Study says Solar Energy would Lead by 2050
As per the latest study by Deutsche Bank, Solar energy is to dominate other traditional energy resources, like fossil fuels, in terms of production and usage by 2015. The report stated that in the coming 20 years, solar energy market will grow ten times whereas electricity market would only be double its current size. The solar industry will also be generating cumulative revenue of $5 trillion.
More Findings as per the Study
The study finds that solar energy penetration will be more in the world, as much as 30%. Also, more developing countries would invest and expand more on solar energy resources, for example countries like India. The country has recently announced that, by 2022, it is targeting 100GW of solar capacity and is working towards the target.
Potential for Solar Storage
It is said that price reduction in storage would lead to more countries adopting solar energy resources than depending on traditional energy. Researches are on the way to see if it is possible to solar energy storage and access it on the outbreak of natural calamities. Recent incidents across the globe have shown that people are more affected without energy for usage during natural calamities.
The researchers also share that it is possible for people to disconnect from power network during natural calamities, which is another benefit of storing and using solar energy. It is possible to isolate houses from power outrage that would keep them safe, yet let them work smoothly because of the stored solar power.
Reduction in solar power panels has attracted many buyers. But the recent price cuts in batteries have also increased the interest in buyers for opting solar power panels. The demand is only predicted to be growing in the coming years as the continuous drop on battery prices are between 10 to 15 percent. More home owners might invest in buying battery for their solar panels.
All these signs point towards a solar power revolution in the world, with both developed countries and developing countries opting for renewable energy resources for growth. Tapping solar power for countries like Australia and Africa would be the most viable option as both countries have got open landscapes and ample amount of sunlight reception. Like any other initiative, what is required the most is support from the respective government bodies and, of course, the right amount of investment, both from local and foreign investors.
With the solar power storage option, now widely thought about and promoted, energy crisis may only remain a nightmare that has passed by. As more and more countries view solar power as a viable option for managing power issues, clean energy is becoming a more familiar concept in people’s minds across the globe.
It is interesting to see that many Governments in developing nations like India and Bangladesh are supporting the usage and promoting the idea of solar energy panels and other alternative methods. Not only would this aid in saving traditional energy resources, this would also give rise to the idea of clean energy, without any carbon emissions.