafer manufacturers are investing in research and development, and infrastructure and aiming to increase the efficiency of overall solar panels.

· In 2021, the REC introduced a new solar panel design that uses a more efficient solar cell and can generate more electricity per panel. REC has also invested in research and development to improve the efficiency and durability of its solar wafers.

· In 2023, CubicPV has raised a $103 million equity investment to support the buildout of a 10 GW solar wafer manufacturing plant in the U.S. and advance the company’s perovskite cell research and development.

Growing Chinese dominance in manufacturing of solar wafers is Gaining Maximum Traction in the Market

Currently, most of the wafer manufacturing occurs in China. Despite other regions desiring to relocate certain aspects of the solar supply chain, there is limited demand for wafer production in centralized supply chains outside of China. Additionally, most non-China wafer production facilities in Asia or Southeast Asia are predominantly owned by Chinese companies.

The process of wafer manufacturing requires significant investment, and typically only large companies with traditional manufacturing capabilities, such as LONGI, Jinko, and Zhonghuan, or new players with strong and stable financing options in domestic markets, can expand. Unless there are substantial policy revisions or incentives introduced in other regions, it is highly probable that wafer manufacturing will remain concentrated in China, near the production of polysilicon.

Polysilicon Contracts with Chinese Wafer Manufacturers

· In 2022, Daqo New Energy have signed two polysilicon supply agreements with LONGi and an undisclosed Chinese manufacturer.

· In 2022, Tongwei secured a long-term polysilicon supply contract with JinkoSolar. Under the terms of the deal, Jinko will buy up to 382,800 metric tons (MTs) of polysilicon from Tongwei between September 2022 and December 2026.

· In 2022, Trina Solar signs major polysilicon purchase contract worth USD 3 billion.

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Conclusion

Many wafer makers are signing long-term supply contracts with polysilicon producers to secure stable supplies of polysilicon in the future. However, despite having these agreements, wafer makers are still affected by spot pricing swings, although they may have a slight advantage in purchasing their polysilicon. These long-term contracts usually include negotiations on a monthly or periodic basis, meaning that wafer producers must respond to changes in polysilicon pricing in the market. In the future, as more polysilicon facilities come online, wafer makers may have a better chance of negotiating lower, more favorable polysilicon pricing. Until then, this is unlikely to be the case

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Solar Panel Supplier in India – enPossibilities

With the world slowly and steadily shifting toward sustainable energy solutions, one stands out in the line-up of alternatives to traditional energy: solar power. In India, where blessings of sunlight pour forth upon its plains, the adoption of solar energy is both practical and beneficial. At the fore of this green revolution is enPossibilities, a premier solar panel supplier committed to delivering high-quality solar products and services throughout the nation.

About enPossibilities

Established with a vision to empower energy possibilities, enPossibilities has rapidly grown into one of the most trusted solar companies in India. The company has always striven for excellence through its comprehensive range of products and services catering to diverse residential, commercial, and industrial clients.

With headquarters in Bangalore and a branch in Gurugram, enPossibilities caters to customers all through India, thus providing a vast reach. Its team is dedicated to offering innovative solutions as envisioned for the country in its renewable energy objectives.

Product Portfolio

enPossibilities offers an extensive range of solar products to clients, ensuring they stay updated on the latest technologies as well as experience the best reliable solutions.

1. Solar Panels The company deals in high-efficiency solar photovoltaic modules with world-known brands for the efficient performance and durability. Their partnership lists include:

Jinko Solar: Among companies with integrated research and development, Jinko Solar offers full clean energy solutions, of which its sales exceeded both in the global photovoltaic market.

JA Solar: A premium producer of high-quality solar panels, JA Solar is the leader in innovation and productivity.

Saatvik Green Energy: Providing BIS and ALMM approved modules, Saatvik is known for its large manufacturing facility in North India.

Swelect Energy Systems: A Tier-1 solar PV module manufacturer accredited by Bloomberg New Energy Finance, offering premium, high-performance modules.

2. Solar Inverters To ensure efficient energy conversion, enPossibilities offers robust solar string inverters from leading manufacturers:

Sungrow: The world's most bankable inverter brand, Sungrow is known for its reliability and efficiency solutions.

Solis: Solis offers innovative designs and high-quality products. It has a range of inverters suitable for various applications.

3. Balance of System (BOS) Components Understanding the solar power system's efficiency depends on more than just panels and inverters, enPossibilities offers a wide range of BOS items-including mounting structures, cables, and monitoring systems-and ensuring an easy integration process and optimal performance.

Service Offered

In addition to providing high-quality products, enPossibilities offers a suite of services to support clients throughout their solar journey.

1. Solar Consulting Services Clients are served through the knowledge of the consultants in system design, feasibility studies, and financial modeling to advice in making the right decisions that fit the needs of the respective clients.

2. EPC Project Services Experienced in the execution of projects on solar EPC projects, enPossibilities manages the project lifecycle from design and procurement towards construction and commissioning aimed at timely delivery and efficient results.

3. Management Consulting Service Strategically contributing relevant insights and management support, enPossibilities helps clients navigate the vast complexities of the solar industry, optimize operations, and create sustainable growth.

4. After Sales Service The company is committed to satisfying customers with comprehensive after-sales support services, such as maintaining services, performance monitoring, and resolution of any issues that may arise to ensure the long-term performance of the installations.

Why choose enPossibilities?

Quality Assurance It affirms that it has partnered with international brands whose products will definitely meet even international standards of quality and performance to be delivered to clients.

Expertise and Experience With a team of experts in the field, enPossibilities brings to each project the best possible body of experience to ensure solutions are innovative but practical as well.

Customer-Centric Approach Aware that every client has particular needs, enPossibilities provides custom solutions and outstanding customer care that forms long-term relationships based on satisfaction and trust.

Pan-India Presence The offices in Bangalore and Gurugram mean the firm is strategically equipped to service clients across India, serving them timely and wherever needed.

FAQs

1. What types of solar panels does enPossibilities provide?. enPossibilities provides solar panels, which consist of monocrystalline as well as polycrystalline modules manufactured by well-known brands like Jinko Solar, JA Solar, Saatvik Green Energy, and Swelect Energy Systems.

2. Does enPossibilities have an installation service? Yes, enPossibilities provides complete EPC services, and it takes charge of a project from design to commissioning.

3. How can I obtain a quote for a solar installation? You can reach out to enPossibilities through their website or by dialing +91 80 4168 1416 to discuss your needs and get a quotation based on your requirement.

4. Which places does enPossibilities cover? EnPossibilities has offices located in Bangalore and Gurugram and serves customers all across India.

5. Does enPossibilities provide maintenance services? Yes, enPossibilities delivers after-sales services, which also include maintenance and performance monitoring, that will ensure the solar installation's longevity and productivity.

Conclusion

As India takes the path towards sustainable energy, there is enPossibilities to be a strong partner who provides quality solar products and services over a range of different requirements. Their commitment to excellence, customer-centric approach, and one-stop solutions make it a more preferred choice for people interested in harnessing the power of the sun.

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Exploring Global Solar Tracker Market: Insights and Growth Opportunities

The global solar tracker market size is expected to reach USD 29.31 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 26.2% from 2023 to 2030. The market is expected to witness substantial growth over the forecast period owing to the growing need for renewable power generation. Solar tracker is installed on a PV system to get an increased energy output during the day. PV system trackers help to minimize the angle of incidence between incoming light and panel, thereby increasing the amount of energy produced. In Concentrated Photovoltaic (CPV) technology, a large part of sunlight is focused on a solar cell using an optical device. Concentrating light requires direct sunlight, thereby limiting this technology to clear locations.

The single axis type segment is predicted to witness significant growth from 2022 to 2030. Single axis trackers are more economical than dual axis trackers and easy to maintain. Single axis trackers are less expensive compared to dual axis trackers, therefore, are widely employed in residential and commercial applications. Reduced non-renewable energy consumption, improved efficiency, and lower CO2 emissions are likely to drive the solar power generation market, and thus the market is expected to witness significant growth over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Solar Tracker Market

Solar Tracker Market Report Highlights

• Solar tracker helps to increase the efficiency of solar cells. Increasing solar PV demand in various regions is expected to propel market growth over the projected period

• Solar PV technology has been one of the fastest growing renewable sources of energy over the past few years in the U.S. Increasing government focus on renewable energy has resulted in the development of PV cells as a sustainable and continuous source of energy generation

• The dual axis type segment held the largest revenue share of over 50.83% in 2022. Single axis tracker is projected to expand at a considerable CAGR during the forecast period. Single axis trackers are less expensive as compared to dual axis trackers and, therefore, are widely employed in utility and non-utility applications

• The utility application segment accounted for the largest revenue share of more than 85.56% in 2022 and is projected to expand at the highest CAGR during the forecast period. Trackers are being used on a large scale in utility applications in light of the increasing government subsidies, coupled with feed-in tariff schemes, particularly in the North American and European region

• North America accounts for the major market share in the global market and this trend is expected to continue till 2030. The Middle East and Africa market is projected to expand at the highest CAGR during the forecast period on account of a rise in the investments in solar energy in the region

Browse through Grand View Research's Renewable Energy Industry Research Reports.

• The global wind power market size was estimated at USD 97.05 billion in 2024 and is projected to grow at a CAGR of 4.9% from 2025 to 2030.

• The global solar panel recycling market size was valued at USD 322.9 million in 2024 and is projected to grow at a CAGR of 7.4% from 2025 to 2030.

Solar Tracker Market Segmentation

Grand View Research has segmented the global solar tracker market based on technology, type, application, and region: 

Solar Tracker Technology Outlook (Volume, Megawatt; Revenue, USD Million, 2018 - 2030)

• Solar Photovoltaic (PV)

• Concentrated Solar Power (CSP)

• Concentrated Photovoltaic (CPV)

Solar Tracker Type Outlook (Volume, Megawatt; Revenue, USD Million; 2018 - 2030)

• Single Axis

• Dual Axis

Solar Tracker Application Outlook (Volume, Megawatt; Revenue, USD Million; 2018 - 2030)

• Utility

• Non-utility

Solar Tracker Regional Outlook (Volume, Megawatt; Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

o Mexico

• Europe

o Germany

o Spain

o Italy

o France

• Asia Pacific

o China

o India

o Japan

• Central & South America

o Brazil

o Chile

• Middle East & Africa

o UAE

o Saudi Arabia

Order a free sample PDF of the Solar Tracker Market Intelligence Study, published by Grand View Research.

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On-Grid Solar PV Market Forecast: Innovations Shaping Market Growth and Demand

The on-grid solar pv global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

On-Grid Solar PV Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size - The on-grid solar PV market size has grown strongly in recent years. It will grow from $160.26 billion in 2023 to $170.56 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to energy security and independence, electricity demand growth, public awareness and acceptance, environmental awareness and climate change concerns, financial institutions and funding.

The on-grid solar PV market size is expected to see strong growth in the next few years. It will grow to $208.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to advancements in energy storage technologies, digitalization and IoT, decentralization of energy systems, hybrid renewable energy systems, electric vehicle (EV) integration. Major trends in the forecast period include increased capacity and scale, innovative materials and design, flexible and transparent financing models, advancements in energy storage technologies, smart grid integration.

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Scope Of On-Grid Solar PV Market The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

On-Grid Solar PV Market Overview

Market Drivers - The rising demand for renewable energy is expected to propel the growth of the on-grid solar PV market going forward. Renewable energy refers to sustainable and environmentally friendly sources of power, such as solar, wind, hydro, and geothermal, that are naturally replenished. The increasing public awareness towards environmental issues and a growing desire for sustainable living contribute to the demand for on-grid solar PV systems. It plays a significant role in the production of renewable energy by producing power using solar panels and supplying it straight to the grid. This helps in reducing the vulnerability of the grid to centralized disruptions, improving overall grid reliability. For instance, in January 2024, according to the International Energy Agency, a France-based government agency, renewable electricity capacity additions reached an estimated 507 GW in 2023, almost 50% higher than in 2022, with solar PV and wind accounting for a record 96% of it. Therefore, the rising demand for renewable energy is driving the growth of the on-grid solar PV market.

Market Trends - Major companies operating in the on-grid solar PV market are developing innovative products with advanced technologies, such as on-grid PV (photovoltaic) inverters, to drive their revenues in the market. An on-grid PV inverter is an essential part of a solar energy system that transforms a photovoltaic solar array's variable direct current (DC) output into alternating current (AC) electricity that may be supplied straight into the electrical grid. For instance, in June 2022, V-Guard Industries Ltd., an India-based electricals and home appliances manufacturer, launched Solsmart solar rooftop power system, which consists of On-Grid solar power inverters designed for residential and commercial applications. The Solsmart On-Grid Inverter has an efficiency of 98.4%, making it a cost-effective alternative for users aiming to reduce electricity bills. It has integrated DC switches that offer additional safety benefits, ensuring safer installation and operation. The Solsmart On-Grid solar inverter can perform within an ambient temperature range of -25°C and 60°C.

The on-grid solar PV market covered in this report is segmented –

1) By Technology: Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, Other Technologies 2) By Installation: Ground Mounted, Rooftop, Other Installations 3) By Application: Residential, Non-Residential, Utilities

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Regional Insights - Asia-Pacific was the largest region in the on-grid solar PV market in 2023. The regions covered in the on-grid solar pv market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies - Major companies operating in the on-grid solar PV market are Huawei Technologies Co. Ltd., L&T Electrical & Automation Ltd., Siemens AG, Schneider Electric SE, ABB Ltd., JA SOLAR Technology Co. Ltd., LONGi Green Energy Technology Co. Ltd., Delta Electronics Inc., Trina Solar Limited, JinkoSolar Holding Co. Ltd., Canadian Solar Inc., Omron Corporation, Chint Group Corp., Sungrow Power Supply Co. Ltd., Risen Energy Co. Ltd., SolarEdge Technologies Inc., First Solar Inc., Havells India Ltd., SunPower Corp., SMA Solar Technology AG, GoodWe (Jiangsu) Power Supply Technology Co. Ltd., Enphase Energy Inc., Ginlong (Solis) Technologies, Motech Industries Inc., Indosolar Ltd., Loom Solar Pvt. Ltd., FIMER S.p.A., GCL System Integration Technology Co. Ltd.

Table of Contents 1. Executive Summary 2. On-Grid Solar PV Market Report Structure 3. On-Grid Solar PV Market Trends And Strategies 4. On-Grid Solar PV Market – Macro Economic Scenario 5. On-Grid Solar PV Market Size And Growth ….. 27. On-Grid Solar PV Market Competitor Landscape And Company Profiles 28. Key Mergers And Acquisitions 29. Future Outlook and Potential Analysis 30. Appendix

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Exploring the Polysilicon Market: Industry Growth, Innovations, and Key Drivers

The global polysilicon market was valued at approximately USD 37.31 billion in 2023 and is projected to experience robust growth, with a compound annual growth rate (CAGR) of 16.0% from 2024 to 2030. This strong growth is primarily driven by the rapid expansion of the solar power industry, as well as the increasing demand for advanced electronics and semiconductor devices.

One of the primary factors fueling the growth of the polysilicon market is the surge in solar energy adoption. As the world transitions toward cleaner and more sustainable energy sources, solar power has emerged as a key solution. The growing shift towards renewable energy, spurred by global efforts to combat climate change, has resulted in a significant rise in the production of solar photovoltaic (PV) cells. Polysilicon is a critical raw material used in the manufacturing of these solar panels, as it forms the essential building block for solar cells. The ongoing demand for cleaner energy sources and the proliferation of solar installations are thus major drivers of the polysilicon market's expansion.

In addition to the solar energy sector, the electronics and semiconductor industries are contributing significantly to the growth of the polysilicon market. The rapid development of technologies such as 5G, the Internet of Things (IoT), and artificial intelligence (AI) has led to an increased need for high-quality polysilicon in the production of semiconductor wafers. These wafers are essential components in advanced electronic devices like smartphones, computers, and consumer electronics, all of which are witnessing rising demand in the global market. As these technologies continue to evolve, the need for sophisticated semiconductor products—and consequently, polysilicon—is expected to increase.

Regional Insights

Asia Pacific:

Asia Pacific dominated the global polysilicon market, accounting for over 63% of the total revenue share in 2023. The region has experienced substantial growth and transformation in recent years, making it a pivotal player in the global polysilicon market. Among the countries in this region, China stands out as a global leader, both in terms of production and consumption of polysilicon. The country has emerged as a powerhouse for polysilicon due to its significant role in the production of solar panels and semiconductors, two industries that heavily rely on this material.

China’s rapid industrialization and urbanization have driven a surge in demand for polysilicon, particularly in the manufacturing of solar photovoltaic (PV) cells. The country's commitment to renewable energy has been a key factor in this growth. China is not only one of the largest producers of solar panels globally but also one of the largest consumers of polysilicon, which is essential in the production of high-efficiency solar cells. The government’s strong support for solar energy adoption, through favorable policies, subsidies, and renewable energy targets, has led to an acceleration in solar installations, further boosting polysilicon demand.

In addition to the solar energy sector, China’s electronics and semiconductor industries have also played a major role in driving the demand for polysilicon. The expansion of 5G, IoT (Internet of Things), and AI (artificial intelligence) technologies has spurred significant growth in the production of semiconductor devices, which rely on high-quality polysilicon. As China continues to expand its footprint in the global technology and electronics sectors, the demand for polysilicon is expected to remain strong, driven by the need for advanced semiconductor wafers used in smartphones, computers, and other high-tech devices.

North America:

North America is also experiencing significant growth in the polysilicon market, driven by multiple factors, including the growing solar energy industry, favorable government policies, and the increasing importance of polysilicon in the electronics and semiconductor industries.

The U.S., in particular, has emerged as a key player in the global polysilicon market, largely due to its commitment to clean energy and the expansion of solar power installations. Government policies in the U.S., such as tax credits and subsidies for solar energy projects, have incentivized the widespread adoption of solar energy, leading to increased demand for polysilicon in solar photovoltaic (PV) module production. The growing emphasis on renewable energy, particularly in the context of achieving net-zero emissions and addressing climate change, is expected to continue to drive the adoption of solar energy technologies and polysilicon consumption in the U.S. market.

In addition to the solar industry, the U.S. semiconductor industry is a significant driver of polysilicon demand. With the rise of emerging technologies like 5G, AI, and IoT, the need for advanced semiconductors has grown exponentially. These semiconductors rely on high-purity polysilicon to produce semiconductor wafers, which are essential components in the manufacturing of smartphones, computers, automotive electronics, and other high-tech devices. As the demand for these devices continues to rise, the U.S. semiconductor industry’s reliance on polysilicon will remain a major factor in market growth.

Browse through Grand View Research's Category Plastics, Polymers & Resins Industry Research Reports.

The global cold form blister packaging market sizewas valued at USD 4.38 billion in 2024 and is projected to grow at a CAGR of 6.7% from 2025 to 2030.

The global green packaging market sizewas valued at USD 344.32 million in 2024 and is expected to grow at a CAGR of 6.6% from 2025 to 2030.

Key Companies & Market Share Insights

The polysilicon market is highly dynamic and characterized by expansion and strategic joint ventures among leading companies, which are aiming to solidify their positions in a competitive landscape. Established players, such as BASF SE, Wacker Chemie AG, and others, are increasingly focusing on product development and capacity expansion to cater to the rising demand from industries like solar energy and semiconductors.

One of the key trends observed in the market is the ongoing investment in capacity expansion and technological advancements to enhance the efficiency and quality of polysilicon production. For example, in June 2023, Wacker Chemie AG, a global leader in the chemical industry and a major polysilicon supplier, announced a major expansion project for its semiconductor-grade polysilicon purification capabilities. This expansion, scheduled to be completed by early 2025, involves the construction of a new production line at its Burghausen facility in Germany, which will increase the company’s capacity by over 50%.

 

Key Polysilicon Companies:

High-Purity Silicon America Corporation

OCI COMPANY Ltd.

Qatar Solar Technologies

REC Silicon ASA

Tongwei Group Co., Ltd

Tokuyama Corporation

Wacker Chemie AG

Xinte Energy Co., Ltd

DAQO NEW ENERGY CO., LTD.

GCL-TECH

Hemlock Semiconductor Operations LLC and Hemlock Semiconductor, L.L.C.

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[energyandpowertrends]

Floating Solar Panels Market: Role in Maximizing Water Surface Utilization for Power Generation

The Floating Solar Panels Market size was valued at USD 44.08 billion in 2023 and is expected to grow to USD 227.91 billion by 2031 and grow at a CAGR of 22.8% over the forecast period of 2024–2031.

Market Overview

Floating solar panels, also known as floatovoltaics, are a form of solar energy technology that utilizes floating platforms to support solar photovoltaic (PV) panels on bodies of water. This technology has gained attention due to its ability to maximize solar energy generation while conserving land space for agriculture or urban development. As demand for clean and renewable energy grows globally, floating solar panels offer a viable solution for increasing solar power generation, especially in water-scarce and land-scarce regions.

The market for floating solar panels is poised for rapid expansion, thanks to technological advancements, falling costs of solar panels, and supportive government policies aimed at promoting renewable energy adoption. Floating solar installations can also provide additional benefits, such as improving water quality by reducing algae growth and helping cool the panels, which increases their efficiency.

Key Market Segmentation

The Floating Solar Panels Market is segmented by capacity, type, panel type, and region.

By Capacity

Up to 500 kW: This category includes small-scale floating solar installations, primarily used in residential or small commercial applications. These systems are ideal for reservoirs, ponds, or small lakes, offering an affordable and compact solution to power localized areas.

500 kW to 1 MW: These mid-sized systems cater to community-level applications and are often installed in medium-sized water bodies, offering a balance of cost-effectiveness and scalability.

1 MW to 3 MW: Larger floating solar systems are designed for industrial, agricultural, or commercial facilities. These systems are increasingly deployed in large water reservoirs or artificial lakes, where there is sufficient space to accommodate the panels.

Greater than 3 MW: These are large-scale floating solar farms, which are typically used to generate substantial amounts of electricity for distribution to the grid or for large-scale industrial operations. These installations are being deployed in large bodies of water such as lakes, seas, and reservoirs, with high energy demands.

By Type

Stationary Floating Solar Panel: Stationary floating solar panels are fixed in place on the water body and do not track the sun. These systems are cost-effective, simpler to install, and suitable for applications where the sun’s position is relatively constant or less variable throughout the day. Stationary panels are the most common type used in floating solar installations.

Tracking Floating Solar Panel: These floating systems are equipped with tracking mechanisms that allow the panels to follow the sun’s movement across the sky. Tracking solar panels can improve energy efficiency by maximizing sunlight exposure throughout the day. Although they are more expensive to install and maintain, they offer higher energy output, making them ideal for large-scale applications.

By Panel Type

Mono-crystalline: Mono-crystalline panels are known for their high efficiency and longevity. They are made from a single continuous crystal structure, which allows them to generate more power from the same amount of sunlight. These panels are often used in floating solar installations where maximizing power output is a priority.

Poly-crystalline: Poly-crystalline panels are made from silicon crystals that are melted together. While slightly less efficient than mono-crystalline panels, they are more affordable, making them a popular choice for larger installations where cost savings are crucial.

Thin Film: Thin film panels are lightweight and flexible, making them ideal for floating applications where weight and durability are important considerations. While they typically have lower efficiency than mono and poly-crystalline panels, they are well-suited for large-scale applications where space is not as constrained.

By Region

Asia Pacific (APAC): The Asia Pacific region is expected to dominate the floating solar panels market, driven by countries like China, India, and Japan, which have large water bodies and increasing demand for renewable energy. Governments in this region are heavily investing in floating solar technologies to meet their renewable energy targets and mitigate the impact of climate change.

Europe: Europe is also witnessing significant growth in the floating solar panels market, particularly in countries like France, the UK, and Spain, which are deploying floating solar farms to complement their existing solar infrastructure. The European Union’s commitment to achieving carbon neutrality by 2050 is expected to further drive demand.

North America: The United States and Canada are emerging markets for floating solar technology, particularly for large-scale installations in lakes and reservoirs. The growing adoption of renewable energy policies and incentives is supporting the market’s growth in North America.

Middle East & Africa (MEA): The Middle East and Africa region is exploring floating solar panel installations in its vast desert regions and water-scarce areas. While the market in this region is still developing, the potential for growth is significant, especially with the push towards renewable energy and energy security.

Latin America: Countries in Latin America, such as Brazil and Chile, are beginning to invest in floating solar projects as part of their broader renewable energy strategies. With abundant water bodies and a growing emphasis on clean energy, the Latin American market is expected to see robust growth.

Market Drivers and Trends

Increasing Demand for Renewable Energy: The global shift towards renewable energy is one of the key factors driving the growth of the floating solar panels market. Floating solar technology offers a unique solution to address land scarcity issues while contributing to cleaner energy production.

Rising Land Scarcity: As urban areas expand and agricultural land becomes increasingly scarce, floating solar panels offer a viable alternative to traditional land-based solar installations, utilizing underused water bodies like reservoirs and lakes.

Government Policies and Incentives: Supportive government policies, including financial incentives, subsidies, and tax credits for renewable energy projects, are helping drive the adoption of floating solar panels. Additionally, regulatory frameworks for offshore and water-based installations are encouraging investment.

Technological Advancements: Innovations in solar panel efficiency, floating platform designs, and tracking mechanisms are improving the performance and cost-effectiveness of floating solar systems. These advancements are making floating solar panels a more attractive option for both small-scale and large-scale installations.

Environmental Benefits: Floating solar panels can help reduce evaporation from water bodies, improve water quality, and prevent algae growth, offering additional environmental benefits beyond clean energy production.

Conclusion

The Floating Solar Panels Market is poised for significant growth from 2024 to 2031, driven by technological advancements, increasing demand for renewable energy, and the need for innovative solutions to address land scarcity and environmental concerns. With substantial opportunities across various regions, floating solar technology is expected to play a key role in the future of global energy generation.

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[industryinsightsandanalysis]

Thin-Film Encapsulation Market: Current Analysis and Forecast (2024-2032)

According to the Univdatos Market Insights analysis, growing demand for flexible OLED displays and electronics, which require advanced protection from moisture and oxygen to ensure durability & performance would drive the global scenario of the Thin-Film Encapsulation market. As per their “Thin-Film Encapsulation Market” report, the global market was valued at USD 121.3 Million in 2023, growing at a CAGR of 15.7% during the forecast period from 2024 - 2032.   

The major factors that has been even fuelling the growth of the Thin-Film Encapsulation (TFE) market are the rising use of flexible OLED displays in portable devices including the smartphones, tablets, and wearable devices. Despite attempting to develop thinner, lighter and stronger components, thin film electroluminescence or TFE has been deemed important to guard against elements such as moisture and oxygen that could otherwise affect the efficiency and lifespan of these sensitive electronics. With major manufacturers including Samsung and Huawei now incorporating foldable phones to their portfolios and OLED technology gaining growing acceptance for premium TVs and smartwatches, the demand for accurate encapsulation solutions has been boosted even more. The constant advancements of wearables such as health and fitness trackers also prop the market forward, as such technologies need flexibility and resilience, both of which TFE provides. TFE is not limited to consumer electronics’ applications; the renewable energy market is a recent domain that applies TFE for thin-film photovoltaic solar cells, where its function is the protection of solar cells from degradation trough environmental impacts, thus enhancing PV performance. Also, the growth of OLED lighting and displays in automotive vehicles is increasing the application of TFE even more since manufacturers are in constant search of perfect and efficient solutions. Such trends along with the continuous advancement in technology and the increasing focus on flexible and foldable electronic devices shall keep the TFE market moving forward.

Thin-Film Encapsulation Overview in APAC

The Asia-Pacific is the largest and fastest growing market for Thin-Film Encapsulation due to the region’s high concentration and growth rate in the electronics and display industries. APAC is indeed the global leader in OLED including the major players of OLED displays and the market for organic electronics is boasting a steady growth. South Korea, Japan, Taiwan and China are some of the countries of significant importance in this environment.

Key Drivers in APAC:

Presence of Leading OLED Manufacturers: The major player in the OLED market is Samsung from South Korea and Sony and Panasonic from Japan. These companies have been going all out in the investment on the TFE technology in a bid to improve on the durability and flexibility of their display related technologies.

Technological Advancements: Additional differentiation in flexible and foldable displays along with the TFE material that is used to defend the organic layer is driving growth in the region. Being a popular hub for MOCVD, R&D for other related advanced deposition technologies such as PECVD and ALD has also emerged in the APAC region.

Rising Consumer Electronics Market: APAC is the global largest consumer electronics market attributed by the high demand of the Smartphone, wearable devices, tablets, and TVs. Thus, the increasing incorporation of OLED displays in the mentioned products puts TFE at the center of product durability.

Government Support and Investment: A lot of attention has been paid to the development of electronics and semiconductors industry as the Chinese and South Korean markets push for the advancement of encapsulation technologies.

Emerging Organic Electronics: APAC is witnessing increasing demand for organic electronics like OPVs and OTFTs where TFE has a key role in boosting its functionality and sturdiness.

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Thin-Film Encapsulation Market in China

Especially, China, which owns vast investments in OLED manufacturing as well as becoming more significant in the display and semiconductor industry, have a large impact on the Thin-Film Encapsulation market. China also has the objective to dominate the OLED display market in the coming future, and going by this prospect then the Country is well positioned in the TFE industry.

Key Market Insights for China:

Rapid Expansion of OLED Manufacturing: It has been observed that companies in China are increasing productions such as BOE Technology and TCL, which are some of the reasons behind the growing need for TFE technology. Among these players, BOE, has reported impressive progresses in both flexible and foldable OLED displays.

Government Incentives: China’s government continues to pour a lot of capital into display and semiconductor industries as strategies under Made in China 2025 program. This include providing for high tech product such as OLED display that have a direct knock on effect on the consumption of TFE.

Focus on Flexible Displays: Flexible and foldable OLED displays are also prominent a technology which is widely adopted by firms in China; in this process, TFE is crucial in creating a barrier against moisture and oxygen.

Cost-Effective Manufacturing: Furthermore, China has remained strong in the electronics supply chain hence its capability of manufacturing OLED and flexible electronics at cheaper prices makes it a global competitor. This is providing a competitive edge to the TFE market as more and more customers look for better encapsulation techniques.

Growing R&D and Innovation: Not only large Chinese companies are shifting their concern from mere manufacturing but are also expanding their spending on the research and development of the next-generation display solutions and organic electronics. While examining other applications of OLEDs and organic devices, TFE continues to be a key aspect to safeguard all these inventions.

China’s strategic focus on developing its global display and electronics markets will sustain TFE’s growth in the years to come as the country advances as the electronic and innovation hub.

Conclusion

Thin film encapsulation market is believed to grow rapidly in the Asia-Pacific region and particularly in China due to dominance in OLED display and organic electronics industries. Taking the and consideration that South Korea, Japan Taiwan and China are currently among the leaders in OLED and flexible display technologies the demand for TFE is expected to rise. China is also the one that is gradually becoming a world giant with the support of the state, large investments in OLED production, and flexible and foldable displays.

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Related Electronic & Semiconductor Research Industy Report:-

Chip On Board LED Market: Current Analysis and Forecast (2024-2032)

Foldable Display Market: Current Analysis and Forecast (2024-2032)

[shrutijadhav2139]

PV Solar Panel Market Research Insights: Competitive Intelligence and Emerging Trends

The PV solar panel market has been experiencing rapid growth over the past decade, driven by the increasing global demand for renewable energy and the transition toward sustainable power sources. As governments and businesses focus on reducing carbon footprints and enhancing energy efficiency, the solar photovoltaic (PV) panel market has become a critical player in the energy sector. This article explores the latest market insights, competitive intelligence, and emerging trends that are shaping the future of the PV solar panel industry.

Market Overview and Growth Drivers

The global PV solar panel market has seen substantial growth, with forecasts predicting it will continue expanding at a compound annual growth rate (CAGR) of over 20% through the next decade. Several factors are fueling this growth, including technological advancements, declining costs, and supportive government policies. The levelized cost of electricity (LCOE) from solar power has dropped significantly, making solar energy more affordable and accessible. As a result, the adoption of solar PV systems has increased across residential, commercial, and industrial sectors.

Moreover, nations are implementing policies that incentivize the use of renewable energy, such as subsidies, tax credits, and feed-in tariffs. The global push toward net-zero emissions by 2050 and the growing emphasis on energy independence further encourage investments in solar energy solutions. In particular, countries in Europe, North America, and Asia-Pacific are leading the charge in solar power adoption, with China, India, the U.S., and Germany as key market players.

Competitive Intelligence: Key Players and Market Share

The competitive landscape of the PV solar panel market is highly fragmented, with several major players vying for market share. Some of the top companies include:

First Solar, Inc. – A global leader in the production of thin-film solar panels, First Solar is known for its advanced cadmium telluride (CdTe) technology.

JinkoSolar Holding Co., Ltd. – A prominent player in the crystalline silicon market, JinkoSolar manufactures high-performance modules used in utility-scale solar projects.

Trina Solar Limited – Specializing in high-efficiency solar panels, Trina Solar offers both residential and commercial solutions.

LONGi Green Energy Technology Co., Ltd. – Renowned for its monocrystalline silicon technology, LONGi has emerged as one of the largest producers of solar modules.

Canadian Solar Inc. – A key player in the global market, Canadian Solar focuses on manufacturing both PV panels and energy storage solutions.

These companies are competing not only on pricing but also on product efficiency, innovation, and customer service. Strategic partnerships, mergers, acquisitions, and investments in R&D have become common practices for companies aiming to maintain a competitive edge.

Emerging Trends in the PV Solar Panel Market

Several key trends are expected to dominate the PV solar panel market in the coming years:

Bifacial Solar Panels – Bifacial modules, which can capture sunlight from both sides, are gaining traction due to their increased energy efficiency. These panels can generate up to 30% more energy compared to traditional single-faced panels, making them ideal for large-scale utility installations.

Energy Storage Integration – The combination of solar power generation with energy storage systems is becoming increasingly important to address the intermittent nature of solar energy. Solar-plus-storage solutions allow for electricity to be stored during peak sunlight hours and used when demand is higher, enhancing the reliability of solar energy.

Perovskite Solar Cells – While still in the experimental phase, perovskite solar cells are showing significant promise due to their high efficiency and low production costs. Researchers are working to scale up production and improve the stability of these cells, which could revolutionize the solar industry.

Solar Panel Recycling – As the global stock of solar panels grows, the need for sustainable recycling solutions is becoming more critical. Companies are developing technologies to recycle solar panels and recover valuable materials such as silicon, silver, and copper, reducing environmental impact.

Smart Solar Technology – The integration of Internet of Things (IoT) technology with solar panels is paving the way for "smart" solar systems. These systems enable real-time monitoring and management of energy production, consumption, and maintenance, improving efficiency and performance.

Conclusion

The PV solar panel market is poised for continued growth, driven by technological advancements, favorable policies, and an increasing global commitment to renewable energy. As new trends like bifacial solar panels, energy storage integration, and perovskite solar cells take shape, the competitive landscape will evolve, with industry leaders investing heavily in innovation. For companies looking to remain competitive, staying ahead of these trends and embracing cutting-edge technologies will be key to capturing market share in this dynamic and rapidly expanding industry.

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