Solar Energy 3.0 Market: Current Analysis and Forecast (2023-2030)
Emphasis on Panel Type (Silicon-Based Wafer Cell and Thin film Cells); Drive Type (Roof-mounted, Portable, Ground Mounted, Floating Solar Panel); Application (Residential, Commercial, and Industrial); and Region/Country
Global Solar Energy 3.0 Market was valued at USD 198 Million in 2023 and expected to grow at a CAGR of 23.9% during the forecast period from 2023 – 2030. Solar energy has witnessed significant demand in recent times due to its cost-effectiveness and versatile nature. In addition, technological advancements such as energy storage, and improvements in the panel design and material added significant advantages such as increased overall efficiency and optimize operational costs. The recent development in the solar panel material and design termed as perovskite operates on the principle of photon-to-electron conversion and improves the performance as well as durability of the solar panel. Perovskite solar panels are a type of photovoltaic (PV) technology that uses perovskite materials as the active layer to convert sunlight into electricity. Perovskites are a class of materials with a distinctive crystal structure that have been found to have excellent light-absorbing and charge-transporting properties.
Tandem PV, WonderSolar, Oxford PV, Panasonic Industry Co., Ltd., Microquanta Semiconductor Co. Ltd., Energy Materials Corporation, Solaronix SA, Saule Technologies, Swift Solar Inc, Frontier Energy, Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst panel type, thin film category to witness higher CAGR during the forecast period.”
Based on panel type, the solar energy 3.0 market is segmented into silicon-based wafer cells and thin film cells. The thin film segment is expected to witness the significant CAGR during the forecast period. The thin film solar segment refers to a type of solar technology that uses thin layers of semiconductor materials, such as cadmium telluride, copper indium gallium selenide, or amorphous silicon, to convert sunlight into electricity. Thin film solar panels are typically lighter and more flexible than traditional crystalline silicon solar panels and can be produced at lower cost.
“Amongst installation, the roof-mounted segment to hold a significant share in the market in 2020.”
Based on the installation, the market is divided into roof-mounted, portable, ground-mounted, and floating solar panels. The roof-mounted solar panel segment is expected to witness significant demand during the forecast period. In addition to traditional rooftop solar panels, there are also emerging technologies such as solar roof tiles and shingles, which are designed to integrate seamlessly with the architecture of a building. These technologies are expected to further drive growth in the roof-mounted solar panel market. The market is also seeing increased competition among solar panel manufacturers, which is driving innovation and pushing prices down. In addition, advances in battery technology are making it easier for homeowners to store excess energy generated by their solar panels, further increasing the appeal of roof-mounted solar systems. Overall, the roof-mounted solar panel market is expected to continue its growth trajectory in the coming years as more people look for sustainable and cost-effective energy solutions.
“Asia-Pacific to hold a significant share in the market.”
In 2021, Asia-Pacific held a significant share of the global ATV market. This is mainly due to the rapid growth in the solar energy market, driven by factors such as decreasing costs of solar technology, increasing demand for electricity, and government support for renewable energy. China is the largest market for solar energy in the Asia Pacific region, accounting for more than 50% of total installed capacity in the region with the capacity of the 306.4 GW. Also, the government support such as tax reduction and subsidy on the renewable energy projects in the region will propel the demand during the forecast period. Also, the strict government regulations for carbon emissions and the launch of the new projects along with the digitalization of the grid technology in the region such as Laizhou Tushan Photovoltaic Power Plant 1000 MW, Pinnapuram Integrated Renewable Energy Project 5230 MW in the 2022 will increase the demand for the solar panel and perovskite based solar panel.
Solar Energy 3.0 Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global solar energy 3.0 market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Solar Energy 3.0 Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global solar energy 3.0 market were the three major steps undertaken to create and analyze the adoption of solar energy 3.0 in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global solar energy 3.0 market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the solar energy 3.0 market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the solar energy 3.0 market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as panel type, installation, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the solar energy 3.0 market. Further, we conducted factor analysis using dependent and independent variables such as various panel type, installation, and applications of solar energy 3.0. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the solar energy 3.0 market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global solar energy 3.0 market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the solar energy 3.0 market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global solar energy 3.0 market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global solar energy 3.0 market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of panel type, installation, and application in the global solar energy 3.0 market.
The main objective of the Global Solar Energy 3.0 Market Study
The current & future market trends of the global solar energy 3.0 market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the solar energy 3.0 market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of panel type, installation, and application.
- Define and analysis of the regulatory framework for the solar energy 3.0
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the solar energy 3.0 market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the solar energy 3.0 market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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February 11, 2025
