Top 5 Upcoming Opportunities in the Solar Energy Sector

The world is witnessing an increase in climate change and a decrease in fossil fuel reserves. This calls for sustainable energy solutions. Solar energy provides a renewable alternative to traditional energy sources.

Did you know India is the 3rd largest energy-consuming country in the world? The path of the Indian solar energy industry is on an upward trend. In 2023, its solar capacity rose to 72 gigawatts (GW) from 10-20 megawatts (MW) in 2010.

Solar energy companies in India like Adani Green Energy, Tata Power Solar and Azure Power have been driving solar energy adoption. These leaders have shown the scalability of solar power. They have done this through innovative projects and investments.

With India's renewable energy objectives and policies, it is paving the way for a solar-powered future. In this blog, we will learn about how businesses have the unique opportunity to grow. Along with top emerging trends in the solar business in India.

Let’s dive in!

Importance of Solar Energy

The use of solar energy has grown over the years, and there is no denying its importance. It addresses the world’s energy needs while reducing carbon emissions.

It offers a renewable and abundant source of energy and power through the Sun. It harnesses sunlight to generate electricity through photovoltaic cells. Solar energy has become cost-effective with advanced technologies and accessibility.

Tata Power Solar, Servotech Power Systems Ltd., and Adani Solar are several solar energy companies in India leading the solar energy industry in India. They drive the adoption of these solutions worldwide.

Every year, it’s becoming more popular amongst businesses and homeowners. Below are just a few of the many reasons why solar energy is essential:

It Is Good for the Environment

Solar energy does not rely on fossil fuels. Fossil fuels contribute to global warming and create pollution. It works with natural resources, whereas traditional electricity depletes them.

It Is Reliable and A Cost-Effective Energy Option

As we know, the Sun is a renewable energy source. Sunlight won’t run out, but fossil fuels will. For this reason, solar energy is highly reliable. Fossil fuels are expensive to mine and utilise but don't cost anything to receive sunlight.

A one-time solar equipment installation is needed to benefit from it.

It Creates Jobs and Grows the Economy

The Indian solar energy market was estimated at around $37 billion in 2021. You can calculate the massive opportunity it provides companies to grow in this industry. The solar energy sector created around 988,000 jobs in 2022.

According to ET Energy World, Hydropower was the top employer, with 466,000 jobs.

Promotes Energy Independence

It means not having to depend on the power grid. Solar energy equipment is one of the best solutions for people in areas prone to outages. It lets you use the power whenever you need it and under any circumstance.

Top 5 Emerging Opportunities in the Solar Energy Sector

The solar energy sector spans across various sectors. From industrial to commercial industries, residential setups, and utility projects. There are several emerging trends shaping the future of this industry, such as:

Community Solar Projects Growth

Community solar energy projects are projected to gain more traction in India. Rural and underserved areas where access to electricity is limited will be served.

It allows people and businesses to benefit and access solar power with ease. These projects eliminate the need for rooftop installation. These initiatives involve shared solar panels installed in a local community. And the participants receive credits on their electricity bills for the power generated.

Communities invest in solar energy equipment installations. It lets them benefit from affordable and clean energy.

For example, the SELCO Foundation implements community solar energy projects in villages throughout India. It provides access to thousands of households.

Expansion of Energy Storage Solutions

With the increase in solar energy sectors in India, the demand for energy storage solutions is rising. According to the Central Electricity Authority (CEA), the energy storage capacity will increase to 74GW by 2032.

These systems store extra solar power that is generated throughout the day. It can be used during periods of low sunlight and high energy demand. These reduce the reliability of conventional fossil fuels.

Some storage systems examples include lithium-ion batteries. They get deployed to deal with irregular issues and ensure optimum energy supply.

Some leading players in the market include Amara Raja Batteries and Exide Industries. They offer advanced batter techs for solar applications.

Tesla’s Powerwall offers solar energy storage solutions for residential purposes. Users can use it to power their homes and reduce the reliability of grid electricity. It integrates with solar and provides backup power.

Rising Demand for Solar-powered Transportation

There’s been a surge in the demand for solar-powered transportation in India. With this, the adoption of electric vehicles (EVs) has increased.

Did you know the electric vehicle (EV) industry has projected a growth of 45.4% in sales between 2022-30? According to EV Volumes, the units reached 14.1 million in 2023. This shows the potential of the solar business in India.

Combining solar panels with EVs allows them to harness solar energy for extra power. It extends their range and reduces the reliability of on-grid charging. Solar-powered electric vehicles like rickshaws and buses are increasing in number.

Famous cities like Bengaluru, Delhi and Kolkata are opting for this transportation. It offers clean and efficient mobility, leading to a healthier environment.

Indian startups like Ola Electric offer modern EVs powered by solar energy and batteries.

Integration with Smart Grid Technologies

Integrating solar energy with intelligent grid techs is changing India’s power structure. It improves the performance and reliability of solar power systems.

Smart grids make use of advanced technologies to optimise power distribution. It also manages demand-response programs and enables real-time tracking of energy consumption.

Users can connect the solar energy panels to a power inverter and their home grid. Or they can connect the inverter to a battery and then to the home power grid. This leads the inverter to convert the solar energy they consume at home.

Companies like Tata Power Solar offer smart grid solutions. It helps users optimise energy distribution, reduce losses, and enhance grid stability.

Adoption of Solar-Powered Agriculture

Solar-powered agriculture is also known as agrivoltaics. It is a practice of growing crops under solar panels. The adoption of this method can enhance agricultural productivity and sustainability.

Farmers are installing solar panels on agricultural land. It generates clean energy while providing space for crop cultivation. It ensures the land is well utilised, provides maximum yield, and improves soil health.

Companies like Mahindra Susten offer solar-powered agricultural solutions. It lets farmers harness solar energy and preserves land resources while farming.

Business Opportunities in Solar Energy

The solar energy industry is expected to reach $238 billion by 2030. There is a massive growth opportunity for businesses to explore this sector to increase their profit margin in India's solar industry.

• Across the value chain, such as solar panel installation, manufacturing, financing and maintenance.

• Solar energy companies can utilise the growing demand for clean, sustainable power solutions.

• With a booming digital industry provides new avenues for the sector to innovate and grow. Some examples of innovations include solar energy management software and predictive analytics.

Conclusion

To sum it up, it is evident that the solar energy sector is sure to witness significant growth and innovation. It offers sustainable solutions to meet global energy needs.

Companies must use the rising trends and opportunities to address demanding situations. They should also embrace digital transformations over traditional methods. These will help businesses to lead towards a greener, cleaner, and more sustainable future.

Service providers like GrowthJockey provide advanced technologies and commitment to grow your online presence. They help brands build digital strategies that match user expectations.

The industry promises growth, and there’s a lot of scope to expand. Together, we can pave the way towards solar success!

FAQs

1. Are there government incentives for solar energy projects?

Yes, governments offer incentives for solar energy projects, from tax credits to rebates, to promote solar adoption and investment amongst the country's people.

2. What are the challenges that businesses face when transitioning to solar energy?

There are some challenges that businesses face during the transition to solar energy. It includes regulatory complexities, high initial investment costs, and limited access to financing. Some technical issues are to consider, like site suitability and grid integration.

3. How do companies benefit from investing in solar energy?

There are several ways companies can benefit from investing in solar energy. It helps reduce energy costs, enhance sustainability credentials, and generate potential revenue through excess energy sales.