Lack of Consumer Awareness Must be Addressed in Emerging Technologies in Solar Power Market, Says Fairfield Market Research Falling prices of renewable energy coupled with consumer preferences for cleaner sources and government mandates have allowed the solar power market to shine. In 2019, the cumulative installed capacity of solar power was more than 600 gigawatts (GW) with 20% additional capacity planned during the forecast period. The emergence of newer technology that can reliably generate solar energy should boost the demand for photovoltaic solar power cells. Solar power generation consists of the entire process from component manufacturing to the installation, operation, and maintenance of the unit. Solar power generation necessitates expert consulting to effectively harness solar energy in addition to sizeable financing – a prerequisite in the solar power market. Get a Sample Copy of the Research Report: https://www.fairfieldmarketresearch.com/report/emerging-technologies-in-solar-powermarket/request-sample Urgent Need to Balance Energy Demand-Supply Mismatch to Benefit Solar Power Market Solar power is usually at the top of the list when it comes to preferred sources of renewables and this is backed by robust government support and large subsidies. The acquisition and maintenance cost of solar power systems has plummeted in the past two decades but a further drop is needed to make it gain universal acceptance. As emerging economies modernize, the mismatch between energy demand and supply is only anticipated to grow and the need to overcome this will become more pressing. R&D is Critical to Minimize Costs and Spur Adoption in Solar Power Market However, certain factors inhibit growth in the emerging technologies in solar power market. The power output derived from photovoltaic cells is low and cannot suffice in large-scale industrial, commercial, or residential projects. In addition, there is an overall lack of awareness about the emerging technologies in solar power market and only a small portion of high-end residential consumers actively consider it. The vast majority of industrial consumers rely on crude oil or natural gas to satisfy their energy requirements. Other renewables such as tidal, wind, biomass, and hydroelectric energy possess substantially higher potential than solar power. To combat this, companies are investing huge sums in R&D to bring costs down in the emerging technologies in solar power market.
Emerging Technologies in Solar Power Market - Global Growth, Share, Trends, Demand, Analysis 2025
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