Falling prices of renewable energy coupled with consumer preferences for cleaner sources and government mandates have allowed the solar power market to shine. In 2019, the cumulative installed capacity of solar power was more than 600 gigawatts (GW) with 20% additional capacity planned during the forecast period. The emergence of newer technology that can reliably generate solar energy should boost the demand for photovoltaic solar power cells. Solar power generation consists of the entire process from component manufacturing to the installation, operation, and maintenance of the unit. Solar power generation necessitates expert consulting to effectively harness solar energy in addition to sizeable financing – a prerequisite in the solar power market.
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Urgent Need to Balance Energy Demand-Supply Mismatch to Benefit Solar Power Market
Solar power is usually at the top of the list when it comes to preferred sources of renewables and this is backed by robust government support and large subsidies. The acquisition and maintenance cost of solar power systems has plummeted in the past two decades but a further drop is needed to make it gain universal acceptance. As emerging economies modernize, the mismatch between energy demand and supply is only anticipated to grow and the need to overcome this will become more pressing.
R&D is Critical to Minimize Costs and Spur Adoption in Solar Power Market
However, certain factors inhibit growth in the emerging technologies in solar power market. The power output derived from photovoltaic cells is low and cannot suffice in large-scale industrial, commercial, or residential projects. In addition, there is an overall lack of awareness about the emerging technologies in solar power market and only a small portion of high-end residential consumers actively consider it. The vast majority of industrial consumers rely on crude oil or natural gas to satisfy their energy requirements. Other renewables such as tidal, wind, biomass, and hydroelectric energy possess substantially higher potential than solar power. To combat this, companies are investing huge sums in R&D to bring costs down in the emerging technologies in solar power market.
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Long Shelf Life of Photovoltaic Plants Make Them Sought After in Multiple Countries
The growth in photovoltaics is mainly due to government initiatives and subsidies. The bidding and tender process for photovoltaic projects is sought after with several countries providing funding and signing power-purchase agreements (PPA) with consumers. Germanium and silicon are used in photovoltaic power plants and the plants have a long shelf of 25 years with the output declining at a gradual pace over time.
Chinese Companies Indulge in Price War in Emerging Technologies in Solar Power Market
The emerging technologies in solar power market is characterized by cutthroat competition as a result of several companies providing state-of-the-art solutions. Chinese companies have driven costs down and raised the profile of solar power in the residential sector in emerging economies. A few companies profiled in this report on the emerging technologies in solar power market are First Solar Inc., Trina Solar, JinkoSolar Holding Co., Ltd, JA Solar Co. Ltd., SunPower Corporation, SolarEdge Technologies Inc., GCL-Poly Energy Holdings Limited, Canadian Solar Inc., Yingli Green Energy Holding Co. Ltd., and Xinyi Solar Holdings Ltd.
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