Browsing: BCC Research

Solar Power Industry to GenerateUS$372 Billion by 2027

Solar photovoltaic (PV) systems are less expensive and easier to construct than other renewable energy sources, such as wind or hydroelectric turbines.

They also generate electricity at an efficiency of approximately 42%, which is about two percentage points higher than the efficiency of wind turbines.

The ever-increasing need for energy, the ongoing push to lessen reliance on fossil fuels for the generation of power, as well as financial incentives and regulatory support for the expansion of solar photovoltaic (PV) technologies contribute to this trend are all drivers that are propelling solar energy forward.

In addition to the low installation and maintenance costs, other drivers propelling solar energy forward include rising energy demand.…