| | JUNE 202119Consultants ReviewCXO INSIGHTSAmol completed MBA in Marketing from Institute of Management Technology, Ghaziabad. He is an expert business analyst and proficient product marketer who gives insights on business expansion.By Amol Anand, Co-Founder & Director, Loom SolarTHE SOLAR PANEL IS BECOMING AN INCREASINGLY POPULAR FORM OF ALTERNATIVE ENERGYccording to Global Energy Transformation, a report by International Renewable Energy Agency (IRENA), `the share of renewable energy in the power sector would increase from 25 percent in 2017 to 85 percent by 2050, mostly driven by growth in solar and wind power generation.'The solar panel, using photovoltaic and silicon solar cells to convert radiation into power, has become quite popular around the world. Increasingly becoming an essential energy option for the future, solar power has had a long history of failed starts and limited distribution.`In 2018, 181 gigawatts (GW) of renewable power was addedwith rising number of countries having high shares of variable renewable energy (VRE)', according to Renewables 2019 Global Status Report.Solar PV: The Growth StorySolar PV capacity in 2018 stood at 505.5 GW, an increase of slightly more than 100 GW from previous year (2017) when it stood at 405 GW. Demand for solar panel is expanding as it becomes the most competitive option for electricity generation - for residential and commercial applications and for utility projects. Markets around the world are contributing significantly to global growth of solar panel. Eleven countries added more than 1 GW of new capacity during 2018, up from 9 countries in 2017 and seven countries in 2016. The figures justify the growth story of solar power. While support system of some kind is still needed for solar PV in most countries, interest in purely competitive systems is growing quickly. Self-consumption remains an important driver of the market for new distributed systems in many regions, and corporate purchasing of solar PV is expanding exponentially. Mining, manufacturing and other industries across countries are erecting solar PV plants to power their operations. Record low-cost of installation and operation, driven by intense competition and lower panel prices, are further contributing to the growth and popularity of solar power.A
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