Solar energy is radiant light and heat from the Sun that is harnessed using a range of ever-evolving technologies such as solar heating, photovoltaics, solar thermal energy, solar architecture, molten salt power plants and artificial photosynthesis.
Almost 3000 hours of sun rays are received in India because of its strategic location on the earth and it can serve to light up the whole of the country, if used properly. These sunshine hours can produce up to 5 thousands trillion kilowatt hours of electricity which is enough to meet the energy needs of the country.
In 2018, the solar industry generated an investment of $17 billion in the American economy. The cost to install solar has dropped by more than 70% over the last decade, leading the industry to expand into new markets and deploy thousands of systems nationwide.
The global solar energy market was valued at $52.5 billion in 2018 & projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026. The global solar energy market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA.
The market across North America is anticipated to register a CAGR of 19.0% during the forecast period. However, the market across Asia-Pacific is expected to manifest the fastest CAGR of 25.0% during the forecast period, owing to rise in demand for solar energy from the emerging countries such as China, Japan, India and South Africa due to increase in fiscal incentives provided by respective governments.
As the Indian economy grows, the electricity consumption is projected to reach 15,280 TWh in 2040. It is expected to attract investment of up to US$ 80 billion in the next four years. In India, the main government initiative taken in the field of solar energy production is the “Jawaharlal Nehru National Solar Mission” (JNNSM) which aims at producing 20 thousands Megawatt of solar energy by the end of 2022. This can cover twenty million square meters of area for collecting solar energy.
Major market players in Solar energy field - Abengoa Solar S.A., Acciona Energia S.A., Wuxi Suntech Power Co. Ltd., Bright Source Energy Inc., Esolar Inc., Gintech Energy Corp., Kaneka Corp., Sunpower Corporation, Canadian Solar Inc., Tata Power Solar.
Solar power is an immense source of directly useable energy and ultimately creates other energy resources: biomass, wind, hydropower and wave energy. Direct use of solar energy is the only renewable means capable of ultimately supplanting current global energy supply from non-renewable sources.
Credits : Akhil Handa,M. T. Rao