Solar power is one of the fastest-growing sectors of the global energy market. The market for photovoltaic solar energy has enjoyed an average growth rate of about 40 percent over the last few years although growth figures for 2009 have stalled due to the impact of the global financial crisis. However, as concerns about climate and energy supply issues are on the forefront of international politics, support for expansion of the solar energy business is strong.
Two main market segments:
GRID-CONNECTED
With further cost decreases combined with economic subsidies, solar power has become economically attractive for grid-connected private homes and offices. Today, grid-connected solar power is by far the largest and fastest growing segment. The three key market sub-segments are: residential, commercial and power plants/utilities.
Solar energy is rapidly becoming a valuable supplement to the traditional sources of electricity that are feed into the electricity grids.
OFF-GRID
The first commercial use of solar cells was for powering satellites in the 1960s. With decreasing cost, solar energy systems have become an attractive alternative energy source in areas outside established electricity grids. Private homes and cabins, lighthouses, remote pumping stations and telecom network installations are prominent examples.
Fossil fuel use is threatening the future of our planet and all life on it. According to latest reports on global warming, the average global temperature will be 2 degrees Celsius higher in 2050. And this is a conservative estimate, contingent upon a range of initiatives. More pessimistic, and maybe more realistic estimates, point toward 3 to 4 percent or even higher temperature increases. Rising temperatures are changing landscapes, eliminating wildlife and altering weather patterns. These and other impacts will become more severe if alternative sources of energy are not rapidly developed and commercialized.
The growth potential is particularly strong for solar energy. It is abundant and renewable, and can contribute to replacing diminishing fossil fuel resources over the long run. Solar energy production entails no greenhouse gas emissions or noise during its operation. Solar modules have no moving parts and will last for several decades without maintenance requirements.