With depleting fossil fuel resources, and the well-documented harm to the environment they cause, there has been a collective effort from all the nations to harness renewable resources of energy that are also eco-friendly. And now, the results are beginning to show. As per a recent study by a team from the Frost and Sullivan’s Energy and Environment, global investment on solar energy will be significantly more than that on coal, natural gas, and nuclear put together, in 2017.
Reduced Project Costs Enticing Adoptability
One of the primary reasons behind incremented adoptability of solar energy is reduced initial investments and efficient installation that begin ROI readily. Decentralized and intelligent energy systems have proven their worth, and the equipment prices of both solar and wind energy have declined in the recent past. This has enticed most modern constructions in smart cities to opt for solar to serve some of their energy demands.
India at the Forefront
China currently has the maximum revenue invested on solar energy, however, futuristically, India is the most lucrative country-wide market for solar energy, gaining aggressive encouragement by the local government. The World’s second largest population is also one of the fastest growing economies with phenomenal GDP. Europe, although a smaller region in terms of demand, have made investments for 73.4 percent power generation from renewable resources. Russia and the Commonwealth of Independent States (CIS), on the other hand, have decided to concentrate on hydro and nuclear power.
Solar Photovoltaic Gaining Maximum Demand
Among other segments such as cold-fired, hydro, nuclear, biomass, and wind, solar photovoltaic (PV) is gaining maximum demand. This is a reflection of declining costs of technology, better return of investment, and international agreements such as COP21.