As the worldwide transition to renewable energy persists, the solar photovoltaic (PV) industry is witnessing unparalleled expansion. Supported by noteworthy statistics, the solar PV sector has firmly established itself as a pivotal contributor to the shift towards clean and sustainable energy sources.
With this rapid transition, technology must also keep up. Solar technology for landlords has already seen impressive advancement in the technologies used, including Solar photovoltaics (PV) and floating solar farms. Discover more about the solar market and what to expect from 2024 in this article.
Why is Solar Technology Dominating the Market?
The worldwide emphasis on renewable energy has thrust solar power into prominence, positioning it as the most coveted energy source in the present era.
The desire to switch to solar energy sources is increasing, and its trajectory suggests further expansion in the years ahead. Solar power stands out as the most abundant, renewable, reliable, and eco-friendly energy option currently available. The solar industry’s notable expansion is propelled by technological breakthroughs and government incentives.
Solar Market Insights Report
In 2022, the global solar energy market reached an estimated value of around £67.8 billion and is anticipated to expand to approximately £161.9 billion by 2030. This growth is underpinned by a compound annual growth rate (CAGR) of roughly 11.5% projected between 2023 and 2030. The driving forces behind this surge include technological advancements, decreasing costs, and an escalating environmental consciousness.
As of May 2023, the United Kingdom boasts a solar capacity of 15.1 GW across 1,334,453 installations, reflecting a notable increase of 6.4% (911 MW) since May 2022. This marks the most substantial annual rise observed since December 2017. The UK solar power market is categorised by end-users into residential, commercial and industrial, and utilities.
Looking ahead, the National Grid envisions a substantial fivefold surge in solar PV generation within the UK, catapulting from 14GW to approximately 70GW by the year 2030.
The Accelerating Growth Prospects of Solar Energy in Developing Countries
Solar cells prove especially apt for developing nations as they offer a sustainable, environmentally friendly energy source that can be utilised in remote regions lacking access to the conventional electricity grid.
People in developing countries are actually already benefiting from Solar Energy! The Board of the African Development Bank recently gave the green light to a project – a 30 MW Solar Photovoltaic Plant in Dekemhare, backed by a fund of US$49.92 million. The goal? To empower the local community with cleaner and more affordable electricity.
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What Does the Global Consumption of Solar Energy Look Like?
Based on Our World in Data, the average per capita solar energy consumption in 2022 was recorded at 432 kWh.
In a pleasantly sunny turn of events, Australia claimed the top spot for solar energy consumption per capita in 2022, boasting an impressive 3,868 kWh per person. Trailing the sunlit path were the Netherlands, Japan, Israel, and Chile.
How Much Solar Capacity Does the UK Have?
In 2023, information from Solar Energy UK indicates that the United Kingdom’s overall solar capacity has reached an impressive 15 gigawatts (GW). Furthermore, the sun’s impact on our energy scene is on the rise, with a noteworthy addition of 0.952 GW of solar PV capacity across the UK between June 2022 and June 2023 alone.
2024 Solar Technology Trends
With the U.K. energy sector shifting from a reliance on fossil fuels to an increased dependence on renewable energy sources, solar technology has experienced rapid advancements. Here we dive into some of the most impressive solar technologies that we believe will be prominent in 2024.
Vehicle-to-grid (V2G) Storage Advancements
With the increasing prevalence of electric vehicles (EVs) and continuous progress in energy storage technology, the rise of vehicle-to-grid (V2G) storage is anticipated in 2024. V2G technology empowers you to utilise stored power from your electric vehicle’s battery to energise parts of your home during power outages.
The potential of V2G technology extends to the prospect of powering segments of your home using your EV, adding a new dimension of versatility to electric vehicles when they are not in use.
V2G Bidirectional Charging Abilities
One crucial element for the successful implementation of V2G is the incorporation of bidirectional charging capabilities in electric vehicles. Bidirectional charging enables the flow of energy both to and from your EV. As of 2023, some EVs, such as the Ford F-150 Lightning and Nissan Leaf, are already equipped with these capabilities, while others are in the process of adopting bidirectional charging. For instance, GM aims to integrate this technology across its entire lineup of EVs by 2026.
Innovations in Solar Energy Storage
Solar battery storage enables the retention of power during outages and facilitates the storage of solar energy for nighttime or cloudy periods*. Integrating energy storage is a crucial aspect of transitioning towards widespread adoption of renewable and solar energy. Researchers and scientists are actively pioneering new solar storage technologies for the year 2023 and beyond.
AI-Driven Solar Technologies
Through strategic integration of artificial intelligence, professionals in the solar energy sector can streamline project timelines, cut construction expenses, and improve overall project efficiency. Throughout the life cycle of a solar project,
AI applications can fine-tune energy output, concurrently trimming operational costs and managing risks. These developments mark only the early phases, and continuous exploration of AI-driven technologies is expected to unveil novel opportunities for innovation in the realm of solar power. Undoubtedly, as the solar industry matures and progresses, AI-driven technologies will illuminate fresh pathways for advancements in solar power innovation.