FEBRUARY 20239TOP THREE TECHNOLOGIES IMPACTING THE SOLAR EPC INDUSTRYmost likely transform the future in terms of how we obtain energy. The three primary technologies through which solar energy is harnessed include solar heating and cooling systems, concentrating solar power and photovoltaic.PhotovoltaicPhotovoltaic devices generate electricity from sunlight directly through an electronic process. This occurs naturally in specific kinds of material known as semiconductors. However, electrons in these materials are freed by solar energy & can be induced to travel via an electrical circuit, that powers electrical devices or sends electricity to the grid. Photovoltaic devices can be used for powering small electronics that include calculators & road signs up to home as well as large commercial businesses. The price of Photovoltaics has dropped to a greater extent since the industry has scaled up manufacturing & incrementally enhanced the technology with new materials. Installation costs have also reduced with more experienced as well as trained installers. The United States has the 3rd largest market for Photovoltaics installations & is continuing to grow rapidly. Stop not Energy Technologies ­ one of the leading providers of solar power system design and installation companies, specializes in providing solar PV systems. The team of experienced solar technicians as well as engineers help its clients in rendering them with Stop not energy with high quality of workmanship at an easily affordable rate.Concentrating Solar PowerConcentrating solar power plants utilize mirrors for concentrating the solar energy for driving conventional steam turbines or engines which generate electricity. The thermal energy that is concentrated in a CSP plant can be stored & utilized for producing electricity when it is required, day or night. At present, roughly 1815 megawatts of CSP plants are in operation in the United States. The requirement for Rooftop Solar power plants is gaining immense popularity across a broad range of industrial, commercial as well as residential sectors owing to the relatively lower cost of investments & lesser complexities that are involved in setting up a plant.Solar Heating & CoolingSolar heating & cooling systems gather the thermal energy from the sun and utilizes it to provide hot water, space heating, cooling for residential & industrial applications. The ROI can be as little as three-six years. Also, commercial systems can assist firms in reducing & managing their energy bills, and long-term costs. In the meantime, fossil fuel prices fluctuate considerably & are anticipated to increase significantly over the next ten years.The Road AheadIndia's solar energy sector continues to grow rapidly & is forecasted to be one among the top solar markets globally in the near future. On the basis of preliminary numbers, solar installations in the second quarter increased, and this accounted for 11.2 percent of the total installed capacity when compared to 10.69 percent in Q1 2021. As per Mercom's India Solar Project Tracker, government agencies came up with tenders for 8.5 GW of solar projects in the Q2 of 2021. These figures were up to sixty per cent when compared to the same period last year when only 5.3 GW of solar tenders were actually being announced. The reason why the Indian solar market is an attractive destination for investors is because the country possesses a robust large-scale solar project pipeline. However, quality solar assets are highly critical for not just the government, but also the developers, investors & acquirers as well.The global solar EPC market is projected to reach $63.36 billion by 2028. The growing population in emerging nations have a direct impact on energy consumption & generation, globally. Power generation via renewable sources is one of the best possible replacements for conventional power sources with the rise in carbon reduction. Furthermore, the total cost of solar Photovoltaic is higher when compared to installing regular solar panels, and likely decreasing its acceptance in residential buildings where energy demands are lower, comparatively. Concentrating solar power plants utilize mirrors for concentrating the solar energy for driving conventional steam turbines or engines which generate electricity
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