New countries have launched their missions to get into the gigawatt club, which made the solar industry one of those industries to be taken seriously by the ministry of various nations. According to solar reporters, the net valuation of solar plants stayed at a dismal 20 Gigawatts in 2009; while it increased leaps and bounds and is now valued at 600 Gigawatts.
A lot of countries, right from Saudi Arabia to Pakistan, and even Malaysia have entered the foray and have emerged as one of the budding solar markets. They have now joined the so-called “gigawatt club”. The OECD, which is also known as Organization For Economic Cooperation and Development has reported that there have been auctions going on in their 44 member countries. Considering the external part of the OECD, a cumulative project of 180 Gigawatts has been on in 120 countries, with the finishing targets set at 2025,” as reported by the Greentech Media.
Well, to be frank, the rise of new markets has brought in some new challenges for solar. One of the issues included the risk of offtake finances to power-purchase agreement renegotiations. This problem was found extensively in South Africa and India. In addition to it, rock-bottom auction prices in the Middle East nations had set some unrealistically low price expectations from the government and solar third party, which made the market more challenging in those nations.
What Did 2010s offered the solar industry?
Expectations were defied as solar outwitted the 500 GigaWatt target at the end of 2019. Germany was one of the nations where 52 percent of the global solar installation was accounted and was the only country to install
At the beginning of the last decade, Germany accounted for 52 percent of global solar installations and was the only country to install more than 1 gigawatt of solar annually. Running forward to 2019, this positive stigma expanded to around 16 countries globally where 1 Gigawatt of solar-powered energy was derived. China, like in every scenario, initially lagged behind the other nations accounting for only 2 percent of the global solar installations. Eight years later, not only it is one of the leading producers of solar products (especially residential), but The Guardian claimed it has a stronghold over half of the market.
The immense success rate of solar enraged governments to introduce subsidies, which for a brief period, saw a dip in solar prices. The investors and the third parties eventually got away with the so-derived boom and bust fluctuations due to the introduction of the feed-in tariffs and competitive auctions. Now, this enabled policymakers to exercise the deployed rates, which in turn turned the gloom economy of the solar factories.
With the culmination of new decades, solar PV projects and markets across the globe had developed solar without any kind of government support which indicates the progress made in the past 10 years, forming the backbone of the solar industry.
Some new applications to look forward to in 2020
With increasing oil prices and pressures from organizations like SAARC and NATO, the solar industry will be now presented with an opportunity from the extractive sector where activities like mining will be curbed to increase the economy as a whole. Companies will now turn into PV systems as a cleaner and cheaper alternative.
Companies are aiming to get paired with hybrid solar systems to increase choices for a number of applications. ZunRoof, a Gurgaon based solar startup have recently emerged as one of the emerging and leading companies in the solar industry which will provide solar companies stiff competition in the near future. However, pairing PV will not only decrease carbon emissions but will decrease the company expenditures considerably.
Thus, the solar industry is expected to increase exponentially with the recent trends companies are putting up.
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