The Solar Industry Aneesh Madala
Solar Energy is the cleanest and the most efficient source of energy in the world.
Approximately 173,000 terawatts of solar energy reach the Earth every day. This is
more than 10,000 times the worlds daily energy use and it makes solar energy the
most abundant form of energy. There are three main ways to harness solar energy:
photovoltaics (PV), solar heating and cooling (SHC) and concentrated solar power
(CSP).
Photovoltaic technology generates power by using solar panels to absorb sunlight and
convert it into electric energy through semiconductors such as silicon.
SHC technologies collect thermal energy and use the heat collected to provide hot
water, space heating and cooling, powering fridges etc.
CSP technologies use mirrors to concentrate the suns energy into traditional steam
engines or turbines to produce electricity.
The Solar Industry involves the production and management of solar energy.
The Solar Industry has a great potential considering the depletion of fossil fuels in the
near future. It is estimated that the solar power market size would be worth 373.84
billion by 2029. Technological advancements, rising electricity costs and increasing
concerns regarding fossil fuels and their carbon footprint is expected to set the market
course in a growing direction.
The International Energy Agency (IEA) has stated that over 446 gigawatts of PV had
been installed during the year 2023 alone and that PV shipments were an increase of
100% from 2022. Solar energy accounts for nearly 6% of total energy usage in the
world.
Solar Electricity Generation
2010-2023
2022
2020
2018
2016
2014
2012
2010
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%
Percentage
© Statisica 2024
The government of India is committed to increase the use of solar energy. Solar power
in India is one of the fastest growing industries and it has overtaken multiple
developed nations such as the United States of America and has become the 2nd
largest solar power market and the 5th in solar PV deployment across the globe. The
installation of solar power plants in India has the lowest capital cost per megawatt at
around $500,000 USD. Solar Energy represents 17% of India’s installed power
capacity. The National Institute of Solar Energy (NISE) estimated India’s solar energy
potential to be 748-gigawatts peak. India shares 42.26% in the total installed capacity.
India has set a target to reduce the carbon intensity of the nation’s economy by 45%
by 2030.
Inter-governmental organizations such as the International Solar Alliance (ISA) and
the International Renewable Energy Agency (IRENA) promote and facilitate the
utilization of solar energy and the investment into solar technology.
The Solar Industry has greatly impacted job opportunities in countries such as the
USA. Solar Jobs grew nine times faster than the overall US economy. Every 1/100
new jobs were solar jobs.
Solar electricity is one of the few efficient low-carbon sources of energy and it has the
opportunity to grow into an extremely large-scale industry in the near future. Recent
years have seen rapid growth in this sector; increasing efficiency and decreasing
prices of PVs have spurred the investment of residential and commercial solar systems
by close to 5% globally in the last 13 years. New discoveries such Perovskite can
prove to further mature this industry and promote solar energy and a clean and reliable
source of energy.
