Ultra Efficient Solar Power Market to Undertake Strapping Growth | 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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Ganesh Rajput

As one of the lead news writers on CMFE News, Ganesh’s specialization lies in the science and technology domains. His passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Ganesh’s take on the impact of digital technologies across the science, technology, and business domains gives his writing a fresh and modern outlook.

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