A Note on The World Solar Energy Industry

The sources for generation of power can be broadly classified into fossil fuels and renewable sources. Fossil fuels include oil, natural gas and coal. Renewable sources include wind, solar, geothermal, hydro, wave and tidal power. Nuclear energy has also emerged as a source for power generation. With the growth of the world's population and rapid industrialization, there has been an increased demand for power. Fossil fuel sources are limited in supply, and are being depleted through increasing consumption. This has caused a rise in fossil fuel prices. A major share of oil consumed globally is sourced from countries in the Middle East region, some of which have high political instability.

Renewable energy sources can be developed to decrease consumption of fossil fuels and ensure sustainability in power supply, while minimizing the negative impact on the environment. Solar energy is a key source of renewable energy. It is generated through solar cells or photovoltaic (PV) cells that convert light energy into electricity. The major advantages of using solar energy include its eco-friendly nature, contribution to economic growth and employment, easy and quick installation, minimum maintenance, decentralized nature, and feasibility for global technology sharing and innovation. Hence substitution of fossil fuels with renewable energy sources such as solar energy can improve the water and air quality across the world and help to prevent global warming...