Solar energy is awesome. Plants have known this for eons, and humans are starting catch wise, and realize that our terrestrial flatmates might be onto something with this whole ‘sun as energy’ thing.
But as some of you may have noticed, people are not plants and translating sunlight into something more useful poses a bit of a challenge.
Luckily, what we lack in chlorophyll, we make up for in science! Specifically, solar energy technology like solar collectors.
At a very basic level, these collectors capture solar energy and convert it into useful thermal energy, which is then used to heat water and air, and to generate electricity.
In a solar power plant, electricity is generated by heating a fluid, which is used to drive a turbine connected to an electrical generator.
Solar energy is an exciting new (ish) source of renewable energy that governments and businesses are jumping to harness. The popularity and potential of solar as a clean energy source is driving growth in the Global Solar Collector Market at a CAGR of 24.9 percent from 2014-2019.
TechNavio analysts have taken a look at the top trends expected to bolster the market and help it sustain this growth over the projected period.
Better Power Storage
Energy storage is one of the key issues faced by the renewable energy sector. Bigger, better batteries are available in the market, and PV inverters have gained popularity as a way to enable power grids to supply power continuously, with fewer interruptions.
Smart grids and PV inverters are now being incorporated into solar grids, which has transformed solar collectors from simple power generation tools to the brain and heart of the solar power system.
Employment Opportunities in the US and Europe
There has been a massive shift in focus from nuclear energy to renewable energy in countries like Germany, Italy and Poland, which has increased the employment rate considerably.
In fact, Germany has decided to completely phase out nuclear power by 2022, opting instead to build several new solar thermal plants during the forecast period, which will increase the labor requirement and create new jobs.
Similar trends can be seen stateside—as of 2013, there were around 139,442 jobs created in the US related to solar energy, which was an almost 20 percent increase from the previous year. The sector also experienced a growth rate that was 10 times faster than the overall economy in the same year.
Any sector that creates jobs has a tendency to win the hearts and minds of both governments and the general population, which will help cement solar power as a force to be reckoned with in coming years.
Shift from Fossil Fuel to Clean Energy
Humanity, as a population, is still woefully reliant on fossil fuels for energy. However, these resources are finite, their extraction can contaminate an ecosystem past the point of recovery, and they’re bad for the environment and for our health.
Solar energy practically looks like Mr. Clean next to the grungy mess that is fossil fuels. While the upfront costs for solar collection can be high, this is offset by the fact that the source is free and finite, which is making solar energy the poster child for the future of power generation.
