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Smart Solar Solutions: Plugging into the Future

Technology to make use of the forces of nature for doing labor to supply individual needs is as old as the first sailing ship. But consideration swung away from renewable sources as the industrial revolution progressed on the base of the intense energy found up in fossil fuels. This was compounded by the rising use of electricity based on fossil fuels and the significance of portable renewable energy means- solar solutions. As electricity demand escalated, with supply depending largely on fossil fuels plus some hydro power and then nuclear energy, concerns arose about carbon dioxide emissions contributing to possible global warming. Attention again turned to the huge sources of energy surging around us in nature sun, wind, and seas. There was never any doubt about the magnitude of these; the challenge was always in harnessing them to meet demand. Today we are well advanced in meeting that challenge, while also testing the practical limits of completely being dependent on solar power as an energy resource.

Smart Solar Solutions Market Overview

There are various factors resulting in the increased adoption of solar smart solutions. The market has enormous growth potential for the future and can act to reduce depletion of natural resources and help conserve the environment. The factors driving the market are listed below.

  • Depleting Natural Resources: The ever-growing energy demand from residential and industrial end users and depleting natural resources have resulted in the need to control the energy consumption and switch to more efficient and cleaner energy generation source.
  • Increased Government Support: Governments around the world are looking for cost-effective solutions and are encouraging the public by giving subsidies, shifting to green solutions, in turn, pushing the adoption of smart solar solutions. For instance, several policy measures have been set in place by MNRE to support the achievement of India’s 2022 solar goals.
  • Reduction in Carbon Emissions: Further, solar energy plays a big part in reducing carbon emissions and ensuring a sustainable energy future. It can be used for cooling, heating, lighting, electrical power, transportation, and even environmental clean-up. The global solar installed capacity was 227 GW in 2015, which rose to 305 GW in 2016, driven by the United States and China.
  • Providing Subsidies: The United Kingdom led Europe in solar growth, despite the cutting down of incentives for householders to fit solar panels. Germany, which moved several years ago to subsidize and build a solar industry, still retains the crown for total solar capacity.

Glimpse into the Future

The adoption of solar energy has transformed the global energy market in terms of consumption, installation costs as well as employment. The increased consumption has resulted in increasing demand and reduction of other energy consumption sources. The table below shows yearly analysis of the various factors concerning the market and the estimated growth pace for the upcoming years.

Average Annual Consumption (USD Billion/year)77114165192
Cost Of Electricity Consumption (USD/kWh)0.370.0850.080.05
Employment (Million)1.363.611.718.7
Total Installed Capacity (Gigawatt)3948028408519
Annual Deployment (Gigawatt/year)1794270372
Total Installation Cost (Million)46211210834481

The Future and Evolution of Smart Solar Solutions

Rising concerns about climate change, the health effects of air pollution, energy security and energy access, along with volatile oil prices in recent decades, have led to the need to produce and use alternative, low-carbon technology options such as renewables. Solar Smart Solutions has been one of the pioneering renewable technologies over the decades. The total installed capacity of solar energy as a renewable resource reached 480 GW globally (excluding CSP) by the end of 2018, representing the second-largest renewable electricity source after wind. The evolution of the solar smart solutions industry so far has been remarkable, with several milestones achieved in recent years in terms of installations, cost reductions and technological advancements, as well as establishment of key solar energy associations. Solar power will transform the global energy landscape by 2050.

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