Rapid launches of novel project to spur the demand for solar energy solutions

The global solar energy market is expected to rise in the coming future, especially after the increase in awareness regarding sustainable sources of energy in developing countries such as India and China and active steps taken by developed regions such as Europe to reduce the carbon footprint and greenhouse gas emissions.

Across the world, the solar energy market has witnessed lucrative opportunities to grow due to government incentives & tax rebates offered to those who install solar panels. An increase in rooftop installations of solar panels and preferences for applications of solar panels in the architectural sector motivate market players to grow. The modern generation is more environmentally aware and believes in living a sustainable life where renewable resources are trusted.

As per the research report published by Allied Market Research, the solar energy market is predicted to reach $223.3 billion by 2026, exhibiting a CAGR of 20.5% from 2019 to 2026.

As far as the Asia-Pacific solar energy panel market is concerned, developing economies such as China and Japan have largely increased the manufacturing of solar technologies. The Indian government has launched a new project, Solar Rooftop Yojana in collaboration with various state governments. This scheme aims to generate 100 GW of solar power by 2022. Out of this, 40 GW of energy will be generated through solar rooftop systems. The opportunity for the growth of the solar energy sector in India is evident from the commitment made at the recent COP26 Summit in Glasgow. India plans to fulfill 50% of its energy requirements from renewable energy by 2030. Such schemes motivate businesses and investors to be innovative and perform research activities in manufacturing smarter solar energy equipment.

Major market trends in the global solar energy industry:

One of the prominent trends visible in the solar energy market is agro-based businesses that are joining hands with solar energy services providers to build sustainable processing and storage facilities.

ETG Agro India, one of the largest processors and marketers of pulses processing sector has associated with Yellow Door Energy, the UAE-based sustainable energy solutions provider. Under this association, more than 700 solar panels will be installed across 3,100 sq.m of roof space to meet up to 85% of the energy needs of the ETG facility in Dubai.

Another significant trend is the adoption of solar energy by cities to promote decarbonization. Recently, Ithaca became the first city in the USA to start decarbonization of all 6,000 of its buildings. The city decides to depend on solar energy to fulfill its electricity needs rather than relying on fossil fuel consumption.

The market growth is driven by factors such as innovations taking place across the solar energy market. Advanced technologies created in the market such as solar windows, thin-film solar, microinverters, solar clothes, and infrared spectrum solar panels are expected to boost the market growth by serving users creatively and cost-effectively.

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