As the world strives to tackle the challenges of global warming, greenhouse gas emissions, environmental pollution and fossil depletion, solar power has emerged as one of the most viable and promising sources of renewable energy to tackle the problems. The future scope of solar energy is a rapidly rising sector in India.
India has risen to become one of the world’s most attractive renewable energy markets, thanks to strong government support and an improving economic position. The government has created numerous regulatory provisions, programs, and a favourable atmosphere in order to attract international investment and swiftly expand the country’s renewable energy market.
From a meagre 10 MW solar energy producing capacity, India’s solar power capacity has grown at an exponential rate. This massive leap can largely be attributable to lower costs and rising demand for solar installations, which has been aided by favourable government regulations. The Indian government boosted support for the solar industry by announcing an increase in India’s solar capacity target to 20 GW by 2022, which was met four years ahead of schedule. Apart from this, a capital subsidy of INR 150 billion was announced as a preliminary support to accelerate market growth.
The Solar Revolution
The solar industry in India and around the world is quickly growing, and solar energy adoption is at an all-time high. To meet this burgeoning need, several key initiatives are being undertaken to facilitate this change. Several intriguing new technologies are either in the pipeline or are already available in the market, and they are expected to have a positive impact on the industry in the future. This trend has prompted several Indian companies to increase their capacity for manufacturing solar modules, solar module mounting structures, solar power packs, solar generators, solar inverters, and other solar-related products, as well as providing world-class land-based solar EPC and Solar rooftop solar EP services.
Future Trends of Solar Technology
The future scope of solar energy and solar industry’s in India and around the world appears to be bright and exciting. While existing solar technologies have progressed incrementally, researchers around the world are working on a variety of initiatives such as bio-solar cells, solar paints, wireless solar power transmission, and solar energy harvesting trees. These cutting-edge technologies, although are still a few years away, yet they are all set to transform the future energy dynamics of India and the world. Let us analyze some of the major trends that could drive this industry for the next 3-5 years and beyond:
1. Easy Accessibility
New technological advances in the coming years promise to increase the efficiency of the solar power system so they are better at converting energy in sunlight to electricity to meet energy goals. Years from now, we are likely to see various alternatives to silicon appearing on our solar farms and rooftops that will lower the number of expensive materials used in the construction of solar cells. On-going research may soon lead to bifacial modules, which allow panels to gather solar energy from both sides.
2. Lower Costs
Solar will become even more affordable in the future years as technology advances. The solar sector has very clear cost-cutting roadmaps in place for the future, with solar costs expected to halve by 2030. Solar might very possibly become the most important source of energy for electricity production in a major area of the planet by 2030. This will also benefit the ecology and combat climate change.
3. Digitalization
Digital transformation heralds a huge array of benefits for all players in the power ecosystem. Digitalization will be the driving force of solar power success in the future decades. From production and infrastructure to end-user devices, all aspects of the solar power system will be digitalized in the future. Power generation and delivery will be streamlined and continuously improved with the use of digital tools. Digitalization of PV assets and processes will increase the market’s overall value of solar energy. It will also provide the necessary insights and integration that solar projects will need to operate in a profitable manner in an increasingly competitive market.
4. Artificial Intelligence (AI)
As new technologies arise to suit the expanding needs in the solar energy business, one major trend to watch out for is the use of artificial intelligence diagnostic ability to monitor a transformer’s health and optimize performance in solar power systems. Soon companies in this industry will deploy machine learning methods to identify and track potential threats. AI also has the potential to play a significant role in weather modelling, analysis, and prediction.
5. Floating Solar Photovoltaic Plants
A floating solar photovoltaic (FSPVs) plant, as the name implies, is a solar PV installation system that is built on a floating structure over a body of water, often an artificial basin or a lake, is referred to as. Besides advantages of zero land requirements, floating solar PV modules produce around 10% more power than land-based/rooftop solar systems. There is immense potential and scope for floating solar photovoltaic plants (FSPV) future in India, as highlighted by a study conducted by The Energy and Resources Institute (TERI).
6. BIPV Solar Technology
Building integrated photovoltaics (BIPV) refers to photovoltaic structure materials that merge seamlessly into the architecture of a building, such as roofs, canopies, atriums, facades, and skylight systems. It provides a long-term and cost-effective solution for improving the building’s energy efficiency, resulting in significant electricity cost reductions and a zero-carbon footprint.
Conclusion
In the immediate future, solar will attain the status of an economical cost of energy that will make it unmatched in comparison to fossil fuels in many places of the world. With the adoption of these novel technologies, the future scope of solar energy in India and world-over appears to be extremely positive and exciting. Moving forward, solar power will be the mainstream power source for most of the world’s population. Given how simple and quick solar is to install, not to mention how versatile it is, solar installations will continue to rise in the future decade. A whole new era of power awaits!
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