Global Solar Electricity Market

Water Heaters Market Definition

The water heaters market consists of sales of water heaters. A water heater is a device used for heating water above its ambient temperature, used generally for domestic purposes. Uses of hot water include cooking, cleaning, bathing, and space heating. Water heaters are used to transform thermal energy from a fuel source to a stream or reservoir of water. Water heaters can be described by their fuel source, and they can be configured to operate in-line, to heat re-circulated streams of water, for direct immersion in an open tank or vessel, or to operate as a booster heater to increase the fluid stream temperature at or near its point of use.

The solar tracker refer to a system that positions solar panels at an angle relative to the sun to absorb more sunlight and generate more electricity. Active solar tracking systems utilize powered ymachinery such as gears and motors to move solar panels, whereas passive tracker attains motion by heating compressed liquid by the sun. The main axis type of solar tracker includes a single axis and dual axis. A single-axis solar tracking system moves a PV panel on an approximate trajectory relative to the Sun's position using a tilted PV panel mount and one electric motor. The axis of rotation can be horizontal, vertical, or oblique. The solar tracker is deployed on different technologies which include solar photovoltaic (PV), concentrated solar power (CSP), and concentrated photovoltaic (CPV). They are widely used in residential, commercial & industrial, and utility applications. The solar tracker market research report is one of a series of new reports from The Business Research Company that provides solar tracker market statistics, including solar tracker industry global market size, regional shares, competitors with a solar tracker market share, detailed solar tracker market segments, market trends and opportunities, and any further data you may need to thrive in the solar tracker industry. This solar tracker market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global solar tracker market size grew from $7.84 billion in 2022 to $9.26 billion in 2023 at a compound annual growth rate (CAGR) of 18.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The solar tracker market size is expected to grow to $16.91 billion in 2027 at a CAGR of 16.2%. An increase in the number of solar panel installations across the globe is expected to propel the growth of the solar tracker market. Increasing government shifts toward renewable energy projects and growing investment by residential customers towards environmentally friendly energy sources have contributed to strong growth in solar panel installations across the globe. The rapid growth in solar panel installations is expected to boost demand for solar trackers, as they are widely used to enhance energy output and efficiency in new installations. For instance, in September 2022, according to the U.S Energy Information Administration, a US-based federal statistical system responsible for energy information, from 21.8 million peak kW in 2020, U.S. shipments of solar photovoltaic (PV) modules (solar panels) increased to a record 28.8 million peak kilowatts (kW) in 2021. Additionally, installations of small-scale solar power climbed by 5.4 GW in 2021, up 23% from 2020. (4.4 GW. Thus, an increase in the number of solar panel installations is expected to boost demand for solar trackers during the forecast period. New product developments are the key trend gaining popularity in the solar tracker market. Major companies operating in the solar tracker market are focused on developing innovative products to meet industry-specific technical demands and strengthen their market position across the globe. For instance, in October 2021, Arctech, a company that provides tracking, racking, and BIPV solutions, launched a new device called system Skyline II, a 1P single-axis tracker equipped with a pentagonal torque tube design. Skyline II only triggers wind stows at 22m/s, which leads to up to 2% more energy yield per year resulting in a decrease in energy cost. In January 2022, Array, a USA-based manufacturer of solar trackers, acquired STI Norland for $652.16 million. With this acquisition, STI Norland will be part of the Array, and this deal is an essential first step in Array's expansion strategy, to increase its business presence across the globe. The merging of Array and STI Norland is predicted to have dominant positions in the solar market outside China and India. It also allows the company to continue relationships with key international customers and create access to a lower-cost, proven product. STI Norland is a Spanish-based manufacturer of solar trackers. Major players in the solar tracker market are NEXTracker Inc., Array Technologies Inc., PVHardware, Arctech Solar, Soltec Trackers, Nclave Renewable, Convert Italia, STI Norland, Soluciones Tecnicas Integrales Norland SL, Nextracker Inc (Flex Ltd), Scorpius Trackers, Gonvarri Steel Services, GameChange Solar, Solar Steel, and Abengoa Solar. North America was the largest region in the solar tracker market in 2022. The regions covered in the solar tracker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the solar tracker market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The solar tracker market consists of sales of Horizontal Single-Axis Solar Tracker (HSAT), Horizontal Tilted Single-Axis Solar Trackers (HTSAT, Vertical Single-Axis Solar Trackers (VSAT), and Vertical-Tilted Single-Axis Solar Trackers (VTSAT). 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. The global solar tracker market is segmented - 1) By Axis Type: Single Axis, Dual Axis 2) By Technology: Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV) 3) By Application: Residential, Commercial & Industrial, Utility

Solar district heating refers to systems, which consist of thermal collectors that capture solar heat to generate hot water. The thermal collector capture energy from the sun into thermal transfer fluid, which is transferred to the mechanical room. In the mechanical room, the heated water is circulated using pipes to transfer heat as the utility to customers, residents, and others. The different types of systems in solar district heating include small systems and large systems. The small solar heating district system refers to systems with less than 1000 m2 of solar collector area and less than 1000 m3 of seasonal thermal energy storage volume. Solar district heating systems are widely used in residential, commercial, and industrial applications. The solar district heating market research report is one of a series of new reports from The Business Research Company that provides solar district heating market statistics, including solar district heating industry global market size, regional shares, competitors with a solar district heating market share, detailed solar district heating market segments, market trends and opportunities, and any further data you may need to thrive in the solar district heating industry. This solar district heating market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global solar district heating market size grew from $2.85 billion in 2022 to $3.27 billion in 2023 at a compound annual growth rate (CAGR) of 14.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The solar district heating market size is expected to grow to $5.43 billion in 2027 at a CAGR of 13.5%. The growing adoption of sustainable energy is driving the growth of the solar district heating market. Governments, residents and industries across the globe are focusing on adopting sustainable energy to decrease the dependency on conventional energy consumption and increase the utilization of clean energy such as solar, wind, hydropower, and bioenergy. The growing adoption of sustainable energy is expected to boost the utilization of solar district heating systems, as they offer the most cost-effective heating solutions to commercial, residential, and industrial customers, over the existing heating solutions. According to the International Energy Agency (IEA) Renewable Energy Market Update 2021, Net renewable capacity additions in 2022 are estimated to increase from 269.9GW in 2021 to 279.6GW in 2022. Solar renewable energy expansion to increase from 145W in 2021 to 162GW in 2022. Thus, the growing adoption of sustainable energy is expected to boost the utilization of solar district heating during the forecast period. Strategic collaborations and partnerships are the key trends in the solar district heating market. The key players in the solar district heating market are entering into a strategic partnership with technology-based companies to develop technologically developed systems and expand their business operations across the globe. For instance, In May 2022 ENGIE Africa, a South African-based natural gas and energy company, inked a collaboration agreement with Gabon's Ministry of Energy. The project's purpose is to electrify off-grid families around the country by selling and delivering high-quality solar home system kits. In April 2020, Greenonetec, a Europe-based manufacturer of collector systems acquired Sunmark for an undisclosed amount. The acquisition is focused on integrating solar businesses in two firms and expanding their collector systems and solar district heating business across Europe and North America. Sunmark is a Europe-based company involved in the development and implementation of solar district heating projects. Major players in the solar district heating market are DESMI, Goteborg Energi, Keppel DHCS, Korea District Heating Corporation, LOGSTOR, Orsted, Shinryo, Statkraft, Arcon-Sunmark, Savosolar, Aalborg, NRG Energy, Alfa Laval, Bosch Thermotechnology Ltd., and Hansen Technologies. Western Europe was the largest region in the solar district heating market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar district heating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the solar district heating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The solar district heating market includes revenues earned by entities by providing services such as thermal energy storage, district heating system, and seasonal storage with the aid of solar thermal collectors and flat-plate collectors. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. 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. The global solar district heating market is segmented - 1) By System: Small System, Large System 2) By Application: Residential, Commercial, Industrial

A solar tracker for power generation refers to positioning a photovoltaic panel at an optimum angle towards the sun to capture maximum sunlight and enhance the electricity production capacity of a solar plant. These are being used to generate clean energy and minimize carbon emissions during the power production process. It is used to generate power by enhancing the efficiency of solar panels by capturing the maximum solar energy and maximizing the solar panel output. The solar tracker for the power generation market consists of sales of solar trackers by entities (organizations, sole traders, and partnerships) that are used to generate power by enhancing the efficiency of solar panels by capturing the maximum solar energy and maximising the solar panel output. A solar tracker for power generation refers to positioning a photovoltaic panel at an optimum angle towards the sun to capture maximum sunlight and enhance the electricity production capacity of a solar plant. These are being used to generate clean energy and minimize carbon emissions during the power production process. The main products of solar trackers for power generation are the single-axis and dual-axis. Single-axis trackers refer to a technology that adjusts the position of a solar panel along an axis to follow the sun’s changing position throughout the passing days and years. The technologies used are PV and CSP. The various applications involved are residential, commercial, industrial, and utility. The solar tracker for power generation market research report is one of a series of new reports from The Business Research Company that provides solar tracker for power generation market statistics, including a solar tracker for power generation industry global market size, regional shares, competitors with a solar tracker for power generation market share, detailed solar tracker for power generation market segments, market trends and opportunities, and any further data you may need to thrive in the solar tracker for power generation industry. This solar tracker for power generation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry. The global solar tracker for power generation market size grew from $6.07 billion in 2022 to $6.72 billion in 2023 at a compound annual growth rate (CAGR) of 10.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The solar tracker for power generation market size is expected to grow to $9.92 billion in 2027 at a CAGR of 10.2%. The rising power demand for renewable energy sources is expected to propel the growth of solar trackers for the power generation market going forward. Renewable energy is the energy that comes from sources that are continuously replenished naturally, such as the sun, rain, geothermal heat, and waves. Solar trackers use renewable energy sources for the generation of power. For instance, according to the International Energy Agency (IEA) investment report 2021, a France-based autonomous intergovernmental organization for energy, the global power sector investment was expected to rise by 5% to more than $820 billion in 2021 over 2020. Renewables dominated new power generation investment, accounting for 70% of the $530 billion spent on all new power generation capacity in 2021. Therefore, the rise in power demand from renewable sources is driving the solar tracker for the power generation market. The development of innovative products is the key trend gaining popularity in the solar tracker for the power generation market. Major companies operating in the solar tracker for power generation market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2021, Soltec, a Spain-based single-axis solar tracker manufacturer, launched the SFOne solar tracker. The new SFOne solar tracker is a highly adaptable solar tracker and can be used for any type of project across the globe. The stone now has a double row 1P configuration as well as Dy wind technology. In September 2020, Trina Solar, a China-based solar products and services provider, acquired NClave for an undisclosed amount. Trina Solar can strategically expand its business in the smart PV supplier segment by making NClave an independent subsidiary of Trina Solar. Nclave is a Spanish company and a leading manufacturer of solar trackers. NEXTracker Inc., Soltec Energas Renovables, Arctech Solar Holding Co, Array Technologies Inc., Exosun, Gonvarri Solar Steel, Powerway Renewable Energy Co. Ltd., Meca Solar, SunPower Corporation, Haosolar Co. Ltd., Scorpius Trackers Private Limited, AllEarth Renewables, DEGER Energies GmbH & Co. KG, Convert Italia SpA, and GameChange Solar are major players in the North America was the largest region in the solar tracker for power generation market in 2022. The regions covered in this solar tracker for power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the solar tracker for power generation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The solar tracker for the power generation market consists of sales of Horizontal Single-Axis Solar Tracker (HSAT), Horizontal Tilted Single-Axis Solar Tracker (HTSAT), Vertical Single-Axis Solar Tracker (VSAT), Vertical-Tilted Single-Axis Solar Tracker (VTSAT) , polar-axis tracking and altitude–azimuth tracking . 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. The global solar tracker for power generation market is segmented - 1) By Product: Single Axis, Dual Axis 2) By Technology: PV, CSP 3) By Application: Residential Solar Tracker, Commercial and Industrial, Utility

Residential solar energy storage refers to solar energy systems that are available in multiple shapes and sizes and are used across residential areas. It is used for converting sunlight into electrical energy, which can generate electricity or be stored in batteries or thermal storage used in home settings. The residential solar energy storage market consists of the sale of residential solar energy storage products by entities (organizations, sole traders, and partnerships) that are used for converting sunlight into electrical energy, which can generate electricity or be stored in batteries or thermal storage used in home settings. Residential solar energy storage refers to solar energy systems that are available in multiple shapes and sizes and are used across residential areas. The main types of residential solar energy storage are standalone systems and solar plus storage. A standalone system refers to any application or software that does not need to be bundled with other software or applications, nor does it require anything else to function. The power ratings are 3-6 kW and 6-10 kW. The technologies involved are lead-acid and lithium-ion. The connectivity is on-grid and off-grid. The ownership is a customer, utility, and third-party. The residential solar energy storage market research report is one of a series of new reports from The Business Research Company that provides residential solar energy storage market statistics, including residential solar energy storage industry global market size, regional shares, competitors with a residential solar energy storage market share, detailed residential solar energy storage market segments, market trends and opportunities, and any further data you may need to thrive in the residential solar energy storage industry. This residential solar energy storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global residential solar energy storage market size grew from $6.15 billion in 2022 to $7.5 billion in 2023 at a compound annual growth rate (CAGR) of 22.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The residential solar energy storage market size is expected to grow to $16.04 billion in 2027 at a CAGR of 20.9%. Increasing demand for sustainable electricity generation is expected to propel the residential solar energy storage market going forward. Sustainable electricity refers to energy that is clean and renewable energy sources that can renew themselves and is inexhaustible in nature. The increasing demand for sustainable electricity generation will compel the residential solar energy storage market to come up with products to serve their customers in a better way. For instance, in 2020, according to the global energy review by the International Energy Agency, a Paris-based intergovernmental organisation, renewable energy use increased by 3%. Furthermore, in 2020, according to the Center for Climate and Energy Solutions, a US environmental non-profit organisation, renewable energy was the fastest-growing energy source in the United States with an increase of 42%. Therefore, the increasing demand for sustainable electricity generation is driving the growth of the residential solar energy storage market. Advanced technologies are a key trend gaining popularity in the residential solar energy storage market. Major companies operating in the residential solar energy storage market are focused on developing new technological solutions to strengthen their position. For instance, in January 2022, Sungrow, a Chinese solar inverter and energy storage company that serves commercial, residential, and utility customers, launched their new 1+X modular inverter. This new inverter is the most innovative central inverter solution that uses cutting-edge technologies focused on three-level modularization. This three-level modularization makes the inverter more flexible and convenient to use. This new technology has been showcased by Sungrow for residential, commercial, industrial, and utility solar applications. In October 2020, Sunrun, a US-based company that provides residential solar panels and home batteries, acquired Vivint Solar for an undisclosed amount. This acquisition provides Sunrun with global solar assets of more than three gigawatts of solar energy and more than 500,000 new customers across the globe. Sunrun believes that with Vivint Solar they will be able to provide affordable, reliable, and clean electricity to millions of homeowners. Vivint Solar is a US-based residential solar energy company that designs, installs, and maintains photovoltaic systems. Samsung SDI Co. Ltd., Tesla Inc., LG Chem Ltd., ABB, General Electric Company, Panasonic Holdings Corporation, AEG Power Solutions, eSolar Inc., Abengoa SA, Alpha Technologies, Acciona S.A., SunPower Corporation, NRG Energy Inc., Boston Power Inc., and EnerSys Corporation are major players in the residential solar energy storage market. Asia-Pacific was the largest region in the residential solar energy storage market in 2022. The regions covered in this residential solar energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the residential solar energy storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The residential solar energy storage market consists of sales of hybrid residential solar energy storage systems, AC-coupled residential solar energy storage systems, and off-grid residential solar energy storage systems . 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. The global residential solar energy storage market is segmented - 1) By Operation: Standalone Systems, Solar and Storage 2) By Power Rating: 3–6 kW, 6–10 kW 3) By Technology: Lead Acid, Lithium-Ion 4) By Connectivity: On-Grid, Off-Grid 5) By Ownership: Customer, Utility, Third-Party

Concentrating solar power employs mirrors to focus the sun's energy, which is then used to power traditional steam turbines or engines to generate electricity. Thermal energy concentrated in a CSP plant collects solar radiation using reflecting or transmissive optical elements that focus the radiation to a focal point where it is directly transformed into thermal or electrical energy and is used to deliver heat for industries. The main types of concentrating solar power are the parabolic trough, solar power tower, Fresnel reflectors, and dish Stirling. Solar concentrating systems using parabolic collectors composed of reflecting materials are known as parabolic-trough solar concentrating systems. The collectors reflect incident solar radiation onto its focal line, which is directed toward a receiver, which receives the concentrated solar energy and uses it to heat the fluid inside it. The various capacities of concentrating solar power are less than or equal to 50 MW, greater than 50 MW less than or equal to 100 MW, and greater than 100 MW and the different heat transfer fluids used are molten salt, water-based, oil-based, and other heat transfer fluids. The energy can be stored with storage, without storage techniques, and is used for utility, EOR (Enhanced Oil Recovery), desalination, and other applications. The concentrating solar power market research report is one of a series of new reports from The Business Research Company that provides concentrating solar power market statistics, including concentrating solar power industry global market size, regional shares, competitors with a concentrating solar power market share, detailed concentrating solar power market segments, market trends and opportunities, and any further data you may need to thrive in the concentrating solar power industry. This concentrating 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 global concentrating solar power market size grew from $5.61 billion in 2022 to $6.78 billion in 2023 at a compound annual growth rate (CAGR) of 20.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The concentrating solar power market size is expected to grow to $13.18 billion in 2027 at a CAGR of 18.1%. Growing demand for renewable energy is driving the growth of the concentrating solar power market. Renewable energy is collected from renewable resources such as wind, rain, sunlight, tides, waves, and geothermal heat that reduces the effects of global warming and rising issues related to fossil fuels. The rising demand for electricity coupled with the stringent regulations of greenhouse gas emissions supports the demand and adaption of renewable energy. Concentrating solar power technologies employ mirrors to concentrate (focus) the sun's light energy and convert it to heat, which drives a turbine that generates electricity. For instance, according to IEA, a Paris-based autonomous intergovernmental organization, by 2026, global renewable electricity capacity is forecasted to rise more than 60% from 2020 levels to over 4,800 GW equivalent to the present total international power capacity of fossil fuels and nuclear combined. Technological advancement is a key trend in the concentrated solar power market. Companies are investing in developing new technologies to increase energy generation capacity. For instance, in November 2021, SENER Renewable Investments, a subsidiary of the SENER Group that promotes and develops high-tech renewable energy projects, developed the first hybrid solar project in Spain, combining CSP technology with molten salt storage and photovoltaic technology. The SENERtrough® parabolic trough technology, invented and manufactured by SENER, will be used in the CSP facility, together with a molten salt heat storage system with two tanks, providing more than 1900 MWh thermal storage capacity and will be able to generate electricity 24 hours a day. In March 2021, Cubico Sustainable Investments, a UK-based renewable energy provider acquired Grupo T-Solar for an undisclosed amount. With this acquisition, Cubico’s total operational renewables portfolio increased to more than 500MW in Spain and over 250MW in Italy. Grupo T-Solar is a Spain-based renewable power producer. Major players in the concentrating solar power market are Abengoa S.A., BrightSource Energy Inc., ACWA Power, Aalborg CSP A/S, SolarReserve, Atlantica Sustainable Infrastructure plc, GE Renewable Energy, TSK Flagsol Engineering GmbH, Enel Green Power Corporation, Acciona S.A., Frenell GmbH, Suntrace GmbH, Torresol Energy, Trivelli Energia SRL, Grün Leben GmbH, and Soltigua S.r.l. North America was the largest region in the concentrating solar power market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in concentrating solar power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the concentrating solar power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The concentrating solar power market includes revenues earned by entities by providing linear concentrators, dish or engine, and power tower systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. 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. The global concentrating solar power market is segmented - 1) By Technology: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling 2) By Capacity: Less Than or Equal To 50 MW, Greater Than 50 MW To Less Than or Equal To 100 MW, Greater Than 100 MW 3) By Heat Transfer Fluid: Molten Salt, Water-Based, Oil-Based, Other Heat Transfer Fluids 4) By Storage: With Storage, Without Storage 5) By Application: Utility, EOR, Desalination, Other Applications

Solar energy refers to the generation of renewable energy from sunlight and conversion into electricity, either directly using photovoltaics, indirectly using concentrated solar power, or a combination of both. Photovoltaics (PV) are used to collect solar energy and convert it to usable energy in the form of electricity. The main types in the solar energy market are solar cell panels, solar cell paste, and solar silicon wafers. Solar cells are panels used to convert sunlight into electricity. Solar cell panels can be used to generate electricity to be used in residential or commercial sectors. The technology used in solar energy is photovoltaic systems and concentrated solar power systems and the types of panels are mono-crystalline thin film, and poly-crystalline. Solar energy is applied in residential and commercial and end-user are electricity generation, lighting, heating, and charging. The solar energy market research report is one of a series of new reports from The Business Research Company that provides solar energy market statistics, including solar energy industry global market size, regional shares, competitors with a solar energy market share, detailed solar energy market segments, market trends and opportunities, and any further data you may need to thrive in the solar energy industry. This solar energy 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 global solar energy market size grew from $101.87 billion in 2022 to $126.82 billion in 2023 at a compound annual growth rate (CAGR) of 24.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The solar energy market size is expected to grow to $354.99 billion in 2027 at a CAGR of 29.3%. The increasing government initiatives to support renewable energy sources are expected to propel the growth of the solar energy market. Government initiatives include subsidies and relaxed laws for the implementation and use of solar energy. These initiatives have led to the installation of various solar projects all across the world for the production of renewable energy that is affordable to consumers. As government initiatives increase globally, there will be a significant rise in the adoption of solar energy across the world. For instance, according to the Union budget 2022-2023, India will allocate INR 4,500 crores ($0.58 billion) for the development of high-efficiency modules for solar photovoltaic cells under the PLI (Production-Linked Incentive) scheme. In addition, in 2020, Romania's Ministry of Environment allocated over USD 63.7 million for the Casa Verde Fotovoltaice (green PV home) scheme to support residential solar installations under its net metering regime. Therefore, increasing government initiatives to support renewable energy sources are expected to drive the growth of the solar energy market. The development of bifacial solar cells for increased output is a key trend gaining popularity in the solar energy market. Major companies and research and development centers operating in the solar energy sector are focused on developing bifacial solar cells to meet market demand for maximum output. Bifacial solar cells absorb light from both the front and back sides of their surfaces, catching albedo light that will otherwise be wasted. Therefore, companies and research and development centers are focused on developing bifacial solar cells to maximize the output of solar energy. For instance, in August 2021, researchers from Australian National University, a public research university located in Canberra developed a new bifacial solar cell with a 96.3% bifacial factor. It is a dual-sided silicon solar cell with a front-conversion efficiency of 24.3% and a back-conversion efficiency of 23.4%, resulting in a bifacial factor of 96.3%. According to the researchers, the performance indicates an effective power output of around 29%. The bifacial solar cell will outperform the single-sided silicon solar cells and offer efficiency for solar PV projects. In March 2022, Sonnedix Power Holdings Limited, a UK-based global company specializing in the power production of solar energy acquired Sun Power Energy for an undisclosed amount. This acquisition helps Sonnedix to increase its workforce, gain a 1GW development pipeline throughout Poland, and expand its product reach to Europe. Sun Power Energy is a Poland-based company that develops solar photovoltaic modules. Major players in the solar energy market are Kaneka Corp, Acciona Energia SA, Abengoa Solar SA, Bright Source Energy Inc., Tata Power Solar, Wuxi Suntech Power Co Ltd., Sunpower Corporation, Canadian Solar Inc., Esolar Inc., Gintech Energy Corp, Trina Solar Ltd., Solar Systems LLC, United Renewable Energy Co Ltd., LONGi Green Energy Technology Co Ltd., JinkoSolar Holdings Co Ltd., Borrego Solar Systems Inc., Areva, Indosolar, Euro multivision, Bharat Heavy Electricals, Central Electronics Limited, First Solar and Yingli Solar. Asia-Pacific was the largest region in the solar energy market in 2022. The regions covered in the solar energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the solar energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The solar energy market includes revenues earned by entities by providing services such as stand-alone power systems (SAPS), grid-feed solar systems, and grid-connected solar systems with battery storage. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. 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. The global solar energy market is segmented - 1) By Type: Solar Cell Panel, Solar Cell Paste, Solar Silicon Wafer 2) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems 3) By Panel: Mono-Crystalline, Thin Film, Poly-Crystalline 4) By Application: Residential, Commercial 5) By End Use: Electricity Generation, Lighting, Heating, Charging

Solar encapsulation refers to a process that is used to protect solar panels and equipment against degradation. Encapsulation is an important part of the solar cell manufacturing process to protect solar panels and equipment against degradation due to various external and environmental factors. The solar encapsulation aids to increase the life of solar cells, reduce stability issues, and provide protection against ultraviolet (UV) radiation and corrosion, temperature changes, and low mechanical stress. The main types of materials used for solar encapsulation are non-ethylene vinyl acetate, UV curable resin, and other materials. The ethylene-vinyl acetate is a material that has good radiation transmission and low degradability to sunlight and is used in solar modules as an encapsulating agent. The solar module in solar encapsulation are polycrystalline silicon cells, cadmium telluride, amorphous silicon cells, and other solar modules and are used for applications in automotive, electronics, and other applications. The solar encapsulation market research report is one of a series of new reports from The Business Research Company that provides solar encapsulation market statistics, including solar encapsulation industry global market size, regional shares, competitors with an solar encapsulation market share, detailed solar encapsulation market segments, market trends and opportunities, and any further data you may need to thrive in the solar encapsulation industry. This solar encapsulation 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 global solar encapsulation market size grew from $2.68 billion in 2022 to $3.34 billion in 2023 at a compound annual growth rate (CAGR) of 24.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The solar encapsulation market size is expected to grow to $8.04 billion in 2027 at a CAGR of 24.6%. The rising demand for rooftop photovoltaics (PV) installations in developing economies is driving the growth of the solar encapsulation market. A PV system is an electric power system designed to supply usable solar power through photovoltaics (PV) and consists of an arrangement of components including solar panels to absorb and convert sunlight into electricity. Due to the growing environmental concerns and depleting conventional energy sources, there has been a substantial shift toward renewable energy sources such as solar energy and the installation of PV systems including rooftop PV installations. The demand for solar encapsulation increases in response to the rising rooftop PV installations in developing economies as solar encapsulation is a mandatory process to ensure that PVs are reliable and to enable longer life. For instance, according to a 2021 report by Indian leading research and consulting firm Mercom India Research, India, a developing economy installed 1.7GW of rooftop solar in 2021, showing an increase of 210% year on year whereas the residential segment accounted for 35% and commercial segment accounted for 33% of all installed rooftop solar capacity. Furthermore, the Environment and Trade Ministries of Japan aims to have 108 gigawatts of solar capacity online by 2030 which is 1.7 times higher than the nation’s previous target. It indicates that every building, parking lot, and farm in Japan will be fitted with rooftop panels. Thus, the rising demand for solar PV installations will raise the demand for solar encapsulations and hence drives the solar encapsulation market. Technology advancement is a key trend gaining popularity in the solar encapsulation market. Major players in the market are focusing on launching and implementing advanced encapsulation technology for solar modules. The advanced encapsulation technologies replace the gaps between solar cells and improve the efficiency of PV modules while incorporating modular designs. By the use of advanced encapsulation technologies, companies can increase their business and gain a competitive edge in the market. For instance, in May 2022, JA Solar Holdings, a China-based solar development company, launched DeepBlue 4.0 X, a new n-type PV module that uses specially designed encapsulation materials and patented GFI (Gapless Flexible Interconnection) high-density module encapsulation technology to deal with mechanical stress at cell interconnections and lower the danger of microcracking. In October 2020, Mitsubishi Chemical Corporation, a Japanese company that supports the foundations of all types of industries with a wide range of products ranging from materials to functional products acquired Gelest Inc., for an undisclosed amount. With this acquisition, Mitsubishi Chemical will use each organization's technology and competencies to improve the value offered to customers and the company's performance. Gelest Inc., is a US-based company that offers a variety of precursors for the various types of solar cells as well as for anti-reflection and surface modification coatings. Major players in the solar encapsulation market are 3M Company, Akcome, STR Holding Inc., Dow Inc., Dupont De Nemours Inc., First Solar Inc., Mitsubishi Plastics Inc., Hiuv, Changzhou Bbetterfilm, DNP solar, Hangzhou First PV Material Co Ltd., SKC and Lucent. Asia-Pacific was the largest region in the solar encapsulation market in 2022. The regions covered in the solar encapsulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the solar encapsulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The solar encapsulation market includes revenues earned by entities by protecting PV cells against weather, corrosive environment, UV radiation, and low energy impacts. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. 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. The global solar encapsulation market is segmented - 1) By Material: Non-Ethylene Vinyl Acetate, UV Curable Resin, Other Materials 2) By Solar Module: Polycrystalline Silicon Cells, Cadmium Telluride, Amorphous Silicon Cells, Other Solar Modules 3) By Application: Automotive, Electronics, Other Applications