Australia, 17 February 2023: With the advancement in modern technology, the global solar market has a prosperous future. In 2021 the global solar market size was valued at USD 167.83 billion in 2021. As a result, the global solar power market is projected to grow from USD 234.86 billion in 2022 to USD 373.84 billion by 2029. Besides, the growth of the solar power industry is expected to exhibit a CAGR of 6.9% within the forecasted period. The growing consciousness about solar power and related products is the driving force of the growth.
Latest Developments and Breakthroughs in Solar Power Industry
In just a few years, the solar industry has come a long way. The latest innovations in solar power have resulted in technologically advanced gadgets that can efficiently track the sun from east to west throughout the day. Besides, there are solar power plants that work at night without the sun. The following are the latest developments and breakthroughs in solar power that act as the driving force of growth in the solar power industry.
Solar-Powered Cars
Vehicle fuel such as petrol is one of the primary reasons for air pollution and contributes to carbon emissions. Solar power tried to figure out this problem by introducing solar-powered cars. These solar-powered cars are a groundbreaking technological advancement in the solar power industry. A solar cell at UC Berkeley converts solar energy into electricity, thus ultimately powering the car.
Solar Cells
Solar cells are the most remarkable solar breakthroughs in the industry. Solar cells have led to a 31.6% conversion rate from solar energy to solar current. It's one of the significant advancements that support other modern innovations.
Night Time Solar Plant
The rigorous research and innovation have led to the unveiling of a new solar power plant that can effectively produce electricity at night in the absence of the sun. California's Mojave Desert is one such solar farm, and it consists of a field of solar panels which are placed on steel stilts. There is a battery system that stores energy from the solar farm during the day and is then used to produce interrupted electricity at night. Such nighttime solar plants are revolutionizing ideas and are interesting scientific breakthroughs in solar energy.
End Note
With more industries looking forward to alternatives to grid-based electricity, the solar power industry is set to make rigorous progress. However the solar power industry has come a long way, yet it has to cover more miles to explore and use solar power to its full potential. In the near future, solar power will overpower other non-renewable and polluting sources of energy. Even people are becoming more conscious about the planet and manifesting greener earth by transitioning to solar energy. "Solar Engine" is the name to trust if you are willing to install solar engines and panels in your home and workplace. Feel free to know more about us and explore our solar products through our website https://www.solarengine.com.au.