Sun is known to be the ultimate “green source of energy” and undoubtedly the most powerful Renewable Energy source. The solar energy market is expected to outreach $422 billion by 2022, which was a $86 billion market in 2015. The tremendous growth in its market expansion clearly hinting at the solar energy to be the upcoming energy revolution in 2020.
Solar Energy will be the Reason of Energy Revolution in 2020
There are a number of benefits of solar energy. Solar energy defines the a number of factors which made it one of the most convenient way of producing energy and heat without harming nature or devouring natural resources. Solar energy is non-polluting, inexhaustible energy source that avoids global warming. It reduces use of fossil fuels and energy imports. Along with it, this renewable energy generates local wealth and jobs and contributes to sustainable development. Interestingly, this is one of the limited energy sources of the world which is capable of large-scale electricity generation as well as a small scale electric and heat production in the areas which are isolated from the energy network radius. The adaptability of different situations is one of the most prominent factors of solar energy which have made it the reason behind it becoming the leading edge of energy revolution in 2020.
Solar Energy Trends in 2020
The photons of the sunlight can be converted into solar thermal energy or electrical energy through solar panels. Right now, there are two main types of solar energy technologies which are known as solar photovoltaic and solar thermal. The solar photovoltaic technology directly converts sunlight into electricity, while the solar thermal technology harnesses the heat of the sunlight.
As per the latest report, the global solar thermal market will register a CAGR of 5% by 2022. The global residential solar PV systems market size is also expected to grow by $266.18 billion by 2022.Jeff Kilmer, a member of the North American Board of Certified Energy Practitioners and an expert on Solar Energy, said that “Installing solar PV is the most reliable way to generate clean energy through carbon reduction.”
Though the price of solar energy has diminished in the years, it is still a costly expenditure. Solar panels are less efficient, and solar systems do not even occupy a large amount of energy. This issue arises as solar panels are static and are unable to capture the Sun’s rays.Scientists are working to improve the capacity of solar panels. As technology is progressing, solar energy companies can generate a large amount of energy by making it an economical source to produce fossil fuel energy.
Solar energy defines a futuristic source of household supply of electricity and heat.One can call these the solar energy advantages as well!
Electronic items have become very common for everyday use. Solar-powered Flashlights, solar-power heaters, solar-power chargers are charged by exposing them to sunlight. The top products where solar devices can be used are in tablets, music speakers, cell phones, solar dryers, rechargeable flashlights, solar air conditioning, freezers, flashlights, thermostats are all getting manufactured to use solar energy for charging and heating.
For Outdoor and Rooftop Lighting:
Perhaps the most direct approach to improving home productivity is to add outdoor sunlight lighting to household resources. Solar radiations are not harmful and it is the most futuristic way to keep the domestic use of electricity more convenient and efficient. The increasing demand are helping in decreasing the electric bills and improving the proficiency of the home.
With such a large number of astonishing contraptions and gadgets accessible, it’s barely noticeable the most significant utilization of solar energy is the rooftop. In rural and urban areas, buildings and homes have roofs that obtain sunlight. They are excellent sources for harnessing solar energy and converting it into electric power.
Solar Energy Generation Methods
Solar energy can be extracted in several ways. Being one of the richest source of heat and electricity the process varies with the need. Here is a list of the methods for solar energy generation
A PV system consists of solar panel, inverter, mechanical and electrical hardware which utilizes solar energy to generate electrical energy. PV systems come in varying sizes. The solar panels convert the energy of the photon into electric energy, and the process is called the photovoltaic effect. The solar panel, when connected with other panels, produces a large amount of solar energy. To make the energy-efficient, the inverters convert DC to AC. The AC generated is either transferred to the electric grid or utilized to power electronics.
Passive Solar Energy
Passive Solar energy is generated when sun rays fall on a surface of an object, and the object suck-up the heat. It can be used in homes to reduce the electricity bill and provide heating as well. The building design plays an important role in utilizing passive solar energy. The windows and walls of the building are made that they cautiously manage the energy requirements. Passive solar energy uses windows, walls, roofs, and floors to supervise the heat generated.
Solar Heating and Cooling
Sunlight energy can be tackled more proficiently when contrasted with commercial areas and small premises. Solar heating and cooling methods accumulate the heat from the Sun. They utilize the energy for space heating, supply hot water, and cooling for industrial and business applications. These solar heating and cooling devices considerably turn down the dependency on fuels.
Solar Thermal Electricity
Solar thermal power systems collect sunlight to create a high temperature to produce electricity. They have a large number of collectors to forward heat to the generator and turbine. The most significant edge of the solar thermal electricity system is; it possesses the potential to store the generated heat which can be utilized in the future. The challenge associated with this method is that it is mostly dependent on weather conditions and the time when no solar energy is available.
Process of Storing Solar Energy in Batteries
With the rise of solar power, another renewable technology is evolving: solar batteries, which are used to store solar power for future use. Tech giants such as Tesla and Panasonic are creating cells to install with solar panels for solar energy storage. The large quantity of solar energy can be stored in batteries with higher capacity. By installing a solar battery, we can save excess electricity generated rather than transferring it to the grid. The excess energy is used in charging the battery. In this case, one can use the already stored energy for night use. Another advantage of using solar batteries is it works as the back-up power when there is a power cut in a residential area.
In Electric Power Generation
Solar energy is converted into electricity by photovoltaic cells. A single photovoltaic cell can generate an energy of about 2 watts. Due to the less intensity of solar radiation, large and expensive solar cells are needed to create more power. By assembling a large number of photovoltaic cells, hundreds of KW of electric power can be generated.
Future Demand for Solar Energy
The Sun discharges enough energy onto Earth each second to fulfil the whole human energy demands. Due to its easy availability, it has become the most convenient source of energy. The Sun is providing our planet with enough energy to carry out our everyday activities. However, due to solar panels installation, the industry is all set to break the records in the future.
In recent years, the expenses related to sunlight based cells, the structures fit for converting light energy into power, are evenly diminishing. The prediction is future arrangements for solar energy will rely vigorously upon the world economic situations and coherent strategies.
According to Bloomberg, solar is being marketed as a cheaper solution for the 1.1 billion people who lack the access to electricity.
Though we have developed several technologies to tackle the infinite power of the Sun and stored for future use, solar energy is an expensive attempt, and the techniques required to generate solar energy are exceptionally costly. Scientists are still making efforts to discover efficient and cost-effective solutions for deriving solar power.
In recent years, we have seen development in price, performance, and business models with the installation of solar panels. Researchers predict that by 2020, solar energy will become affordable than conventional electricity generating sources. The solar energy trends provide deep insight into how this technology will support your business to stay competitive in the market.