Today, we're going to look at the solar power market. The solar power market is growing with the demand for renewable energy sources.
As per a report in precedence research in 2021, the global solar power industry was valued at $197.23 billion US dollars. And by 2030, it's estimated to reach nearly $368.63 billion.
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Welcome back to Borates Today.
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Today, we're going to look at the solar power market.
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The solar power market is growing with the demand for renewable energy sources.
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As per a report in precedence research in 2021, the global solar power industry was
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valued at $197.23 billion US dollars.
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And by 2030, it's estimated to reach nearly $368.63 billion.
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Solar power is becoming an appealing option for many households and businesses.
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Not only does it reduce dependence on fossil fuels, but it also provides a
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reliable source of renewable energy that can help lower the cost of electricity.
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With countries like China and the US leading the way in research
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and development, solar technology has advanced far beyond what
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was possible a few years ago.
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PV or photovoltaic panels and CSP, concentrated solar power systems, are the
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two main ways to capture solar energy.
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PV panels use photovoltaic cells to convert light into electricity.
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Recently, boron doping in Silicon has gained much interest due to its
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potential application in solar cells.
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It aids in the maximization of solar energy.
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Boron is also environmentally friendly because it helps break down organic
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matter, such as algae and plankton.
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These organic materials are known as environmental bioproducts and boron
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can break them down before they're discharged into the environment.
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CSP, or concentrated solar power systems, concentrate sunlight onto a receiver that
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produces heat, which can further generate electricity or provide cooling solutions.
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In the market, what are the solar energy market drivers?
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Solar energy systems are highly efficient cost effective, and
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have low environmental impacts.
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The systems employ the use of boron for an anti-reflection
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coating and increased efficiency.
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Governments worldwide are increasingly providing incentives and tax breaks
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to encourage the installation of solar panels, which will help combat
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rising environmental pollution.
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Modern solar cells require much less water than the traditional
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counterparts, which makes them a great choice for power generation.
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With rooftop installations becoming more popular and more applications
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in the architectural sector emerging, the demand for solar
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cells will only continue to rise.
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In addition, using solar power towers and parabolic troughs for electricity
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production provides further impetus for the solar energy market growth.
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All of these factors combined to make the solar energy market a booming
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industry with huge growth potential.
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Let's have a look at some of the insights into the solar power
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market according to the report.
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By technology, the photovoltaic systems segment led the worldwide
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solar power market, accounting for roughly 70% of the market in 2020.
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In addition, PV systems can vary in scale from portable systems or
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small rooftop generation to huge utility scale generation plants,
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which contributes to the high market requirements for PV systems.
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As for CSP systems, this will be the most opportunistic sector
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during the period to 2030.
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Because of the enormous demand for solar energy to segment is the fastest growing.
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In terms of applications, the industrial sector led the global solar
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energy market in 2020 by contributing more than 35% of market share.
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This is due to the booming industrial sector and low cost
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renewable energy, which have created enormous growth opportunities
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for solar power applications.
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Another segment is the residential segment.
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This is a fast growing sector due to increased customer awareness
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of solar power monitoring and environmental advantages.
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By region, Asia Pacific dominated the global solar energy market contributing
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more than 30% market share in 2020.
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Asia Pacific is responsible for over half of the world's population and
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offers a large consumer base, and China, India and Japan are the leading
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countries in solar energy utilization.
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In addition, other factors responsible for soda market growth in Asia Pacific are
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increasing energy demand with appetite for consumption, travel and lifestyle
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experiences driving growth, as well as increasing internet penetration,
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urban expansion, increasing disposable income and high smartphone adoption.
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Another sector that will grow rapidly is North America.
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The United States is the most prominent country in the region and accounts
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for most solar energy consumption.
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In addition, enhanced access to digital technologies, higher purchasing power,
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increased internet penetration, and enhanced adoption of smart devices
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are among major factors driving North American solar energy market growth.
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For a deeper dive into the solar power market, we recommend the
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Precedence Research report, which is highlighted here.
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And that's all from Borates Today.
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We hope you enjoyed this quick look into the solar power market.
