Ultra Efficient Solar Power Market to Record an Exponential CAGR by 2024
Solar
energy is one of the rich renewable resources in the world that can
be categorized in terms of the wavelengths that determine infrared,
visible light and ultraviolet. The total of solar energy incident on
the earth’s surface is nearly 1.5 × 1018 kWh/year. This amount is
approximately 10,000 times the present annual energy consumption
globally. Solar energy can be converted into electrical energy
through a device called as solar cell which converts photons, present
in solar rays to direct current. Solar power plant requires less area
than any other energy source power plant. Doubling the efficiency of
solar devices can help in completely changing the economics of
renewable energy and that can be possible with the help of ultra
efficient solar power plants. This technology can resolve the major
issues such as increasing energy demand and pollution as a result of
growing population by maximizing the amount of energy created.
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Ultra
efficient solar power market can be segmented on the basis of
material and technology of solar devices. The material market is
further segmented into two types; organic material and non-organic
material. Solar devices made of non-organic materials include cadmium
telluride (Cd-Te), copper-indium diselenide (CIS) and copper-indium
gallium diselenide (CIGS) solar cells and organic material cells
include organic PV (OPV) and dye-sensitized solar cells (DSSC).
Depending on the technology solar power market is sub-divided into
three types; crystalline (c-Si), thin films and concentrated PV. A
globally used crystalline PV cell is a thin-wafer, combination of
thicker layer of boron-doped (P-type) silicon and a very thin layer
of phosphorous-doped (N-type) silicon.
Growth
of industrialization has increased the importance of solar energy and
ultra efficient solar devices. Solar energy is one of the most
feasible alternatives to conventional energy resources that can
contribute as a solution for growing environmental pollution. Growing
environmental concern as a result of government regulations and
depletion of conventional energy resources are few main driving
factors for the ultra efficient solar power market. For the promotion
of ultra solar power plants, governments of many developing countries
are providing subsidies. Seasonal and fluctuating nature of solar
radiations is a largest restraint for this market, however ultra
efficient solar power technology can perform in a better way in
future to overcome this restraint. Many regions are conducting
research for the development of alternative energy resources.
Therefore, this rise in renewable and environment friendly energy
demand can foster the growth of ultra efficient solar power market.
The
regional segmentation of global ultra efficient solar power market
can be done on the basis of consumers that frequently use solar
energy which is produced domestically. Major consumers include China,
Brazil, Canada, US, Russia, Norway, India, Japan, Venezuela and
Sweden where Germany and China are some of the largest producer of
solar power. Asia Pacific is one of the developing regions with the
growing population where government and many companies are providing
subsidies for solar power market growth. The ultra efficient solar
power plant is expected to observe a modest growth during the
forecast period because of increased demand of renewable energy
sources. Many developing economies such as China, India, Brazil,
Canada and Germany have invested a huge amount in the installation of
upcoming ultra efficient solar power plants.
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Some
of the major companies are Sunway, Yingli Solar, First Solar,
Renesola Limited, Tata Power Solar System Limited, Intel, Abengoa
Solar SA, Motech Industries, Inc., Areva, Canadian Solar Inc.and
Solarworld AG.
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