The solar energy market in India is forecasted to reach 195.11 GW by 2029 and 79.07 GW by the end of 2024. The market is expected to register a CAGR of 19.80 over the period 2024-2029.
Source – Mordor Intelligence
The solar energy market in India is divided into two segments, Concentrated Solar Power and Solar Photovoltaic. The CSP is used to cater to the energy needs of large-scale industries, whereas the PV meets the needs of small-scale solar solutions.
Both of these solar energy segments serve as sustainable energy solutions and meet the commercial energy requirements in India. Most of the leading solar energy manufacturing companies in India use both these energy systems to cater for the energy requirements of the commercial sector.
Solar Energy Systems Meeting Commercial Demands
Witnessing the growing demand for energy due to high power consumption, the industrial sector actively seeks sustainable energy solutions to cater for their power needs. One clean and renewable energy source that emerges as the best energy solution is solar energy. With the advancements in technology, both Concentrated Solar Power and Solar Photovoltaic systems are being efficiently used to generate energy, meeting the commercial energy demands.
The Commercial Energy Demand Landscape
The largest consumers of energy in India are industries, commercial buildings, and businesses, including domestic settings. After industries, it is the commercial sector where the demand for energy is high and this sector needs a reliable and cost-effective energy supply. Traditional energy sources, such as coal, oil, and natural gas, do suffice for energy needs but are costly and impact the environment. The cost of energy is indeed a factor and the other major concern is to reduce carbon emissions which compels businesses to seek alternative energy means. Solar energy emerges as the most feasible and efficient energy solution that promises scalability, and affordability and has no threat to the environment. It not only reduces the energy cost but also promises a sustainable future. To meet the energy needs, keeping in mind the green effect, many solar energy manufacturing companies in India have emerged.
Types of Solar Energy Systems for Commercial Use
There are two primary solar energy segments that dominate the solar energy landscape: Solar Photovoltaic (PV) systems and Concentrated Solar Power (CSP) systems. They both play a major role in meeting the energy needs of the commercial sector, but they differ in design, application, and functionality.
1. Solar Photovoltaic (PV) Systems:
Solar photovoltaic systems are the most widely used solar technology in the commercial sector. These PV systems have solar panels installed, made of semiconductor materials, which convert the sunlight directly into electricity.
Here’s why PV systems are ideal for commercial applications:
- Scalability: PV systems can range from small rooftop installations on office buildings to massive solar farms supplying energy to entire industrial zones.
- Cost-Effectiveness: PV systems are the best energy option for businesses as their cost is low.
- Ease of Installation: PV systems can be easily integrated into existing infrastructure, such as rooftops or parking lots.
- Energy Independence: By generating their own electricity, businesses reduce reliance on grid power and protect themselves from fluctuating energy prices.
For quality solar energy systems, trust the best solar energy manufacturing companies in India.
Contact the best Indian Solar company for effective PV panel installation.
2. Concentrated Solar Power Systems
Concentrated Solar Power Systems are also known as concentrating solar power systems and concentrated solar thermal. It concentrates a large area of sunlight into a receiver with the help of mirrors or lenses.
A heat engine is used to convert the sunlight into heat, generating electricity.
The CSP systems are used in large-scale applications and industries that require both electricity and thermal energy.
- High Efficiency: CSP systems are highly efficient in areas with abundant sunlight.
- Energy Storage: These systems often include thermal energy storage, allowing businesses to use solar power even after the sun sets.
Industrial Applications: CSP systems are well-suited for industries that require high-temperature processes, such as chemical manufacturing or food processing.
Benefits of Solar Energy Systems for Commercial Use
Solar energy is a bliss as it holds numerous benefits for commercial use.
1. Cost Savings
The cost savings factor is one of the benefits of solar energy. There is substantial investment initially, but it has long-term benefits, savings on electricity bills.
2. Energy Security and Reliability
The market fluctuations or disruptions in the supply chain do not affect the solar energy market, making them a reliable energy source.
Also, during peak demand periods, industries can store excess energy through the use of battery storage systems.
3. Environmental Sustainability
The industrial and commercial sectors can make use of solar energy systems to reduce their carbon footprints. It is a clean source of energy that does not emit greenhouse gases when generating power. This makes solar energy a vital tool for the fight against climate change.
4. Government Incentives
The government offers incentives to businesses, in the way of tax credits, grants, and subsidies, for embracing solar energy. All of these financial incentives make a solar energy system even more accessible and affordable.
Conclusion
India is striding towards sustainable renewable energy manufacturing, and solar energy lists at the top. Solar energy consumption is an assurance of achieving a clean and greener environment. Make sure that your business operates using solar energy systems. Whether your need is for solar power panel installation or PV panel installation, choose the best solar energy manufacturing companies in India to meet your power needs.
