Sun being the cleanest source of energy on the planet, the application of solar energy has tremendous business potential. Solar energy derived from the sun is converted into electricity with the use of photovoltaic cells. This clean and renewable source of energy is used to power homes, offices, and public institutions. As the population grows, growing urbanization further pushes demand for solar energy sources to address pollution caused by conventional sources. Investing in the solar energy market comes with the advantage of reducing our footprint and opening a door to a sustainable future.

Solar heating of buildings is a trending application of solar energy, it harnesses the capacity of sunlight in water or air to heat fluids and store them for later use. Solar distillation is another application of sunlight that is used in scarcity-facing arid coastal regions. Solar distillation units are functioned to remove salts from water. 

Moving further, solar pumps are based on the principle of using sunlight to fuel water pumps. The need for grid electricity is fueled by solar-powered pumps with thermal energy from sunlight. It offers an agriculture-friendly alternative with the minimum cost of maintenance. From solar drying in agriculture to the use of solar furnaces in cooking are foreseen to integrate solar energy into our daily routine soon.

The solar energy market is anticipated to gain a lucrative CAGR in coming years driven by increasing demand for electricity and growing environmental concerns associated with depleting fossil fuels.

Stephen Grey

Senior Market Research expert at The Insight Partners