Top 5 Trends in the Solar Panels Industry : Key Market Insights and Recent Development
RELEASE DATE: Oct 2024 Author: Spherical Insights Request Free Sample
What Is solar panels?
Photovoltaic (PV) cells are used in solar panels, which are devices that use sunlight to generate electricity. Materials used in photovoltaic cells are photoexcited electron generators. Direct current (DC) electrical power, which can be retained by batteries or utilized to power a variety of devices, is created when electrons go across a circuit. A solar panel is essentially an array of solar cells, also known as photovoltaic cells, which are capable of producing energy through the process of photovoltaic effect. On the surface of solar panels, these cells are organized in a grid-like configuration.
Trends in the Solar Panel Industry
1. Perovskite Solar Cells
The crystal structure of perovskites, a type of semiconductor material, is similar to that of perovskite minerals. Because perovskite semiconductors can absorb a broad variety of wavelengths, including visible and near-infrared spectra, they are an efficient means of converting sunlight into electricity. Its low cost and relatively easy production technique, combined with continuous research to increase its stability and solar efficiency, make it a potentially revolutionary material for the renewable energy sector, competing with conventional silicon-based semiconductors.
2. Capturing More Sunlight with Bifacial Solar Panels
Bifacial solar panels gather sunlight from the leading edge and the rear of the module, offering a distinct advantage in the production of solar energy. They may use sunlight that bounces from other surfaces, such as the ground, water, or neighboring buildings, due to this creative design, which increases the amount of electricity produced. Bifacial solar panels are especially useful in applications that vary from massive solar power plants to industrial photovoltaic installations due to their efficiency and versatility, which eventually increases the financial feasibility of solar energy.
3. Transparent solar panels generate electricity while keeping an elegant in appearance
Transparent solar panels have revolutionized sustainable infrastructure, allowing for electricity generation via windows and construction surfaces while maintaining transparency and light transmission. These ground-breaking panels use photovoltaic (PV) technology, which allows for effortless integration into construction elements including windows and construction exteriors. These solar panels provide a dual purpose by using transparent PV glass to create visually beautiful buildings while also generating renewable energy.
4. Smart solar panels boost effectiveness as well as performance
The solar panel business is undergoing a change due to the expanding incorporation of smart solar panel technology, such as sensors and Internet of Things functionalities. Better performance optimizing, upkeep, and tracking of solar panels are made possible by this integration, which raises their efficiency and efficacy. Smart technology can be integrated into solar panels to increase the arrays' longevity and efficiency. This development paves the way for a smarter, more integrated energy infrastructure that will perform better and be more sustainable by encouraging a more proactive and responsive approach to producing solar power.
5. Floating Solar Farms
The trend of installing solar panels on bodies of water, such as lakes and reservoirs, is known as floating solar farms. These systems save land and take advantage of water's cooling properties, which can improve the performance of solar panels. For areas where there is a shortage of available land, this trend is especially important.
Key Market Insights:
The global solar panel market size was valued at USD 172.08 billion in 2023 and is projected to USD 359.72 billion by 2033, exhibiting a CAGR of 7.65% during the forecast period 2023-2033. Several companies leading the global stem cell therapy market are NextEra Energy, First Solar, Enphase Energy, Nextracker Inc., Brookfield Renewable Partners, Clearway Energy, Ormat Technologies, Inc., Fluence Energy, Inc., Canadian Solar, JinkoSolar.
List of Key Companies in the Solar Panel Industry
- NextEra Energy
- First Solar
- Enphase Energy
- Nextracker Inc.
- Brookfield Renewable Partners
- Clearway Energy
- Ormat Technologies, Inc.
- Fluence Energy, Inc.
- Canadian Solar
- JinkoSolar
Top 5 Players in the Solar Panel Industry
1. NextEra Energy
Headquarters: Florida, United States
The US energy business NextEra Energy, Inc. employs around 14,900 people across the US and Canada and has 58 GW of generating capacity, of which 24 GW came from fossil fuel sources. In 2020, revenues exceeded $18 billion. With an estimated value of more than $120 billion as of November 2023, it is the biggest electricity company holding business in the globe by market value. Electric power is produced, transmitted, distributed, and sold by NextEra Energy, Inc. to both residential and commercial clients in North America through its subsidiaries. The corporation uses nuclear, solar, wind, natural gas, and other sustainable energy sources to produce electricity. In addition, it sells energy-related products, develops, builds, manages, and runs power generation amenities in wholesaler's electricity markets, and controls long-term contracted resources made up of green energy solutions including electric transmission infrastructure, storage battery projects, and solar power facilities.
2. First Solar
Headquarters: Arizona, United States
First Solar, Inc. is an openly traded American company that specializes in the production of solar cells and offers utility-scale photovoltaic power plants. It also offers a range of assistance services, including financing, building, regular consumption, and regeneration of used panels. Cadmium telluride, or CdTe, is used as a semiconductor in the production of CdTe panels, which are made by First Solar utilizing rigid thin-film modules. In Inventor Harold McMaster established the business as Solar Cells, Inc. in 1990. In 1993, he joined forces with JD Polk to form the Florida Corporation. Materials and Solutions are the two sectors of business in which the business works. Photovoltaic project developers and system integration companies are the main customers of the Components industry, which creates, produces and distributes solar modules.
3. Enphase Energy
Headquarters: California, United States
Enphase Energy, Inc. is a US-based renewable energy business that designs and produces rechargeable storage for electricity, EV charging stations, and solar micro-inverters, mostly for residential use. Using its ground-breaking microinverter technology, Enphase, a 2006 startup, revolutionized the solar business by converting sunlight into a scalable, safe, dependable, and resilient energy source for daily use. Together with their smart battery technology, which has won numerous awards, their intelligent microinverters are compatible with almost all solar panels on the market today, making them one of the best-performing clean energy systems available.
4. NEXTracker
Headquarters: California, United States
NEXTracker, recognized by GTM Research as the top global provider of solar trackers for three years running, additionally provides an integrated energy storage technology called NX FlowTM, sophisticated data analytics tools, and extensive worldwide services. Energy solutions provider Nextracker Inc. offers technology and solar trackers for utility-scale as well as distributed-generation solar energy installations both domestically and abroad. The business sells tracking systems, such as the terrain-following NX Horizon-XTR tracker, which is intended to increase the accessible market for trackers on locations with tough, sloping terrain, and the solar tracking NX Horizon tracker.
5. Brookfield Renewable
Headquarters: Bermuda
Brookfield Renewable Partners L.P. is a publicly listed limited liability company that manages and owns renewable electricity assets. Brookfield Asset Management holds a 60% ownership stake in it. One of the biggest publicly listed platforms for renewable energy and carbon reduction solutions in the world is run by Brookfield Renewable. They offer hydropower, wind, solar, distributed energy, and environmentally friendly options on five continents as part of this comprehensive portfolio. Their diverse portfolio, which includes hydroelectricity, solar panels, wind turbines, and storage plants spread throughout 34 states, has a combined generating capacity of over 7,830 megawatts.
Recent Development
- In January 2023, JA Solar declared its intention to establish a 2-GW solar panel manufacturing facility in Phoenix through the Arizona Commerce Agency.
- In August 2023, Nextracker, a prominent worldwide supplier of solar trackers and software products, successfully raised $734 million through its initial public offering (IPO) and $662 million through its first follow-on providing, due to a partnership with Barclays teams.
- In July 2023, Enphase Energy, Inc. (NASDAQ: ENPH), a leader in the worldwide energy tech sector and the primary provider of renewable energy sources and battery storage solutions utilizing microinverters, revealed today that it is expanding the installation of Enphase® Energy SystemsTM operated by IQ8TM Microinverters and IQTM Battery packs, as well as Enphase electric vehicle (EV) chargers.
- In May 2023, NextEra Energy Partners, LP announced that it will focus only on expanding its portfolio of high-quality renewable energy sources, taking advantage of the cheap cost of renewable energy sources and the substantial capital expenditure required to decarbonize the US economy.
- In October 2023, Enphase Energy revealed the launch of IQ8 Microinverters, which have a peak output AC power of 384 W, and IQ Batteries, marking its entry into the Greek solar industry.
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