Published By : 17 Dec 2015 | Published By : QYRESEARCH
The solar energy market is shining brightly in the global renewable energy industry. However, it is not just the power from the Sun that is making it shine so brightly. The global solar industry has expanded substantially in the past 2-3 decades and is projected to continue to expand even more rapidly in the foreseeable future. Solar power is considered the solution to making the planet cleaner and free from greenhouse gas emissions. Furthermore, it is supposed to drive economic growth of nations around the world.
The solar power sector has successfully delivered all these promises and is aggressively heading towards a path to deliver more to the world. However, why is it that the solar power sector, the one market that growing so rapidly while others are not matching it? There are many factors behind the high growth of the solar sector. The solar power sector is driven by innovation. Every month researchers are coming up with technologies that promise to boost the efficiency of solar cells in a direct or indirect way.
Furthermore, the solar power sector benefits from the huge support it receives from governments around the world. However, it is not just the public sector that is fueling the global solar sector. Many private companies are also massively investing in the solar sector. Billions of dollars are invested in the global solar sector each year and the investment is growing at a healthy rate in this industry. In addition to this, the demand for solar panels is rising remarkably in emerging countries of Asia Pacific and the Middle East.
These growth drivers show how strong the solar sector will grow in the coming few years. So, why are other sectors not enjoying this growth? Many other sources such as wind, tidal and wave, geothermal, and biomass are capable of meeting power needs of the population. Although the wind sector is still doing well, other sectors such as geothermal, tidal and wave, and biomass are lagging behind solar because of the high initial investment cost. Moreover, the technology to harness power from these sources is still developing. These poses many challenges towards the adoption of these renewable energy sources.
Nonetheless, the good news is, the innovation in these sectors is also growing at a fast pace, promising to deliver technologies that will help to harness energy from these sources on a large scale. Collectively, the different renewable energy sources with more advanced technologies will deliver clean energy solutions to a power hungry planet and significantly reduce GHG emissions.