Factors for Solar Based Products to Gain Ground – an outlook
In the coming decades, solar energy will have a considerable impact on our lives and businesses. Hardly a day goes by without a new story, news, article, or an academic finding that says energy will be among the world’s biggest challenges in the near future. By 2030, global energy consumption is expected to nearly double. Simply put, it will likely be challenging to meet the projected energy demand with the current supply. And if this persists, it will present dire economic and environmental consequences. As countries across the globe strive for energy independence and environmental stewardship, demand for clean, renewable, and affordable power is expected to increase dramatically.
Reducing energy-related carbon dioxide emissions is at the heart of energy transformation. If the world aims to reach the climate goals agreed in Paris Agreement 2019, there needs to be a rapid shift away from fossil fuel consumption that harms the environment. The positive news is we are moving towards cleaner renewable forms of energy.
Why Solar Energy?
There are several reasons behind this transformation. Most prominent among them has been the rapid decline in solar energy costs. The global weighted average cost of electricity from all commercially available renewable portable solar power generation technologies continues to come down. For instance, the fall in the price of electricity from portable solar power generator and solar photovoltaic (PV) projects since 2010 have been remarkable. From 2010 to 2018, the global weighted average Levelized Cost of Electricity (LCOE) from solar PV dropped by 77%.
Potable solar power generator has been one of the pioneering renewable technologies over the decades. So far, the evolution of the solar PV industry has been remarkable, with multiple milestones achieved in recent years in terms of installations, cost reductions, and technological advancements. Additionally, critical solar energy associations have been a crucial factor for developing the solar PV industry.
Asia continues to dominate the global solar industry accounting for more than half of the world’s addition of solar capacity. India’s solar story has been a glowing star in the journey so far. The country had come a long way from 1960 (when the solar panels were introduced) to spearhead the solar energy adoption agenda while concentrating on socio-economic change. Constant technological advancements such as solar power drones, solar purifies over the last decade have helped in generating attractive prices, improve scalability and reliability for solar technology. Add in the factors such as growing end-user awareness and ease of access; clean energy adoption has now become a profitable as well as a safe option for the masses.
Why We Need Technological Evolution in Solar Industry?
One of the biggest challenges for solar products and the technologies is their intermittency. Additionally, energy storage of excessive solar energy is a costly and equally important challenge. Another concern is the excessive use of land for setting up plants leading to degradation and loss of wildlife habitat. On top of it, depleting fossil fuel reserves and consequent climate degradation are more evident than ever.
All these problems only point to the importance of more evolution of solar energy technologies. Currently, the cost of silicon-based solar cells continues to come down. Furthermore, contrary to popular predictions, the price of silicon itself is decreasing in recent years, making these cells highly commercial in the near future. However, alternatives are also under development and are not too far from being commercially viable.
For the technological evolution to continue in the solar industry, the new designs need to capture more light and be more efficient in transforming that energy into electricity. While these are the primary expectations, another essential aspect is the new technology needs to be cost-effective for mass production and adoption. Energy consumers and producers are more likely to choose solar power if the energy produced is equally or less expensive than the existing one. The breakthrough in renewables solar technologies has resulted mainly from favorable government policies, research and development, improved funding, and increased project installations.
Throughout the article, we have established the fact that solar energy needs to be at the forefront of the world’s energy system. The threat of climate change is imminent, and our actions need to define our commitment towards the cause. The solar product industry is changing rapidly, with innovations occurring along the entire value chain. In recent years, the primary driver for innovation has been the push for higher efficiency.
Another important aspect of solar that needs to be highlighted is the employment opportunities. Several governments across the globe have prioritized renewable energy development, firstly to reduce emissions, meet international climate objectives, and pursue broader socio-economic benefits. In 2018, the solar industry employed around 3.6M people worldwide. The industry has experienced the most rapid growth in employment of all renewable energy technologies and is today the leading job provider.
The role of high-quality and reliable solar products to be future-ready cannot be overstated. The technology is currently available and can be deployed at a large scale, and is cost-competitive. However, barriers at different levels, such as technological, economic policy, regulatory, and socio-political, might impede the growth trajectory. Companies in solar technology should look to confront these challenges head-on to bring about the transformation of pure and clean energy.