Video – Surge in Interest in the Solar Power Market

Feb 23, 2023 | ADVANCED ENERGY, Solar

In today’s video, we’re going to explore the solar power market and how boron is being used as a storage solution for energy. Solar power has been on the rise recently due to its environmental benefits and cost-effectiveness.

The Recent State of the Solar Power Market

As the world shifts towards renewable energy sources, solar power has become an increasingly important contributor to renewables and decarbonization. 

According to recent research, the global solar power market is expected to reach a staggering $368.63 billion by 2030, an impressive increase from the 2021 valuation of $197.23 billion. In 2020, photovoltaic systems accounted for a majority of 70% of the global solar power market. The industrial sector led the way with a 35% contribution. 

Geographically, the Asia-Pacific region accounted for a significant 30% of the total industry revenue for 2021. The solar energy market continues to grow rapidly, driven by decreasing costs, government incentives, and technological advancements. 

The industry is projected to create thousands of jobs, and economic opportunities as more businesses and homeowners turn to solar energy to reduce energy costs and decrease their carbon footprint.

Despite the current and potential future growth of the solar power market, there are also some challenges that need to be addressed. One of the biggest challenges facing the industry is the issue of intermittency, which refers to the fact that solar energy is only available during daylight hours. 

However, with the development of storage technologies such as battery storage, this is becoming less of an issue. Researchers are currently working on developing new types of solar cells that can convert more of the sun’s energy into electricity.

To address this issue, researchers have devised a unique solution for using boron in energy storage systems. When boron is exposed to sunlight, it absorbs photons and converts them into electrical energy.

This property makes boron an ideal material for use in solar energy storage systems, as it allows energy to be stored and used later when sunlight is not available.

Another notable property of boron is its ability to conduct electricity. A such, it’s a great material for solar cells, as it allows the electrical energy generated by the photoelectric effect to be easily collected and used. A common method is to use boron-doped silicon solar cells. These cells are made by adding small amounts of boron to silicon, which improves the cells’ ability to absorb and convert sunlight into electrical energy.

As the solar power market overcomes the challenge of Intermittent energy, a number of recent advancements are taking place in the solar power market.

First, the newly established subsidiary of Billionaire Gautam Adani’s conglomerate, ANIL is of interest.

Founded on January 13, 2022, ANIL aims to be at the forefront of the renewable energy industry, focusing on green hydrogen, wind turbine production, and low-carbon electricity generation, including batteries and solar modules. The company’s ultimate goal is to become the leading global renewable energy solutions provider and manufacture the most affordable hydrogen.

In Europe, the solar journey is underway with the ambitious REPowerEU policy, aiming to install 320 GW of photovoltaic energy by 2025 and double this amount up to 600GW in accordance with their EU Solar Energy Strategy.

China’s solar energy industry is set to see massive growth in 2023 with the potential for new photovoltaic capacity reaching up to an impressive 120 GW. This remarkable milestone could bring a whopping 30% increase compared to 2022. Finally, floating solar PV systems are also starting to make waves in the energy sector. These innovative plants work by floating on top of bodies of water, such as reservoirs and irrigation canals.  

In 2021, the global floating solar panels market was worth USD 30.16 million and is projected to skyrocket by an impressive 22.5% CAGR over the next 8 years. We hope that this video has helped you explore more about the solar power market where the world continues to look for ways to reduce carbon emissions and combat climate change.