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Solar Power Market to Touch $293.18 Billion by 2028; Promotion of Alternative Energy Sources by Governments Worldwide to Boost Market Growth: Fortune Business Insights™

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The global solar power market size is projected to reach USD 293.18 billion by 2028, exhibiting a CAGR of 6.9% during the forecast period. The market’s value stood at USD 170.55 billion in 2020, according to a report by Fortune Business Insights™, titled “Solar Power Market, 2021-2028”.

Incorporation of AI in Solar Energy Management to Brighten Market Outlook

Artificial intelligence (AI) has proliferated across a wide range of industries and is transforming the solar industry as well. Governments and private companies are increasingly utilizing the power of AI to optimize the operations of solar power plants and augment solar projects. For example, the US Department of Energy (DOE) has deployed IBM’s AI software for its SunShot Initiative. The software combines cloud information, sensor networks, and local weather stations derived from sky cameras and satellite imageries. In Australia, New Energy Solar announced in March 2019 that it will be using cutting-edge predictive technologies at its Manildra Solar Plant, in partnership with the Canberra-based solar forecasting vendor, Solcast. The introduction of AI in solar management is, therefore, creating massive opportunities for stakeholders in the solar industry.

Market Segmentation

Based on technology, this market has been divided into solar photovoltaic (PV) and concentrated solar power (CSP). On the basis of application, the market has been trifurcated into residential, non-residential, and utility. Among these, the utility segment led the market with a share of 34.8% in 2020. By geography, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 

COVID-19 Impact

The economic fallout of the COVID-19 pandemic is being experienced by multiple industries and with major economies undergoing unprecedented contraction businesses are going to take a long time to return to pre-pandemic growth levels. The solar power market growth is experiencing considerable setbacks as well due to supply chain disruptions and delayed projects, driven by social distancing measures and staggered lockdowns. As a result, the market displayed a low growth rate in 2020 and reached a value of USD 184.03 billion in 2021.

Highlights of the Report

The report offers a critical examination of each individual market segment, along with a piecemeal analysis of the factors driving and restraining the market growth. Further, the report also incorporates accurate projections of upcoming trends and opportunities in the market and delivers detailed research into the regional developments and competitive environment of the market.

Driving Factor

Increasing Research into Solar Power Storage to Boost the Market

Solar energy is at the forefront of renewable energy sources, owing to its abundant availability and high reliability. With their hearts full of hope, scientists are intensely engaged in researching the potential of solar power in providing sustainable energy for the world and curbing the worsening effects of climate change and global warming. For example, in March 2021, researchers at Duke University, USA discovered how the molecular structure of halide perovskites can help deliver the more favorable properties for wider solar energy applications. Another study conducted by scientists at the Linköping University in March 2021 found that the efficiency of solar cells can be improved from the current 33% to 40% by tapping a phenomenon known as singlet fission. The team also solved the problem of energy being lost during this process, a finding that can significantly augment the potential of solar cell technology. These researches are playing an instrumental role in deepening the presence of solar in energy generation and storage.

Regional Insights

Skyrocketing Demand for Electricity to Power the Market in Asia Pacific

Asia Pacific, with market size of USD 80.06 billion in 2020, is expected to dominate the solar power market share during the forecast period on the back of escalating demand for electricity in the region. The principal reason for this is the rapid economic development, mainly in India and China, which is creating a huge demand for energy in these countries. Moreover, ambitious clean energy targets by countries in this region are also set to produce enormously profitable opportunities for the market in the upcoming years.

In Europe, the main market drivers include the speedily rising number of solar farms in the continent, bolstered by favorable clean energy policies of the European Union (EU). In the Middle East & Africa, the initiation of large-scale projects for this type of power generation will propel the regional market.

Competitive Landscape

Expansion in Fledgling Markets to be the Top Growth Strategy for Key Players

Key players in the solar power space are embracing opportunities to expand their businesses in burgeoning markets, especially in tropical countries, where sunlight is received for long periods of time. This growth strategy is enabling companies to broaden their sales horizons, diversify distribution networks, and ultimately strengthen their global market presence.

Industry Development:

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Alternative Energy

Our 5-Step Process To Start Saving On Your Energy Bills Now – Alternative Energy Systems

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The first step to lowering your energy bills is very simple — all you have to do is give our team a call! We’ll come to your home or business and provide you with a free consultation and discuss your options for solar panels with an estimate. You can also visit us at our Chico showroom at a time that is convenient for you!

Our team can take a look at your utility bills with you to discover your precise needs. This will help us give you the most accurate estimate, and it will provide us with the info we need to make sure we provide your property with the right amount of power to meet your monthly needs.

Once we have outlined your needs, we’ll partner with you to design a custom solar system. No two homes or businesses use power alike, and your needs will vary from others. We will be sure to give you an affordable and well-designed system that can greatly reduce your monthly bills.

Once we have designed your system and coordinated all the appropriate permits with your local city or county, our team will get to work! Alternative Energy Systems will install your brand new solar system at your home or business.

The final step is another easy one! Once we have received permission from your utility, our team will activate your solar panels, and all you have to do is sit back and enjoy the savings! Once you are dependent on your own source of energy, you won’t have to pay the high premiums of your local energy provider!

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Alternative Energy

Pyrophosphate as an alternative energy currency in plants | Biochemical Journal | Portland Press

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In the conditions of [Mg2+] elevation that occur, in particular, under low oxygen stress and are the consequence of the decrease in [ATP] and increase in [ADP] and [AMP], pyrophosphate (PPi) can function as an alternative energy currency in plant cells. In addition to its production by various metabolic pathways, PPi can be synthesized in the combined reactions of pyruvate, phosphate dikinase (PPDK) and pyruvate kinase (PK) by so-called PK/PPDK substrate cycle, and in the reverse reaction of membrane-bound H+-pyrophosphatase, which uses the energy of electrochemical gradients generated on tonoplast and plasma membrane. The PPi can then be consumed in its active forms of MgPPi and Mg2PPi by PPi-utilizing enzymes, which require an elevated [Mg2+]. This ensures a continuous operation of glycolysis in the conditions of suppressed ATP synthesis, keeping metabolism energy efficient and less dependent on ATP.

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Alternative Energy

Alternative Energy: The Future is here

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The world is changing rapidly.

All of us were born and grew up in a world that needs to burn something to create energy, a “technology” as old as the Neanderthaler. Think of it, I am not sure when exactly fire was “invented” to heat the caves, but since that time humanity builds its progress upon that same chemical reaction.

Rapid oxidization.

One could argue that this one chemical reaction – the oxidation of materials under production of heat and or expansion – is – from the human perspective – nature’s most important chemical reaction. At least viewed from an economic standpoint.

Now what about those great German cars of the last 30 or so years with their magnificent engines?

Well, still something is still burned inside these machines and creates a combustion, which in turn pushes pistons. Gasoline in, a spark and off you go.

Still stone-age technology, albeit very much advanced and much more fancy.

But the Zeitgeist, and especially the limited resources of Mother Earth force us humans to find new ways to power and move our societies.

I would argue that these alternative energies are readily available. Many of them have for a long time, but needed advanced technologies to be harvested.

Alternative Energy: The Future is here

What is Alternative Energy?

So lets’ begin with the question of “What is alternative energy?” In the end energy is defined as a force being able to have an effect in this seemingly Newtonian world.

Definition of Alternative Energy

At least that is the kind of energy that our human daily lives are interested in: How to heat my home and get from A to B.

Bur for me there are more alternative energy sources than normally listed on websites dealing with this topic. I would argue that we also look at energies that come and go beyond our 3D, Newtonian world:

  • What about Magnetics?
  • What about gravitational energy?

To the best of my knowledge, both forces defy the “set in stone” laws of thermodynamics… they do not deplete. Otherwise Pluto would long have left or solar system and our Earth also would be uninhabitable, having left the perfect orbit around our sun.

So to me alternative energy consists of anything we can use directly or indirectly use to heat our homes or get us from A to B. We are looking here for alternatives to the burning of fossil fuels or trees.

And I do think we also have to leave our Newtonian worldview to advance technologically. Quantum Physics is “proven” and a fact but has nothing to do with the Newtonian worldview… except that the world of Newton, of objects moving to a heavenly body – stems from the Quarks and Neutrino of the Quantum World. So our world stems from the Quantum Physics world beyond.

As far as I know it is theorized that magnetism stems from another dimension reaching into ours… that might save the Laws of Thermodynamics if we expand them to that other dimension. But honestly, I do not believe that the dimension cares about our Laws of Thermodynamics.

Is Nuclear Power a Alternative Energy source?

Oh, and some claim that nuclear power is a type of alternative energy. I strongly contradict. Firstly, humanity has a t least 3 times badly burned it’s hand with this insecure, unstable and highly and long-lasting toxin “technology” – think of Sellafield, Chernobyl and Fukushima… I think there were more at least close calls.

Also: did you know that a nuclear power plant is nothing more than a very very expensive, very, very dangerous, very toxic waste producing – steam engine.

Yes, all they do is use one of the most dangerous materials on Earth to heat water to run a steam engine.

I nearly had to laugh when I learned about that fact.

And no, it does not produce CO2, but so much more toxic waste still being deadly 1000s of generations after we are gone…and by that I mean our society.

Alternative Energy types

So, having dealt with Bill Gates favorite Nuclear Fission (our Nuclear plants today) – splitting the atoms to free the energy, let us create a list of real alternative energy types. (Btw.: If we came up with Nuclear Fusion, that would be a completely different game – no wastes to my knowledge).

I see natural sources, and new technological developments, which tap into the power beyond the laws of thermodynamics.

Alternative Energy sources

So what are sources of alternative energy?

What is obvious is the natural sources:

  1. Wind
  2. Solar
  3. Geothermal
  4. Tidal (indirect gravitational)

A word about geothermal energy

geothermal power plant

I should mention that geothermal in my opinion has much more potential to get us to carbon-free than we give it credit. Right now, you would think that geothermal energy only would work in ie. sn volcanic environment like Iceland.

If there is not enough heat close to the earth’s surface, we believe we have to dig too deep to find enough heat.

As Nuclear Fission, Geothermal energy works by heating up water which in turn turns a steam engine.

Now, what happens if we do not use water for creating the “steam”, but some benign chemical (in a closed circuit, no leaking into the earth) that boils much earlier than water does (at 100°C)? Then we would not have to dig nearly as deep in areas with any volcanic activity.

I would go so far as to say that with this technology we could power any city in the world with enough electricity by digging only a few dozen or hundred meters, until it becomes warm enough for this alternative fluid to reach its boiling point and become steam – driving the blades and creating electricity.

Some ask which of these energy sources are exhaustible: Well, in billions of years all of them, even our sun will one day vanish. But in thousands of lifetimes all these energy sources will not fail us.

Magnetics as an Alternative Energy source

But it gets better. Here is favorite (future) alternative energy source:

  1. Magnetics

We all have heard of impossible fantastic machines that do not need fuels and still somehow create drive around, cars built by some obscure lay scientist, that run on unknown energies.

You heard stories like this if you had your antennas not locked on only to the mass media (and even there I read about these things).

But we are always told by experts that it all was just a hoax and we never heard about the developments again.

Until now.

Have a look at https://innovationt.com .

They are already building engines that are powered by magnetics alone.

This is the website of a company that solves energy needs with “future” technologies. And they are actually implementing magnetic engines … without any need for fuel.

I heard about this the first time on the Kryon channel…and am intrigued ever since. But check it out yourself:

For me, this is the alternative energy solution….using forces out of the quantum field or another dimension to heat our homes and power our cars .

This for me is great news and promises a great future.

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