How Tech Advancements are Spurring the Growth of Solar Energy

The threat of climate change has prompted the urgent search for an alternative, clean source of energy. Governments have been investing in renewable energies like wind, hydroelectric, and tidal, but one source is emerging as the most cost-effective and efficient form: Namely, solar energy.

Solar energy has had a remarkable evolution. In recent years, the industry has hit some key milestones, with widespread installations, falling prices, and technological advancements abound. These factors have pushed the market into increasing prominence. Within the next five years, solar will overtake hydroelectric as the leading form of renewable energy, earning its place as the future of sustainability. BCC Research has predicted the global market for solar power technologies to reach $371.7 billion by 2027, growing at a CAGR of 15.3% from 2022-2027.

Factors making solar energy the fuel of the future

Solar energy has emerged as the best source of energy for the future. Some of the key reasons for its success include:

• Availability: Unlike conventional sources of energy, solar energy is a renewable source of energy that is abundant and freely available in nature. The sun provides a continuous flow of energy that is converted by solar panels to produce electricity.
• Low operating cost: Converting sunlight into electricity does not require any fuel and has no leased or variable cost, which makes the whole process of generating electricity incredibly cost-effective.
• Clean source of energy: Unlike the burning of fossil fuels, solar energy is a clean source of energy. Generating solar electricity doesn’t release greenhouse gases into the environment, mitigating any harmful impact on the environment.
• Reduces electricity bills: Installing solar panels reduces the dependency on electricity from the grid, meaning electricity bills end up being far lower than usual.
• Versatile installation: It’s easy and simple to install solar panels. They can be installed in both horizontal and vertical spaces as well as remote locations, meaning they can provide electricity where it would have otherwise been difficult.

Recent technology advancements in solar panels

Without some significant technological leaps, the market for solar PV panels wouldn’t be where it is today. But as the population continues to grow, more innovation is required to match increasing demands.

One recent advancement was made by Chinese PV module maker LONGi. In 2022, the company achieved a power conversion efficiency of 26.5% for a gallium-doped, p-type heterojunction (HJT) solar cell based on an M6 wafer. The cell also achieved a fill factor of 86.08%.