Solar Power Generation Systems - Forecast 2018-2025, Key Trends and Market Innovation

The global market for solar power generation systems is forecast to register great growth during the marked forecast period 2018 to 2025. In the total electricity production, the renewable energy market contributed around 18.79%, out of which as of 2018 the solar energy’s contribution stood at 5.44%. The good news for solar module manufacturers is that the PV segment is known to have dominated the market share in the previous year.

Certain factors that are driving the market study are encouraging policies by the government of different countries and declining cost of setting up solar module systems. Between 2010 to 2015, we saw a clear decline in the price of solar technologies which is about 52%. This reason has been encouraging people to harness solar energy through solar technologies and that has become one of the biggest drivers in the increasing adoption of solar PV in the country.

Moreover, factors such as the dire need to pay attention to environmental issues like greenhouse gas emissions, fluctuating fossil fuel prices, increasing industrialization, awareness programs, beneficial policies by the government, etc. are making ways for the utilization of solar energy for the power generation. Besides this, using solar power has helped industries and companies reduce their electricity bills to a great extent; the visible benefits of harnessing solar energy is an encouraging fact that triggers the growth of solar power generation systems. Also, solar panel manufacturers in India are making new developments and innovating their technologies to make it more efficient.

India is blessed with the availability of solar irradiance in abundance throughout the year. The increasing innovation and awareness create opportunities to exploit solar energy from the potential sunniest sites like Gujarat, Rajasthan, and Andhra Pradesh. Combining the aforementioned factors with the extensive R&D taking place in the Indian market shows signs of growth in the solar energy market in the country.

Global Market Segmentation Analysis

The global market for solar power generation has segments based on product type, product application, and the region. The type includes stand-alone systems and grid-connected solar power generation systems. According to the latest report, the grid-connected system is anticipated to witness considerable growth. On the basis of end application, it has industrial, residential, and commercial segments. As per the report, the industrial segment is set to mark a decent growth and dominate the application segment of power generation systems in the coming years.

Key Trends in India at a Glance

• India is witnessing and is forecast to witness the increasing demand for Solar PV.

• India is endowed with great solar energy harnessing potential due to abundant solar irradiance. The average solar incident over the land in India ranges between 4-7 kWh per day. This shows greater chances of solar power-sharing a decent share in the energy production of the country.

• As compared to other conventional energy sources, solar energy is becoming inexpensive. Owing to the innovations in the solar sector that has led to declining prices of solar PV. With anticipated developments in solar technology and increased import of panels from Europe/China (countries that produce solar power system at considerably cheaper rates), the capital costs at lower levels are expected to stabilize. As a result developers or investors in solar power are expected to improve the commercial viability of solar developments in our country.

• With the government creating awareness for solar installation and providing subsidized solar panels installation, the solar PV installations are anticipated to increase in the forecast period.

ABC’s of Solar PV Modules

Today, with non-renewable energy sources facing threats of extinction, there has been a growth in the demand for harnessing renewable sources. The rising demand for using solar power for energy needs is significant the world over. This, in turn, has fueled the advancements in the R&D of solar PV technology. Today, the technology for harnessing solar energy is seeing improvements in quality, efficiency, and versatility. The technology has advanced a lot from the monocrystalline solar panels of the 1950s. Today, the monocrystalline solar module manufacturers are selling advanced solar PV modules to both homes and industries that are using solar power for energy requirements.

What are solar PV modules?

You must be aware of the working principles of solar cells. In case of a PV module, there is an array of solar cells for converting solar energy into electrical energy. In a PV module, the solar cells are connected in the form of a series to increase the output voltage. In any typical PV module, there are typically 60 to 72 solar cells connected in a series. Approximately, 36 solar cell modules are required for industry standard large power production.

What would a typical solar PV module look like?

If you purchase from the top solar PV modules manufacturers in India, you will find that the module will be encapsulated with tempered glass or some other good quality transparent material. There is also a protective waterproof material on the back surface. The edges of the modules you will purchase will be sealed as well with weatherproof materials. In the back you will find a junction box, wire leads, and a system for providing electrical connections.

If you choose PV modules from the best solar PV modules manufacturers in India, those are extremely safe and reliable products. A reputed manufacturer will also guarantee high performance and minimum failure rates. Good quality modules have a service lifetime of around 20 to 30 years. However, while purchasing you need to check the warranty information and testing details.

Choose Best Solar PV Module for Your Home

Solar Photovoltaic (PV) is a technology which converts sun rays into electricity. Lubi solar is the best solar PV modules manufacturer which can give you benefits to reduce your electricity bill and low maintenance cost.

Cost of generation of solar power

The cost of generating solar power depends, inter alia, upon intensity of radiation, size of the solar plant, cost of financing, etc. The tariff for solar power is now being determined largely through tendering process. For installation of rooftop solar PV projects, the Ministry of New and Renewable Energy (MNRE) has worked out benchmark cost as follows:

• Upto 10 kWp : Rs. 60,000/- per kW
• 10 kWp – 100 kWp : Rs. 55,000/- per kW
• 100 – 500 kWp : Rs. 53,000/- per kW

The Ministry of New & Renewable Energy is implementing Grid Connected Rooftop and Small Solar Power Plants Programme, wherein, Central Financial Assistance (CFA) is being provided for installation of rooftop solar PV plants in residential, institutional and social sectors. The CFA is upto 30% of the cost arrived through tender process or the benchmark cost prescribed by MNRE, whichever is less, in case of general category states/UTs and upto 70% in case of special category states/UTs.

This information was provided by Shri R.K. Singh, Union Minister of State (IC) Power and New & Renewable Energy in written reply to a question in Lok Sabha today.

Link Source: http://www.saurenergy.com/mnre-ministry-of-new-and-renewable-energy/cost-of-generation-of-solar-power

Three ways a Solar Power Panel brings more value to your business

Every business needs electricity, whether it’s arecent startup or an industry pioneer and the need of electricity is ever increasing with technology upgradation taking place every moment. Hence, a generator is required which can give unlimited energy to meet every future need. Indefinitely, sun is that unlimited recourse which is being referred to here. To use this energy, we need solar power panel manufacturing industry. Elon musk once said ‘We have this handy fusion reactor in the sky called the sun, you don't have to do anything, it just works. It shows up every day and produces ridiculous amount of power’.

One day, a company decided to grab this opportunity and thus started Solar Power Panel Manufacturers claiming it to be a futuristic business. It is expected that India would generate 100 GW of solar capacity by 2022 and this would lead to an increase in solar panel manufacturers in India. It has its own set of benefits for the businessmen, as follows:

• Decrease operating cost: Solar power helps to reduce cost and thereby increase profit. With electric energy cost increasing day by day (some would even say- more than inflation), installing solar power panels would significantly reduce the electricity cost for the firm and also help to forecast more accurately. It would also decrease the per unit cost of electricity which would help the business to generate more profit. It proves to be a full-proof one-time cost with long-term benefits to reap.
• Environmental and Investment benefit: Annual return on investment of the solar power is another reason to gain your interest. Within five years an organization can earn back their investment amount with minimal risk. So it is approximately 20% of return on investment and it also helps saving tax by deducting depreciation. Companies taking loanfor the business are provided with interest deduction benefit. Lease is a good option for the same, as it also proves to be a gain. Ultimately, the environmental benefit is a known factor. 1 kilowatt energy is equal to 1 ton of carbon emissions and company gets extra benefits from the government in the form of subsidies for leading the society towards sustenance.
• Income from the Sun: After establishing the solar power panel, the organization can sell the extra electricity generated to power stations like torrent. Ever felt grateful for the Sun? Try asking the Solar Panel Manufacturers in India about the same.