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Trends in the Solar Market - Demands in Renewable sector Increases
The proliferation of solar energy culture isn’t stepping back despite the United States facing a 30% levy on the solar energy tariff. Yuri Horowitz, the CEO of Sol Systems, predicts that the solar industry will finance and build $25 billion worth solar energy assets in the US alone. The renewable energy sector is quite successful due to ongoing technological advancements and massive support from the public and scientific community.
The development has helped utility-scale PV manufacturers grow across the globe. Various projects taken up by solar energy enthusiast countries are diversifying the sector with new ideas. The upgrades begotten from the diversification is motivating the companies to expand beyond domestic markets.
The forecast of photovoltaic power demand shows promise as there will be a 28% increase in the demand within four years. Currently, the worldwide solar photovoltaic demand is 85.4GW. By 2022, the same will be 110.1GW as a niche market has been created following 2016, when the solar energy sector mapped various countries low on power infrastructures as shining opportunities.
Greentech Media, a subsidiary of Wood Mackenzie and a research consultancy group, has released a report where they have assessed the global utility solar PV landscape. In the report, they have highlighted the top 15 international solar PV and utility developers that are pushing the evolution of solar energy generation in the world.
The top 15 companies that Greentech Media Research has profiled are:
- Adani Renewables (India)
- Canadian Solar (Canada)
- EDF Energies Nouvelles (France)
- Enel Green Power (Italy)
- Enerparc (Germany)
- Engie (France)
- Equis Energy(Asia)
- First Solar(USA)
- GCL New Energy (Hong Kong)
- Lightsource (UK)
- Marubeni (Japan)
- Neoen (France)
- Total (France)
- Scatec Solar (Norway)
- SunEdison (USA)
India has seen a considerable amount of investment in the solar energy sector since the government has increased its electrification drive across the country. Along with Adani Renewables, Tata Power has contributed more than 13.6GW of solar power installations. Vinod Adani, an administrator of Adani Renewables, expects solar PV capacity to grow to 3GW by 2020.
China has the most photovoltaic capacity currently with 77.4GW. Japan and Germany are runner-ups with 42.8GW and 41.3GW of cumulative capacity respectively. While the generation capacity is boosting almost exponentially, solar energy needs a better alternative for storage as batteries are too costly and limited. Lithium-ion batteries marketed by Tesla is a widely used storage option, but it has to keep up with the ever-increasing photovoltaic capacity of the global solar energy scene.
