The Solar Power Market is Red Hot
Welcome back to Borates Today. Today, we’re going to look at the solar power market. The solar power market is growing with the demand for renewable energy sources. As per a report in precedence research in 2021, the global solar power industry was valued at $197.23 billion US dollars. And by 2030, it’s estimated to reach nearly $368.63 billion.
Solar power is becoming an appealing option for many households and businesses. Not only does it reduce dependence on fossil fuels, but it also provides a reliable source of renewable energy that can help lower the cost of electricity.
With countries like China and the US leading the way in research and development, solar technology has advanced far beyond what was possible a few years ago. PV or photovoltaic panels and CSP, concentrated solar power systems, are the two main ways to capture solar energy. PV panels use photovoltaic cells to convert light into electricity.
Boron doping in Silicon has recently gained much interest due to its potential application in solar cells. It aids in the maximization of solar energy. Boron is also environmentally friendly because it helps break down organic matter, such as algae and plankton. These organic materials are known as environmental bioproducts and boron can break them down before they’re discharged into the environment.
CSP, or concentrated solar power systems, concentrate sunlight onto a receiver that produces heat, which can further generate electricity or provide cooling solutions.
In the market, what are the solar energy market drivers? Solar energy systems are highly efficient, cost-effective, and have low environmental impacts. The systems employ the use of boron for an anti-reflection coating and increased efficiency.
Governments worldwide are increasingly providing incentives and tax breaks to encourage the installation of solar panels, which will help combat rising environmental pollution. Modern solar cells require much less water than their traditional counterparts, which makes them a great choice for power generation. With rooftop installations becoming more popular and more applications in the architectural sector emerging, the demand for solar cells will only continue to rise.
In addition, using solar power towers and parabolic troughs for electricity production provides further impetus for the solar energy market growth. All of these factors combined to make the solar energy market a booming industry with huge growth potential.
Let’s have a look at some of the insights into the solar power market, according to the report. By technology, the photovoltaic systems segment led the worldwide solar power market, accounting for roughly 70% of the market in 2020.
In addition, PV systems can vary in scale from portable systems or small rooftop generation to huge utility-scale generation plants, contributing to the high market requirements for PV systems. As for CSP systems, this will be the most opportunistic sector from 2030. Because of the enormous demand for solar energy to segment is the fastest growing.
In terms of applications, the industrial sector led the global solar energy market in 2020 by contributing more than 35% of the market share. This is due to the booming industrial sector and low-cost renewable energy, which have created enormous growth opportunities for solar power applications.
Another segment is the residential segment. This is a fast-growing sector due to increased customer awareness of solar power monitoring and environmental advantages. By region, Asia Pacific dominated the global solar energy market contributing more than 30% market share in 2020. Asia Pacific is responsible for over half of the world’s population and offers a large consumer base, and China, India, and Japan are the leading countries in solar energy utilization.
In addition, other factors responsible for soda market growth in Asia Pacific are increasing energy demand with an appetite for consumption, travel and lifestyle experiences driving growth, as well as increasing internet penetration, urban expansion, increasing disposable income, and high smartphone adoption.
Another sector that will grow rapidly in North America. The United States is the most prominent country in the region and accounts for most solar energy consumption. In addition, enhanced access to digital technologies, higher purchasing power, increased internet penetration, and enhanced adoption of smart devices are among the major factors driving North American solar energy market growth.
For a deeper dive into the solar power market, we recommend the Precedence Research report, which is highlighted here. And that’s all from Borates Today. We hope you enjoyed this quick look into the solar power market.
Thanks for listening.
