TECHNOLOGY
The first solar power technology , also known as photovoltaic ( PV ) technology was developed in the United States in 1954 . Daryl Chapin , Calvin Fuller , and Gerald Pearson from Bell Labs developed the silicon photovoltaic cell – the first one of its kind to convert the sun ’ s energy into power for electrical equipment . In 2018 , the global solar energy market was valued at US $ 52.5bn , a figure predicted to rise to ass much as US $ 223.3bn by 2026 , growing at a CAGR of 20.5 % from 2019 . The growth of the solar energy market is influenced by several factors . These include an increase in environmental pollution , government incentives and tax rebates to install solar panels . There are several opportunities in which the sector could invest in order to ensure that solar energy is future-proof .
Investing in perovskite to improve solar energy efficiency There are , however , problems that the industry will need to solve before it can invest in its future . The first of these stems from finding a more suitable material for solar panels . Industry experts have warned that the traditional silicon-based panels are expensive and have a low efficiency rating – a desirable characteristic if it ’ s to be sustainable .
One answer is a material known as perovskite , the advantages of which include thin layers , meaning they comprised of less material , and that the manufacturing process to make the material is far less energy intensive . According to research , the efficiency of perovskite climbed from 2 % to 25 %, a much higher rating than silicon .
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