The earth receives enough sunlight to fulfill the global energy demand. However, harnessing this abundant source of energy is something man has failed to do over the years. Recently, though, spurred by the depleting reservoirs of fossil fuels and growing acknowledgment of the damage caused to the environment by fossil fuels, the solar power market has come to the fore and is now a major part of the global energy generation dynamics.
Supportive Government Regulations Propel Global Ultra-efficient Solar Power Market
Governments all over the world are waking up to the potential of solar energy to reduce the supply-demand deficit in power supply. As conventional fuels are becoming increasingly scarce and thus costly, alternative energy sources such as wind and solar have sprung up and have been supported fruitfully by several governments such as China, India, the U.S., Canada, Germany, Norway, Sweden. The steady support given by these governments has been vital in enabling the expansion of the ultra-efficient solar power market. Continued support in these and other countries such as Brazil and Russia is expected to be crucial in boosting the global ultra-efficient solar power market in the near future.
PDF Sample for Emerging Market Trends
Developing countries are promising areas for the ultra-efficient solar power market. The rampant urbanization and growing industrial sector in countries such as China, Brazil, India, South Korea, Russia, etc. have forced these countries to look for alternative means of energy generation. Ultra-efficient solar power represents the best possible option for these regions in the coming years.
Research into Thermal Energy Storage Beneficial for Global Ultra-efficient Solar Power Market
The major restraint on the ultra-efficient solar power market at present is the unpredictability of sunlight. Solar cells, however efficiently they may convert solar energy into electricity, are of no use when sunlight is not available. However, the ultra-efficient solar power could receive a shot in the arm due to the strong rise of the thermal energy storage industry in recent years. Advances in thermal energy storage could allow ultra-efficient solar cells to keep on providing electrical energy even when sunlight is absent.