Why The Future Of Solar Energy Looks Bright in 2023?
Solar system installation and solar projects have been on the rise for the past decade but the unprecedented epidemic of 2020 halted the growth of solar industry. The project installations were decreased by a big percentage. In the pre-pandemic years, the development of solar energy sector has been constant and so was expected to go for the year 2020 as well but the global epidemic of Covid-19 got the better of us and a new war of survival started.
Future of Solar Energy
The entire global frenzy about surviving the coronavirus made us realize one thing that if we will not commit all our resources to counter the environmental problems, we will be in a deeper ditch than we are now. The experts claimed that if this environmental degradation goes on for the coming few decades, the human survival will become extremely difficult. This led to an increasing favor for investment in solar energy systems which is the reason why experts believe 2023 to be a better year for the solar industry. Today we are going to discuss the reasons because of which the Future of Solar Energy.
Growth of Solar Industry
The International Energy Agency (IEA) anticipates an increase of around 43% in solar installations. more than the pre-pandemic scenario. The agency suspects the solar projects to produce over 920 GW in capacity. The reason for this growth in the number of projects includes increasing awareness of the benefits of solar energy and the decreasing cost of acquiring solar systems.
Another shows that the solar industry has although suffered from the pandemic but the growth has been resilient as compared to other businesses and the industry will rise again in the post-pandemic world of 2023. Another positive sign that points towards increase in solar projects in 2023 is that the supply chain management that suffered gravely from the pandemic has been restored. Comparatively the current supply chains are better equipped to counter any such problems that may arise because the pandemic is still not over. Solar companies in Pakistan have also learned a great deal of lessons from the lockdown and are better prepared to tackle any such situation in the future.
The Decrease in Solar Cost
The price of solar energy products has unquestionably gone down over the previous decade. As new enhancements in advances guarantee to expand proficiency, solar products keep on getting less expensive, particularly in sunnier areas where it has just gotten the most minimal rate. Given that solar energy is promptly accessible and sustainable, it is conceivable that by 2030 solar power could turn into the principal source of energy for power creation in the world. The rate at which the solar industry is developing, soon it will become phenomenal in contrast with petroleum industry, which will positively the climate and environmental change. Solar systems are simple to install and are likewise entirely adaptable. Solar energy has the flexibility to power something as little as a watch or as extensive as a city. The solar industry has clear cost reduction designs set up, which ought to permit solar cost to be divided by 2030. It is foreseen that silicon solar cells will keep on diminishing in price and be introduced in enormous numbers. The world will see a decrease in solar cost, which will increase the solar projects. The price reduction will as the competition in the solar industry will lead to better quality products at lesser prices.
Advancement of Solar Technology
Solar tech has developed rapidly over the past decade because of the competition in manufacturers to give the best products to the customers. The first solar panel had only 6% efficiency while the ones being produced today are as efficient as 24% which is expected to develop in the coming years more swiftly. Similarly, the solar inverters have reached up to 99% efficiency. Floating solar farms, solar roads, and electric cars will become the norm with the progress of Solar Technology. These advancements clearly show the bright future of solar energy.
The Decreasing Dependency on Fossil Fuels
Since the industrial revolution, humans have been depending on fossil fuels for energy production, they have been using combustibles to produce fire. Centuries of neglect and unrestricted use of these fossil-fuels have degraded the environment gravely. Today, the situation has reached its worst and will keep on deteriorating if we are not considerate of our environment. Terrestrial and aquatic animals have suffered a lot because of human activities such as GHG emissions, pollution, deforestation, etc. As mentioned above, the environmental condition has degraded to a point that if nothing is done about it, we will face a bigger threat to human existence.
Considering all these facts, the and this is one of the reasons that the investment in solar energy is increasing exponentially. There are three major reasons solar energy has taken a lead over other sources of alternative energy.
- Solar energy is readily available
- Solar systems are easy to install and do not require vast constructions
- Solar systems are affordable
Solar energy installations have increased because of the intention to reduce dependency on fossil fuels and the augmented concern for environmental safety.
No Crystal Ball
The solar industry has suffered like other industries, but the damage was not so grave because it concerns the survival of humanity based on environmental protection. This noble cause is the reason for the solar industry’s survival in the pandemic and growth in 2023 that has led solar experts to believe a major incline in the solar system installations. The time will show us what happens in the future, but the forecasts for 2023 show a brighter future.