Solar energy is one of the rich renewable resources in the world that can be categorized in terms of the wavelengths that determine infrared, visible light and ultraviolet. The total of solar energy incident on the earth’s surface is nearly 1.5 × 1018 kWh/year. This amount is approximately 10,000 times the present annual energy consumption globally. Solar energy can be converted into electrical energy through a device called as solar cell which converts photons, present in solar rays to direct current. Solar power plant requires less area than any other energy source power plant. Doubling the efficiency of solar devices can help in completely changing the economics of renewable energy and that can be possible with the help of ultra efficient solar power plants. This technology can resolve the major issues such as increasing energy demand and pollution as a result of growing population by maximizing the amount of energy created.
Ultra efficient solar power market can be segmented on the basis of material and technology of solar devices. The material market is further segmented into two types; organic material and non-organic material. Solar devices made of non-organic materials include cadmium telluride (Cd-Te), copper-indium diselenide (CIS) and copper-indium gallium diselenide (CIGS) solar cells and organic material cells include organic PV (OPV) and dye-sensitized solar cells (DSSC). Depending on the technology solar power market is sub-divided into three types; crystalline (c-Si), thin films and concentrated PV. A globally used crystalline PV cell is a thin-wafer, combination of thicker layer of boron-doped (P-type) silicon and a very thin layer of phosphorous-doped (N-type) silicon.
Growth of industrialization has increased the importance of solar energy and ultra efficient solar devices. Solar energy is one of the most feasible alternatives to conventional energy resources that can contribute as a solution for growing environmental pollution. Growing environmental concern as a result of government regulations and depletion of conventional energy resources are few main driving factors for the ultra efficient solar power market. For the promotion of ultra solar power plants, governments of many developing countries are providing subsidies. Seasonal and fluctuating nature of solar radiations is a largest restraint for this market, however ultra efficient solar power technology can perform in a better way in future to overcome this restraint. Many regions are conducting research for the development of alternative energy resources. Therefore, this rise in renewable and environment friendly energy demand can foster the growth of ultra efficient solar power market.
The regional segmentation of global ultra efficient solar power market can be done on the basis of consumers that frequently use solar energy which is produced domestically. Major consumers include China, Brazil, Canada, US, Russia, Norway, India, Japan, Venezuela and Sweden where Germany and China are some of the largest producer of solar power. Asia Pacific is one of the developing regions with the growing population where government and many companies are providing subsidies for solar power market growth. The ultra efficient solar power plant is expected to observe a modest growth during the forecast period because of increased demand of renewable energy sources. Many developing economies such as China, India, Brazil, Canada and Germany have invested a huge amount in the installation of upcoming ultra efficient solar power plants.
Some of the major companies are Sunway, Yingli Solar, First Solar, Renesola Limited, Tata Power Solar System Limited, Intel, Abengoa Solar SA, Motech Industries, Inc., Areva, Canadian Solar Inc.and Solarworld AG.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.