What The Future Holds For Solar Energy
Without any doubt, solar energy is a viable solution for the rising energy needs across the globe. We indeed need more and more power for our smart and intelligent solutions that are integrated into our daily lives. Still, relying only on conventional energy resources is no longer a good decision. A brilliant alternative to this situation is a sustainable power choice – Solar energy.
As the world continues to struggle against climate change and the depletion of resources like fossil fuels, the future for solar energy shines bright, more than the sun.
The Growing Trend Of Green Energy
The entire world puts great emphasis on reducing carbon emissions and addressing global warming issues. This leads to increased interest in moving to solar. Back from the old days to now, the solar energy market has made more progress. Looking at the report of Allied Market Research, the solar energy market accounted for $52.5 billion in 2018. And it is predicted that the global energy market will probably reach $223.3 billion by 2026.
Studies say that the overall solar power capacity reached 623 gigawatts in 2019. If you sneak a peek over the past decades, solar power has become an inevitable topic in the renewable energy forum. Since the cost of moving to solar has dropped considerably, more and more homes and businesses are interested in investing in solar.
The estimation report of Bloomberg New Energy Finance shows solar PV will contribute nearly 30% of global electricity by 2050. Though solar power accounts for the least portion of electricity generation today, still, it will have a substantial part of up to 40% in the upcoming years.
The Boundless Solar Future – What To Expect?
Clean energy is becoming the need of the hour and a hot topic in the world. The global solar energy market possessed a value of around $94.6 billion in 2022 and is anticipated to attain a level of $300.3 billion by 2032. This indicates an upward CAGR value of 12.3% from 2023 to 2032.
Developing countries perceive solar energy as a feasible solution to meet their energy demands. Moreover, it is the most affordable and reliable way. As solar enables businesses and homes to generate their own electricity, it ensures independence from the reliance on traditional energy resources. Another crucial expectation from the future of solar energy is sustainability.
By adopting solar energy the world can move towards a clean and green world. As solar energy doesn’t emit any harmful substances, a clean world is a certain future from this renewable energy.
Looking into the solar energy market of 2022, Asia-Pacific appeared as the largest region. The regions covered in this segment include Eastern Europe, Western Europe, Asia-Pacific, South Africa, North America, Middle-east and Africa.
Predictions And Trends To Watch Out For Solar Energy In the Future
- Solar energy is expected to contribute to 14% of global electricity production by 2030, which is an increased figure compared with 2020.
- The future of solar energy expands beyond just installations and the trend is actively concentrating on solar-powered transportation.
- Solar energy integration with energy storage systems is another trend that shapes the future of solar.
- Innovative measures such as perovskite-based photovoltaic cells are already on the trend and predicting a brighter scope.
- Enormous efforts are in progress to boost the efficiency of solar cells, making solar more affordable and ending up in a larger number of installations.
- Governments across the globe are highly emphasizingthe adoption of solar energy and taking necessary support such as financial incentives and subsidies for solar system deployment.
- The declining cost of solar panels is a promising prediction from the rapid growth of solar energy.
- Growth in solar projects such as increased utility-scale solar projects and noteworthy developments in large-scale solar projects are also a remarkable trend.
- With a good recognition of the benefits of solar energy, it is expected that more and more people will install solar panels in their homes, increasing the number of rooftop installations.
- The development of new technologies will facilitate the adoption of solar in industrial sectors.
Challenges in solar energy
Although solar energy holds a bright future, the difficulty lies in harnessing its potential. The proper storage of solar energy is another biggest challenge that lies before us. Even though solar energy is a feasible solution everywhere around the world, still, the efficiency differs and considerably gets reduced as the latitude increases.
The electricity demand exists throughout the day. But, solar energy can be produced only when the sun shines. The major thing that seems to be a huge obstacle in the solar energy market is the cost of installation. As such, numerous challenges need to be addressed to harness the full power of the sun.
Take away Future is smart with solar
The increasing demand for renewable sources of energy, and the growing need for electricity indicate the future of solar energy is bright, just like the sun. With the advancements in the solar energy market, as the efficiency grows, and with the cost of panels declining, solar will be on its edge among renewable energy sources.
To sum up, the future of solar is vibrant and filled with a lot of scopes in energizing lives. Embrace this emerging technology and bring brightness to your life.
