The meaning of SOLAR is Sequential Oligogenic Linkage Analysis Routines. Solar power is created by harnessing the sun’s energy and converting it into thermal energy, i.e., heat, or by generating electricity using photovoltaic cells in solar panels and transparent photovoltaic glass. There are two kinds of technologies utilized to create solar energy market. The first is a photovoltaic system, and the second is a concentrated solar power system. The typical photovoltaic solar panels are the most efficient photovoltaic application. Photovoltaic glass generates electricity from surfaces such as windows and structures. Concentrated solar power market uses many lenses or reflectors to collect more thermal energy from the sun. This accumulated energy is then transferred to molten salts or oil that retain heat to boil water for steam. Throughout the night, turbine generators were running.

Solar power is the most sustainable and environmentally friendly kind of energy, converting the sun’s energy into thermal or electrical energy. The potential for solar power is enormous because the Earth receives almost 200,000 times the world’s daily electric producing capacity from the sun every day. The usage of solar electricity is restricted in many regions due to the high cost of energy collecting, conversion, and storage. Solar power market, unlike fossil fuels, produces no harmful greenhouse gas emissions, which helps to lower the carbon footprint and protect the environment from pollution.

Investment in SOLAR Energy

Countries aiming to meet green energy targets are increasing their investments in the solar industry. Globally, an energy transition is urgently needed to keep the increase in average global surface temperature to less than 2° Celsius. As a result, the installation of renewable energy sources will skyrocket in the coming years, resulting in market boom. The transition from fossil fuels to low-carbon solutions will be critical, as energy-related CO2 emissions account for two-thirds of all greenhouse gas emissions. The introduction of new energy targets by various governments to stimulate a move toward sustainable energy has had a positive impact on market size. Brazil, for example, wants to obtain 42.6% of its primary energy supply from renewable sources by the end of the decade

Solar Energy Applications

• 15%-30% water heating

• Because solar energy is more efficient, it is used to replace electric and gas heaters.

• Swimming pool heating: To keep the pool warm, solar blankets are utilized. A solar water heater is another alternative for keeping the water heated.

• Cooking: Food is prepared using solar cookers.  A solar cooker consists of a raised heat sink that allows food to be properly cooked when placed within.

Advantages of Solar energy:

• Clean: It is considered the cleanest kind of energy because it emits no carbon dioxide, unlike fossil fuels, which is one of the causes of global warming.
• Renewable: As long as the sun survives, there will be plenty of energy available on Earth.
• Reliable: Because the energy is stored in the batteries, there is no unreliability, reduction in utility costs, because free energy is easily captured.

Drawbacks of Solar Energy:

• Production is low during the winter and on cloudy days
• Installation and initial material costs are high
• The space consumption is greater

Some Government Policies:

Various government programs have been announced in recent years to boost the solar energy portion of India’s future renewable power generation mix. According to the Ministry of New and Renewable Energy, by February 2023, the solar industry would have reached its peak.

In 2022, energy will account for 66.70 GW of installed capacity. The national wind-solar hybrid policy of the Ministry of New and Renewable Energy (MNRE) provides a framework for developing big grid-connected wind-solar PV hybrid systems. These solutions will reduce the unpredictability of renewable energy generation and improve grid stability while making the greatest use of available land and transmission infrastructure.

Other programs launched during the previous three years by the Ministry of New and Renewable Energy (MNRE) include the Solar Park Scheme, the 300 MW Defense Scheme, and the 500 MW VGF.

In December 2022, the Delhi government approved its Solar Policy 2022 plan. The installed capacity is expected to increase from 2,000 MW to 6,000 MW by 2025, according to the plan. The city of Delhi’s new solar program calls for the installation of 6,000 MW of solar capacity by 2025. This will result in three years; solar energy will most likely increase its proportion of Delhi’s yearly electricity demand from 9% to 25%.

Regional Analysis:

In 2021, Asia Pacific dominated the global market, accounting for roughly 59.51% of sales. In terms of revenue, East Asia topped the Asia Pacific regional market in 2021. The region’s strong product demand is a result of the region’s need to lessen dependency on traditional sources of electricity and the presence of established businesses constantly producing better offers.

The Middle East and Africa region is predicted to develop at a substantial CAGR from 2022 to 2030 as a result of increased investments in renewable energy by the region’s countries. Because of the high installation costs, the region has a limited uptake of solar energy.

Among the other regions, Asia-Pacific is the largest consumer of solar energy. In 2022, it held more than two-fifths of the global market share. According to the BP Statistical Review of World Energy 2022, solar energy generation in Asia-Pacific was 466.8 TWh in 2020 and is expected to increase to 581.6 TWh in 2021. For 2021, solar energy will account for 34.4% of total electricity output in Asia-Pacific.

Recent Developments

• Solaria will release the PowerXT 430R-PL (430-watt) solar panel in March 2022. The panel will be built with next-generation Module-Level Power Electronics (MLPE). These devices can be added into a solar PV system to improve performance under certain conditions, like as shadowing. Micro-inverters and Direct Current (DC) power optimizers are MLPE devices used to increase the energy output of a solar power system.
• January 2022 – Canadian Solar announced the execution of a purchase and sale deal for the Recurrent Firefly Energy solar project with Appalachian Power.