Top 4 Trends in the Solar Energy Sector

Top 4 Trends in the Solar Energy Sector

Energy CIO Insights | Monday, December 16, 2019

Organizations are slowly moving away from conventional energy sources and adopting renewable energy sources such as solar energy. Thus, organizations have to look out for trends in the sector.

FREMONT, CA: International Energy Agency forecasts that by 2022, the capacity or renewable electricity will increase by 43 percent. With new energy start-ups sprouting daily and several power projects, the generation of solar power has witnessed a significant increase in the last few years. The energy sector uses two types of solar technologies: concentrated solar power (CSP) and photovoltaics (PV). While CSP uses the heat of the sun to generate thermal energy, PV uses sunlight to generate electricity. As innovation in electricity generation advances, the solar power sector will grow further. Here are a few trends in solar power in the coming years.

• Decreasing Costs

Customers view solar power as a feasible option as the technology is available at affordable rates. The price of PV solar technology has decreased by 62 percent since the year 2009, and it will continue to reduce in the coming years. Organizations have to reduce the prices to stay relevant in the market. Meanwhile, China and India are disrupting the solar power space by being the leading innovators furthering improvements at a lower cost.  

• Artificial Intelligence

The implementation of artificial intelligence and machine learning is one of the emerging trends in solar energy technology. The complex algorithm assists organizations in understanding the needs of the businesses and evolving, along with the trends in solar power energy. Start-ups with new and inn

Top Solar Energy Technology Companies

ovative software are helping shape the future of AI and ML implementation in solar energy technology.

• Increased Number of Jobs

The renewable power sector employs around 9.8 million employees globally each year, according to the International Renewable Energy Agency (IREA). Energy companies need professionals in the industry, and jobs like technicians for wind turbines, solar power professionals, and PV installation experts are already high in demand. A shortage of workforce can harm many corporations. Thus, businesses are seeking professionals who can handle solar power-related tasks. 

• Commercial use of Solar Power

Organizations find solar power to be more economical and easy to use. Organizations can get an edge over their competition, especially in terms of cost management, price reductions, and cost-cutting with the help of the latest technological solar equipment. Several energy companies are planning to implement solar power to perform better in the market. Businesses in the U.S. are investing in solar power to keep the environment safe and clean.

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