Although the global solar photovoltaic (PV) market surfed turbulent waters in 2018, many reports promise the industry will see a great positive shift in the year ahead. With a push to hold companies accountable for their environmental impact, a global spike in energy demand and a common need for easy sustainable solutions, more countries are rising to the occasion and implementing smart grid technologies that make use of solar power.
Whether you’re a renewable energy advocate, an energy company or an investor in solar power, reviewing projected solar energy trends for this year will give you reason to rejoice. Take a look at these top takeaways for insight into 2019’s global solar energy growth and a quick overview of recent solar energy news.
The Status of Solar
A recently released 2019 solar report from market analyst Mordor Intelligence shares exciting news about the expected trajectory of the global solar market, which is seeing some of the direct effects from public concerns about the devastating impact of greenhouse gases and carbon emissions. The report found that in 2017, the United States invested $2.12 billion in smart grid technologies that support renewable energy and energy efficient resources; global capacity for renewable energy grew by 163 GW and reached 2,179 worldwide; and the solar PV market grew by 32 percent.1 And it’s not surprising that more companies are relying on solar energy to drive additional savings while obtaining higher quality electricity supplies, especially as many countries attempt to satisfy increasing electricity needs and aim to involve larger renewable resources.
Here are more fast facts about the current status of solar from this report:1
- The market will reach 100 GW in 2019 and continue to diversify
- Increased demand for energy and smart grids will greatly benefit the low voltage cable market
- Solar energy by the megawatt-hour is becoming less expensive and may fall as low as $14/MWh
- Smart grids are increasingly the foundation of new power systems and large-scale plans
- Low voltage distribution networks are offering:
- Higher quality electricity
- Better end user service
- TCO savings
- Global secondary market activity has increased
- Large-scale solar-plus-storage is taking off
- Forward-thinking gas and oil companies are exploring solar
- Renewable energy policies around the world are influencing demand and solar power growth
Corporate Solar Procurement in the US
Big business is taking big steps toward a more sustainable future by investing in solar procurement to meet renewable energy goals, some of which are set to 100%. In the US, corporations are attempting to generate more savings by reaching their own voluntarily made targets, especially those that rely on large amounts of data sourcing, such as Facebook and AT&T. This has led to a rapid and impressive change in market share and a possibility that corporate actions could lead to a four-fold increase in their energy procurement by 2025.2
Solar Wires & Cables
Solar energy is powered by advanced solar wire and solar cables, low voltage cables that connect solar panels and other pieces of the photovoltaic system puzzle. Used in secondary distribution for residential and commercial sales, high-quality wires and cables that meet solar energy generation and transmission needs are growing in demand.
OmniCable offers a selection of equipment for the solar power industry, including:
Are you interested in solar wires and cables for your solar power projects? Contact OmniCable for more information about our products and pricing.
Sources:
1. Global Solar PV Markets: Top 10 Trends to Watch in 2019, Mordor Intelligence
2. US Corporate Solar Procurement Knocks it Out of the Park in 2018, PV Magazine