Solar Energy Market Expected Massive Margin Growth of $223.3 billion at 20.5% CAGR by 2026
However, geographical footprint has affected the solar energy market growth, owing to decrease in conversion efficiency of solar panels. Increase in governmental tariff plans and renewable energy certificates such as solar energy renewable certificates (SREC) are expected to drive the market growth. In addition, investments in R&D to develop high-efficiency third-generation solar modules such as perovskites is projected to provide growth opportunities for the market.
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Solar energy is available in abundance. However, the challenge is to utilize it optimally and for the betterment of the mankind. The non-renewable sources of energy will deplete one day or the other if not utilized cautiously. With solar energy and its abundant availability, the challenge is to store it and utilize in the future. Various initiatives have been taken and developments have been made. Scientists developed a liquid for storage of solar energy, and this liquid can be utilized for water heating applications in residential and commercial sectors. Water bodies have become new frontier for building solar panels and more projects will be built on sea beds and canals in various countries.
In the countries where the land is insufficient, governments have found a new way of storing and utilizing solar energy. The innovative utilization and initiatives for optimum usage would continue in the next few years. According to the report published by Allied Market Research, the global solar energy market is expected to reach $223.3 billion by 2026. Following are some of the activities taking place across the world.
Solar energy is available only during the day time, and if it can be stored and utilized during the night time, it can be utilized in abundance and will solve many problems regarding shortage of energy supply. Researchers and scientists have been finding innovative ways to counter the challenges regarding its storage. Scientists from the Chalmers University of Technology in Sweden found a solution by developing a liquid that can store solar energy for up to 18 years. A solar thermal fuel is developed by the scientists. The device, known as Molecular Solar Thermal Energy Storage System (MOST), is utilized for storing solar energy. The pump circulates the fuel via transparent tubes.
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Increase in installations of rooftop solar panels positively impacts the growth of the solar energy market. Photovoltaic systems have gained major traction owing to increase in applications in residential and non-residential sector for electricity generation. Furthermore, increase in installation of concentrated solar power systems (CSPs) in forms of parabolic troughs and solar power towers is anticipated to fuel the growth of the market, owing to increase in application for electricity generation. Photovoltaic systems segment has dominated the market in 2018. The concentrated solar power systems segment is expected to grow at a CAGR of 10.3% during the forecast period.
Emerging economies such as China, Japan, and South Africa have experienced significant rise in the demand for solar energy with increasing applications in residential and non-residential sectors. China has increased their photovoltaic (PV) installations and rise in governmental tax incentives have favored the growth of solar energy market, especially in India. Furthermore, lack of electricity network has accelerated the market growth potential in remote areas of Africa and Latin America.
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