The Future Trend of Solar Market

Solar energy has been in existence for some time. It is no longer a surprise to see solar panels on the rooftop or giant solar farm. Moreover, the solar technologies have experienced a lot of transformation since their inception in the 1960s. Besides, the solar photovoltaic (PV) was seen as a thing of the future, but technological breakthroughs have transformed the industry. With the development of the large-scale solar market, the photovoltaic and solar panel technologies have risen as an alternative source of power.Historically, PV installations were financed mainly by government aid provided by the developed countries as part of their environmental policies. The world needed a “green energy,” and low environmental pollution, so solar PV was found as alternative solution.

Moreover, the solar PV needs a lot of government support to be profitable. However, public grants from countries like Germany, Italy, and Spain has created a huge demand for PV technology, and this has led to a high volume of production, and also made the price of equipment (especially panels and inverters) to drop. Moreover, the solar panel production is similar tosemiconductor or electronics production.

Over the last decade, the solar energy has experienced a rapid growth; not only did the amount of installed solar units increase, but the solar energy has also become a major player in the world market. Since 2010, the total number of people working in the solar sector has doubled. In 2015, more than 210 000 people were fully employed by the solar industry.Since the commencement of solar, there has been a total of 320 GWp built. Within the next two years, this total capacity will be increased.

Moreover, in the mid-2016, the total number of solar panel installed and running globally is approximately equal to 320 GWp (320 gigawatts peak, or gigawatt DC) and this is over 1 billion solar panels. In the next four years, there will be four times as many solar investments. The solar industry has employed about 2.7 million people globally. This includes all parts of the PV value chain from fabricating all the way through to O&M.

However, between 2014–2015, the solar PV was very competitive in the world markets especially places with abundant sunlight and high electricity tariff (like California, Hawaii, Australia, etc.). This positive reinforcement creates a condition in which the total solar PV capacity doubles every 24 months.Moreover, PV technology does not need government support because the solar is the cutting-edge technology. The lower price even created a huge demand for solar power in the developing countries and the demand reduced its price, thus making solar more competitive.

Where are we going?

Knowing where we stand is very easy; because the data is wide open, and the facts speak for itself but forecasting the future is not very easy. Moreover, the present dispensation does not support climate change and also not promoting eco-friendly energy sources. Therefore, people are worried about the future of the solar sector.

In Conclusion, future of solar energy is bright, and it will soon dominate the world energy sector because its rapid growth. Moreover, the solar industry itself will look a lot different. It will be more similar to the IT industry: i.e., more efficient, faster, and scalable.