Will Green Energy Oust Nonrenewable Energy In The Near Future?
Market Expertz | February 06, 2019
As the realization of the deterioration of the climate is sinking in, the world has begun the transition into renewable energy. Solar panels are produced on a large scale and the market seems to be mounting. More and more countries are aiming for energy efficiency. The global scenario of renewable energy capacity indicates that the total production may even surpass 200 GW this year. Several companies are investing in ‘clean energy’, including tech giants Google and Amazon might venture into the area of efficient energy by the year 2020 to back their home-based electronic equipment. Solar energy is being used to power innumerable organizations all around the world and solar panel production is undergoing increasing demand. China, the United States, and India are taking the lead in the green energy revolution.
China aims to produce more than 35% of global energy until the year 2022. Jinko Solar, the Chinese manufacturer has tested its new n-type TOPcon (Tunnel Oxide Passivated Contact) solar cells and have recorded a 24.2% high efficiency. The company has become a leading module manufacturer after its shipments accounted up to 11GW in 2018. India’s renewable energy production has delivered a CAGR of almost 20% in the period of four years until 2018. The market is expected to attract an investment of more than 75 billion USD. China-based Trina Solar is a major supplier of rooftop solar panels in India and also one of the leading companies in the production of Photovoltaic Solar Panels. Being founded in the year 1997, the companies shipments add up to almost 11GW till the year 2014.
In December 2018, Cincinnati became the 100th city in the U.S. to set a goal to move to 100% renewable energy. First Solar, an Arizona-based company, uses thin-film panels as opposed to silicon panels used by other manufacturers. If the decision to implement a tariff on U.S.' solar imports is affirmed, the other companies that use silicon will have a higher selling rate which might in turn negatively impact First Solar on the market, even though the thin-film factor gives it the exclusivity it needs.
Australia has addressed the possibility of functioning entirely based on renewable energy in the near future. Since most of the renewable energy products are imported from China, the country's need for them will further boost the productivity of many Chinese companies. Most of the leading companies in the field of solar energy are Chinese demonstrating the dominance of the same in the industry. The spread of awareness relating to clean energy along with every country’s wish to be a part of the revolution is creating an ever-growing market of renewable energy products and further reducing the demand for non-renewable energy sources. For detailed analysis and reports on the renewable energy market, please refer to the reports hereunder: