Solar Tracker For Power Generation Global Market Report 2023 – By Product (Single Axis, Dual Axis), By Technology (PV, CSP ), By Application (Residential Solar Tracker, Commercial and Industrial, Utility) – Market Size, Trends, And Global Forecast 2023-2032

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 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 The global solar energy market size will grow 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 market size of global solar energy 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. 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. 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. Asia-Pacific was the largest region in the solar energy market in 2022. The regions covered in the solar energy market analysis 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 solar energy 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 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.

Solar electricity refers to renewable energy obtained from sunlight by using the sun's energy either directly as thermal energy or through the use of photovoltaic cells in solar panels and transparent photovoltaic glass to generate electricity. The electricity produced is then supplied to electric power transmission systems, which are used to move large quantities of power from generating facilities to substations and to distribution systems, which are used for short distances to transport electricity to customers locally. The main types of technologies in solar electricity are photovoltaic systems and concentrated solar power systems. A photovoltaic (PV) system is made up of one or more solar panels, an inverter, and other electrical and mechanical components that use the sun’s radiation to generate power. The different solar modules include monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others, and are used in various sectors such as residential, commercial, and industrial. The global solar electricity market is segmented - 1) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems 2) By Solar Module: Monocrystalline, Polycrystalline , Cadmium Telluride, Amorphous Silicon Cells, Other Solar Modules 3) By End-User: Residential, Commercial, Industrial The global solar electricity market size will grow from $87.07 billion in 2022 to $106.62 billion in 2023 at a compound annual growth rate (CAGR) of 22.5%. 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 market size of the global solar electricity is expected to grow to $228.59 billion in 2027 at a CAGR of 21.0%. Rising investments from government organizations have contributed to the growth of the solar electricity market. The market has benefited from increased government spending on advanced solar panel research and development. For instance, according to the World Economic Forum (WEF) 2020, global investment in renewable energy reached $282.2 billion last year. Rising investments from government organizations in research and development of electricity generation through solar energy drove the solar electricity market. Major players in the solar electricity market are Enel SpA, Exelon Corp., Dominion Energy, Inc., Engie S.A, Canadian Solar Inc., Sharp Corporation, STATE POWER INVESTMENT CORP. Ltd., Wuxi Suntech Power Co. Ltd., Tata Power Solar, First Solar Inc., Trina Solar Limited, Yingli Solar, ReneSola, Motech Industries Inc., Abengoa Solar S.A., Acciona Energia S.A., Bright Source Energy Inc., Esolar Inc., Gintech Energy Corp., Kaneka Corp., Sunpower Corporation, Verengo Inc., RGS Energy, JA Solar, GT Advantage Technologies, Hanwha Q Cells, SolarCity Corporation, JinkoSolar Holding Co. Ltd., Suntech Power Holdings Co. Ltd., and BHEL. The decline in economic growth is expected to limit the growth of the solar electricity market. A decrease in investments due to the economic slowdown led to a decrease in solar power installations. This is adversely affecting the market growth in several parts of the world. For instance, the economic crisis in Europe has prompted previously supportive European governments to decrease solar energy subsidies. Another such instance was, investment in renewable energy for end use, comprising geothermal energy, bioenergy, and solar thermal applications (for the district, space, and water heating) reached USD 23 billion in 2020, a 10% decrease from 2019 and utility-scale solar PV installation costs were decreased by 10%, on a global average basis, according to World Energy Investment 2021. The economic slowdown decreases investments, thereby impacting the solar electricity market negatively. Artificial intelligence is being used increasingly to meet the rising demands of the solar power market. Artificial intelligence is the machinery simulating the processes of human intelligence, particularly computer systems. Expert systems, natural language processing (NLP), speech recognition, and machine vision are common AI applications. The use of machine learning through microgrid controllers and artificial intelligence (AI) is the latest solar energy technology solution that helps to adapt to growing business needs. These technologies continue to evolve to meet the rising needs of the solar industry and the businesses that use them as an energy-efficient source. Additionally, new software developments are helping to shape the future of companies that are applying artificial intelligence and machine learning to solar energy technology. For instance, in 2022, a project in cooperation with Mekorot, Israel’s national water company, the Israel Innovation Authority tells NoCamels was announced for testing a floating artificial intelligence (AI) powered solar panel that generates electricity by tracking the sun. This solar photovoltaic (PV) system was developed by Israeli startup Xfloat. In July 2021, Mahindra & Mahindra (M&M), an India-based automotive manufacturer, acquired a 31% share in ReNew Sunlight Energy (RSEPL) for $1.6 billion. By acquiring RSEPL shares, M&M will be able to become an exclusive user and use RSEPL's solar energy. As a result, RSEPL has signed an electrical supply deal with the company. ReNew Sunlight Energy (RSEPL) is an India-based solar electricity company. Asia-Pacific was the largest region in the solar electricity market in 2022. Western Europe was the second largest region in the global solar electricity market analysis. The regions covered in the global solar electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the solar electricity market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia. The solar electricity market consists of sales of passive solar gain, solar thermal, concentrated solar power, and solar photovoltaics. 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 solar electricity market research report is one of a series of new reports from The Business Research Company that provides solar electricity market statistics, including solar electricity industry global market size, regional shares, competitors with a solar electricity market share, detailed solar electricity market segments, market trends and opportunities, and any further data you may need to thrive in the solar electricity industry. This solar electricity 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.

A solar inverter is defined as a device that turns the energy produced by solar panels into usable electricity that can be used in a house or office. A solar inverter which is a significant part of the solar power system converts the variable direct current, or 'DC' power from your solar panels into alternating 120V/240V current, or 'AC' power. The main types of solar inverters include central inverters, micro-inverters, and string inverters. Central solar inverters are used for systems that require hundreds of kilowatts (or even megawatts) of volume. They are not intended for domestic usage and resemble big metal cabinets, with each 'cabinet' capable of handling approximately 500kW of power. They are typically employed in commercial applications for large-scale installations or utility-scale solar farms. By system, types of solar inverter systems include on-grid and off-grid. The main end-uses of solar inverters include residential, commercial, and utilities. The global solar inverter market is segmented – 1) By Type: Central Inverter, Micro Inverter, String Inverter 2) By System-Type: On-Grid, Off-Grid 3) By End-Use: Residential, Comercial, Utilities The global solar inverter market size grew from $13.9 billion in 2022 to $16.09 billion in 2023 at a compound annual growth rate (CAGR) of 15.8%. 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 market size of solar inverter is expected to grow to $32.07 billion in 2027 at a CAGR of 18.8%. Rapid development in the renewable energy sector is significantly driving the growth of the solar inverter market. Solar power's rapid growth in recent years has given new life to global efforts to reduce greenhouse gas emissions and mitigate the worst effects of climate change. Solar inverters are the engines of renewable energy growth. For instance, according to the International Energy Agency (an intergovernmental organization), global renewable electricity capacity is expected to increase by more than 60% from 2020 levels to over 4,800 gigawatts (GW) by 2026, equalling the total global power capacity of fossil fuels and nuclear power combined. Additionally, solar PV continues to be the engine of renewable energy growth, with capacity additions expected to rise by 17% in 2021 to a new high of nearly 160 GW. Therefore, the rapid development in the renewable energy sector is projected to boost the growth of the solar inverter market. Major players in the solar inverter market are ABB, Sma Solar Technology AG, Canadian Solar, Solaredge Technologies Inc., Delta Electronics Inc., Solectria Renewables LLC, Omron Corporation, Hitachi Hi-rel Power Electronics Private Limited, Power Electronics S.L, Schneider Electric, Sunpower, Fimer S.p.A, Fronius International GmbH, Tabuchi Electric Co. Ltd., General Electric Company, and Enphase Energy Inc. are major players in the solar inverter market. Technological advancement is a key trend gaining popularity in the solar inverter market. The key players in the solar inverter market are focusing on developing new technological solutions to strengthen their position in the market. For instance, in March 2021, Fronius, an Austrian solar inverter manufacturer, launched the Primo GEN24 Plus hybrid inverter for residential use. The single-phase, 230 V device comes in six power classes ranging from 3 to 6 kilowatts (kW) and a DC input voltage range of 65 to 600 V. This inverter has a feature called PV Point, which acts as a backup power socket, providing backup power without the use of a battery. This can be used to power essential household items such as laptops, smartphones, and small freezers. In March 2020, FIMER SpA, an Italy-based company, acquired ABB’s solar inverter business. FIMER expects to expand its global reach as a result of this acquisition, from Latin America, where it already has a presence, to key strategic geographic regions such as Asia, Europe, the Middle East, Africa, Asia-Pacific, in particular Japan, and North America. ABB is a Switzerland-based technology company that manufactures pollution control equipment, solar inverters, switch gears, and high current rectifiers. Asia-Pacific was the largest region in the solar inverter market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar inverter market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the Solar Inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The solar inverter market consists of sales of microinverters, string inverters, central inverters, and other solar inverters. 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 solar inverter market research report is one of a series of new reports from The Business Research Company that provides solar inverter market statistics, including solar inverter industry, global solar inverter market size, regional shares, competitors with a solar inverter market share, detailed solar inverter market segments, market trends and opportunities, and any further data you may need to thrive in the solar inverter industry. This solar inverter 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 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 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 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 market size of solar tracker 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. 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. 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. North America was the largest region in the solar tracker market in 2022. The regions covered in the solar tracker market analysis 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 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.

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 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 The global solar encapsulation market size will grow 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 market size of the global solar encapsulation 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. 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. 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. Asia-Pacific was the largest region in the solar encapsulation market in 2022. The regions covered in the solar encapsulation market analysis 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 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 solar water pump systems refer to water pumps that run on electricity that is provided by one or several photovoltaic (PV) panels. Solar energy is converted into electricity by the photovoltaic array, which is used to run the motor pump set to draw water from an open well, a bore well, a stream, a pond, or a canal. Solar water pump systems are used for the water supply for irrigating crops, watering livestock, or providing potable drinking water. The main types of solar water pump systems include surface pumps, submersible pumps, and other pump types. Solar surface pump systems refer to pumps designed to pump water from the surface of water bodies like ponds, tanks, shallow wells, and springs. The power ratings of solar water pump systems include below 3 HP, 3 HP to 10 HP, and above 10 HP, and the different drive types of these systems include AC motor-powered solar water pumps and DC motor-powered solar water pumps. These water pumps are used by agriculture, residential, commercial, and industrial end-users. The global solar water pump systems market is segmented – 1) By Type: Surface Pump, Submersible Pump, Other Pump Types 2) By Power Rating: Below 3HP , 3HP to 10 HP , Above 10 HP 3) By Drive Type: AC Motor Powered Solar Water Pumps, DC Motor Powered Solar Water Pumps 4) By End-User: Agriculture, Residential, Commercial, Industrial The global solar water pump systems market size grew from $1.36 billion in 2022 to $1.52 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. 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, causing inflation across goods and services and affecting many markets across the globe. The market size of solar water pump systems is expected to grow to $2.34 billion in 2027 at a CAGR of 11.5%. The favorable government incentives for installing solar water pumps are driving the growth of the solar water pump systems market. Governments across the globe are promoting initiatives to focus on solar water pumps due to the rise in the price of diesel and the instability of electricity. The incentives or subsidies by governments to purchase solar-powered water pumps are focused on reducing dependence on other forms of electricity and also reducing operational costs over the long run. For instance, Innovators are invited to demonstrate their inventions as part of an expression of interest (EoI) published by the Ministry of New and Renewable Energy (MNRE). MNRE has invited bids for the installation of 50 inventive solar pumps through the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyaan (PM-KUSUM) program. MNRE will assist in the installation of 20 lakh standalone solar pumps rated at 7.5 HP by 2025-2026. Products must be cutting-edge and tested in a real-world setting in order to be approved in 2019, the Government of India launched the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan) scheme, an initiative to assist the installation of off-grid solar pumps on village land (rural areas), reducing their reliance on the grid. Under this scheme, 60% of the total installation cost is subsidized by the government. Therefore, the favorable government incentives for installing solar water pumps are propelling the growth of the solar water pump systems market. Major players in the solar water pump systems market are Bright Solar Limited, C.R.I. Pumps Private Limited, Lorentz, Shakti Pumps (India) Ltd., Tata Power Company Limited, Wenling Jintai Pump Factory Limited, Grundfos, Symtech Solar, Photon Solar, Urja Global Limited, Kavita Solar Energy Private Limited, Lubi Electronics, Samking Pump Company, Greenmax Technology, Aqua Group, and Vincent Solar Energy Company. Technological advancement is a key trend gaining popularity in the solar water pump systems market. The companies operating in the solar water pump systems market are developing innovative technologies to increase the operational efficiency of solar panels and water pump systems. For instance, in April 2022, Shakthi Pumps Limited, an India-based developer of water pumps and motors, received a patent for a unidirectional solar water pump with a grid-tied power generation system. The new technology ensures efficient performance by utilizing panels and generating extra power to feed the grid. In August 2020, Tata Power Company Limited, an Indian electric utility company announced its plan to merge its three wholly-owned subsidiaries including Coastal Gujarat Power Ltd (CGPL), Tata Power Solar Systems (TPSSL), and Af-Taab Investment Company (Af-Taab). This is part of its strategic initiative to simplify the group holding structure and set the company for future growth. The merger will also help the subsidiary companies in getting corporate support and efficient use of cash. Coastal Gujarat Power Ltd (CGPL) is an Indian company that runs a 4150-megawatt supercritical coal-fired power plant located near the port city of Mundra in India's Gujarat state. Tata Power Solar Systems (TPSSL) is an Indian company that specializes in solar energy services and also offers solar modules, solar cells, and other solar products such as solar water pumps. Af-Taab Investment Company (Af-Taab) is an Indian financial services firm. Asia-Pacific was the largest region in the solar water pump systems market in 2022, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the solar water pump systems market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the solar water pump systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The solar water pump systems market consists of sales of pump, controller, solar panels. 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 solar water pump systems market research report is one of a series of new reports from The Business Research Company that provides solar water pump systems market statistics, including solar water pump systems industry, global solar water pump systems market size, regional shares, competitors with a solar water pump systems market share, detailed solar water pump systems market segments, market trends and opportunities, and any further data you may need to thrive in the solar water pump systems industry. This solar water pump systems 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.

A solar photovoltaic panel is a device that absorbs the sun's rays and converts them into electricity or heat. Photovoltaics (PV) is the technology for converting sunlight into electricity by using semiconductors. When the PV cells receive the sun's rays, the electrons in the semiconductors are released and their movement generates an electric current. These PV cells are packaged behind glass to form photovoltaic modules with an average service life of 20-40 years. The main grid types of solar photovoltaic panel manufacturing are grid-connected and off-grid. An installation that is not connected to the electricity grid is referred to as an off-grid solar photovoltaic system. This means that the entire amount of energy generated is stored and used on-site. Off-grid photovoltaic systems rely on energy stored in a battery bank to operate. The various technologies involved are thin-film, crystalline silicon, and others that are used by residential, commercial, and utility-scale end-users. The global solar photovoltaic panel manufacturing market is segmented - 1) By Technology: Thin Film, Crystalline Silicon, Other Technologies 2) By End-Use: Residential, Commercial, Utility-Scale 3) By Grid Type: Grid Connected, Off-Grid The global solar photovoltaic panel market size will grow from $193.56 billion in 2022 to $217.42 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. 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 market size of the global solar photovoltaic panel is expected to grow to $339.07 billion in 2027 at a CAGR of 11.8%. Favorable government initiatives such as tax subsidies and huge investments favor the growth of the solar photovoltaic panel manufacturing market. In India, MNRE (Ministry of New and Renewable Energy - Central Government) has set the target to achieve 227 Gigawatts (22,70,00,000 kilowatt) of electricity production from solar PV cells by 31 March 2022. To achieve this target, the Indian government is promoting solar PV cell production through huge investments and policies that influence the solar PV panel manufacturing market directly or indirectly. For instance, the government of India has sectioned an amount of $0.71 billion (5000 crores) for solar subsidies. The Jawaharlal Nehru National Solar Mission scheme is being implemented by IREDA (Indian Renewable Energy Development Agency Ltd.) through NABARD (National Bank for Agriculture and Rural Development). The scheme provides a 40% subsidy on capital costs of solar PV systems for units located in both urban and rural areas in India. India is also supported by the Asian Development Bank (ADB), which announced a grant of USD 500 million towards rooftop solar PV panel systems, which will help the Indian government increase its renewable energy penetration by using solar energy. Another such example is the Swedish government, under Regulation No. 2009:689, which authorizes grants for the installation of on-grid photovoltaics that started in July 2009 or later and is proposed to be completed by 31 December 2020. Major players in the solar photovoltaic panel manufacturing market are Trina, Canadian Solar, Jinko, Hanwha Q-Cell, SunPower, Panasonic Corporation, Q.ANTUM technology, Mitsubishi Electric, Suntech Power Holding Co. Ltd., and Vikram Solar. The growth of the solar photovoltaic (PV) panel manufacturing market is restricted by unfair trade and sales practices in the market. The unfair trade practices hamper the growth of local industries as well as industries that are trading at a global level. For instance, the entry and sales of solar PV panels manufactured in China into North American and European markets at extremely low prices have led to complaints of unfair trade practices. In the US, the Trump administration has imposed a 30% one-year tariff on the import of solar PV cells to compensate for unfair trade practices, In Europe, the European Commission and the major Chinese manufacturers reached an agreement on the minimum prices and the shipping volume. Further, to curb the losses because of unfair trade practices, the US Department of Commerce established anti-dumping and anti-subsidy duties on Solar PV modules from China. The solar photovoltaic panel manufacturing market is experiencing several significant trends that are focused on improving the rate of power production from the panels. Photovoltaic manufacturers are shifting towards monocrystalline cell technology from the more common multi-crystalline cells and modules is a prominent trend faced by the solar photovoltaic panel manufacturing industry. These cells form the building block of photovoltaic panels. Monocrystalline panels have a high-power output, occupy less space, and last longer because the formation of cells in these panels allows more freedom for the electrons to move, resulting in a higher efficiency compared to multi-crystalline cells. Many large developers in the solar photovoltaic panels manufacturing market have already increased their production of monocrystalline panels. For instance, monocrystalline solar, with an overall growth rate of 11.1%, is expected to hit $20.5 billion in 2020-2027 marking the emerging trend. Companies such as LONGi Solar, a subsidiary of LONGi Green Energy Technology are leading the mono-crystalline solar module manufacturers market. The company has experienced an increase in sales in the high-efficiency monocrystalline panels module segment. Further, companies such as LG Solar and JinkoSolar have also started investing more in the manufacturing of solar photovoltaic panels with monocrystalline cell technology. The entities in the solar photovoltaic panel manufacturing market have to abide by the regulatory framework decided by the government of the geographic region they are operating in. Such regulations are created to promote transparency, good faith, and understanding among the players in the market. Solar Energy Industries Association is one such regulatory body that provides guidelines for industries in the US solar energy industry. The SEIA Solar Business Code provides guiding principles for companies to conduct business without any unfair, deceptive, or abusive acts or practices, guidelines related to advertising the solar products of the company, guidelines related to sales and marketing of the company, and regarding the ownership of Renewable Energy Certificate (“REC”). In March 2020, LONGi Solar, a Chinese manufacturer of high-efficiency mono-crystalline solar cells and modules acquired Ningbo Jiangbei Yize New Technology for $252.8 million. Through this acquisition, LONGi Solar enhances its production capacity to over 10 GW. Ningbo Jiangbei Yize New Technology is a China-based solar manufacturer that develops, manufactures, and distributes solar photovoltaic products. Asia-Pacific was the largest region in the solar photovoltaic panel manufacturing market in 2022. The regions covered in the global solar photovoltaic panel manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the solar photovoltaic panel manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The solar photovoltaic panel manufacturing market consists of sales of grid-connected photovoltaic systems and off-grid photovoltaic 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 solar photovoltaic panel manufacturing market research report is one of a series of new reports from The Business Research Company that provides solar photovoltaic panel manufacturing market statistics, including solar photovoltaic panel manufacturing industry global market size, regional shares, competitors with a solar photovoltaic panel manufacturing market share, detailed solar photovoltaic panel manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the solar photovoltaic panel manufacturing industry. This solar photovoltaic panel manufacturing 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.

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 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 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 market size of the global residential solar energy storage 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. 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 report. 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. 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 analysis 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 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.