In this article, we’ll take a look at what our society will be like in 2025 and how solar power will fit into the picture.
Working solar power industry has become popular in recent years, and it’s no wonder why; renewable energy sources like solar are good news for the environment, so people want to support it as much as possible! But what will the future of solar power look like? In this article, we’ll take a look at what our society will be like in 2025 and how solar power will fit into the picture.
The solar power industry has grown exponentially over the last decade due to a combination of rising electricity costs, government incentives and falling technology costs. The industry is expected to continue growing steadily, increasing its market share towards total global energy use as it matures. This guide will cover what you need to know about getting into solar power research and manufacturing. We’ll start by giving you an overview of all sectors from today through 2025. In each section we provide growth rates for key metrics like production capacity and cost per unit (revenue) so that you can get a sense for how quickly things are moving. Finally, we give you some recommendations on where to focus your attention based on projected trends along with some resources that can help with your research process. Enjoy!
What are the Challenges?
While solar energy is cost-effective and renewable, it has a few drawbacks. The main issue is that it’s weather dependent; while solar panels can produce electricity even on cloudy days, they don’t function very well at night or during cold weather. It also requires land to install a large amount of panels, which cuts into valuable farming space. As with any new form of energy production, solar poses issues for both consumers and utilities: for one thing, many states still have laws preventing consumers from selling power generated by their panels back to utility companies.
In recent years, solar power has undergone a tremendous growth that is projected to continue well into the future. The energy generated by solar panels today is just a fraction of what will be produced over the next decade. A report from BLS projects that new technologies and innovations will help create an industry worth more than $8 billion by 2022. As costs come down and markets expand, there is little doubt that renewable energy sources like solar are becoming more attractive for both individual households and businesses alike. According to a recent report, however, we are only beginning to scratch at surface level of true potential for solar power; analysts predict that it could be used to generate as much as 20% of total world’s electricity supply within 15 years.
Trend towards Decentralization
With technology advancing and becoming cheaper and cheaper, many developing countries are deciding to put solar panels on their roofs. This decentralization means that instead of relying on a few massive power plants, we’ll be able to rely on millions of smaller plants. Because solar panel prices are continually dropping, by 2025 it will only cost about half as much as it does today to produce your own electricity from photovoltaic panels installed on your roof. This trend will make our energy supply cleaner and more distributed while having no impact whatsoever on our monthly bills. That sounds like a win-win situation to me!
Solar Power Market Outlook
Based on individual segments, the solar market is segmented into solar photovoltaic cells, inverters, and monitoring equipment. The global solar market is further segmented by technology type into crystalline silicon (c-Si), thin film and concentrated photovoltaic (CPV). By applications, it is divided into residential and non-residential power generation. Based on geography, global solar market is analyzed across five regions: North America, Europe, Asia Pacific excluding Japan (APEJ), China and rest of Asia Pacific (RoAPAC) with significant shares from Latin America (LATAM) region. By country level analysis includes major countries in each region including U.S., Canada, Mexico, Brazil, Germany etc.