Global solar mirror market
is predicted to grow during the forecast period due to the increasing demand
for energy and the rising awareness of renewable energy sources across the
globe.
Solar mirrors, which are
large, curved reflectors, play a vital role in concentrated solar power (CSP)
plants by focusing sunlight onto a central receiver. These mirrors are expected
to experience significant market growth in the foreseeable future, driven by
rising demand from various industries such as mining, oil and gas, and
pharmaceuticals. The utilization of solar electricity as a backup power source
is increasingly common in industrial operations, while solar panels serve as
the sole power supply in off-grid areas. This is particularly relevant for
remote mining sites, where solar panels are essential for meeting the daily
energy needs on-site.
Government
Investments Boost the Market for Solar Mirror
The
government’s of developed and developing countries are focused on the
enhancement of infrastructure of renewable energy are anticipated to increase the
demand for power generation systems, which, in turn, will drive the market for solar
mirror during the projected period. Moreover, several nations such as the United
States, India, and China are introducing investment and schemes related to
renewable energy, which also positively impact the growth of the global solar
mirror market. For instance, according to the Ministry of new and renewable energy,
the Indian government also launched the National Programme on High-Efficiency
Solar PV Modules Production Linked Incentive Scheme in April 2021 with a budget
of USD 544 million to aid and promote the production of high-efficiency solar
PV modules. Additionally, in September 2021, the United States Department of
Agriculture announced that it had invested USD 464 million to build or improve
renewable energy infrastructure to serve rural communities. Governments of
several countries around the globe are focusing on building and maintaining
dependable energy infrastructure, which is predicted to boost the growth of the
global solar mirror market during the forecast period.
Furthermore,
in the Asia Pacific region, India is one of the highly contributing countries
in the field of renewable energy with growing investment and initiatives. For
instance, the union government has increased capital expenditure on
infrastructure investment by 33%, or USD 121 billion for 2023–2024, which is
3.3% of GDP. Such factors are expected to significantly expand the market for
infrastructure and increase the demand for solar mirror in the panel to provide
a continuous supply of electricity.
There
are many mega projects coming up in Middle East countries, including Saudi
Arabia, UAE and Qatar with AIUIA Project, Neom, Amaala Project, Diriyah Gate,
Aseer Development Project, Jawharat Jeddah, Dubai Creek Tower, The Heart of
Europe, Meydan One, and Deira Islands, where continuous electricity is required.
As a result, a large number of solar panels are installed. Therefore, the
demand for solar mirror is expected to rise during the forecast period.
Increasing Focus on Low Carbon Emissions
The increasing focus on low carbon emissions has a
direct impact on the global solar mirror market; the demand for mirrors has
grown significantly. Companies are now looking to reduce their CO2 emissions
while improving their efficiency and performance. The use of solar mirrors
helps to reduce the reliance on other forms of energy such as coal and oil,
while allowing companies to produce electricity from a renewable energy source.
In addition, the use of solar mirrors has the added benefit of regulating
temperatures reducing stress on cooling systems and air-conditioners in
commercial and industrial settings. With the increasing demand for low emission
and cost-effective energy solutions, solar mirrors are becoming an increasingly
attractive option for businesses.
The use of solar energy increases environmental
sustainability, disaster resilience, and efforts to combat climate change. The
use of clean renewable energy has increased. This includes improving air
quality by promoting rural development with off-grid electricity through the
use of solar mirrors. The energy produced is then used to generate electricity
or can be stored in batteries or thermal storage for use later. Thus, through
this kind of application, the demand for solar mirrors is expected to increase
globally. In some cases, the cost of renewable energy is competitive, and
unsubsidized renewable energy has the potential to be less expensive than new
conventional generators. As a result, the need for solar mirrors rises along
with the demand for sustainable energy systems.
Impact of the COVID-19 pandemic on the Global Solar
Mirror Market
In 2020, the COVID-19 outbreak had a wide-ranging
impact on the global economy. Lockdowns were implemented all around the globe
to contain the spread of the disease. As a result, all non-essential
manufacturing activities were immediately stopped. This negatively impacted the
production of solar mirrors. As solar panels and photovoltaic cells are mostly
produced in China, the global supply chain had disrupted drastically. The
reason behind China was COVID-19 pandemic's epicenter, where industry and the
supply chain were significantly hampered. Additionally, lockdown imposed by the
government to control on the spread of COVID-19 diseases which directly impact
the production and market of solar mirror across the country. As a result, the production
of solar mirrors was disrupted, which had a negative impact on the global solar
mirror market.
Recent Developments/ Investment:
- On May 21, 2023, Saudi Arabia's Public Investment Fund,
a subsidiary of the Water & Electricity Holding Company, and ACWA
Power decided to invest USD 3.25 billion to develop and operate 4.55 GW of
solar power projects across the country.
- On March 21, 2023, the president of the United States of
America decided to invest USD 0.5 trillion in clean energy and climate
action for the upcoming years. Additionally, this effect will help to
access new savings, new jobs, and new opportunities across the nation during
the forecast period.
- On Feb 18, 2023, in the Asia Pacific , India had the potential to attract an
investment of over USD 20 billion in renewables and required a strong
framework for sustainable power. This will boost the growth of the market for
solar mirrors in the upcoming years.
- On January 30, 2023, the Saudi Arabia government decided to
invest around USD 266 billion in the clean energy industry across the
nation. Additionally, the government has aimed to install transport lines
and a distribution network to export energy across the world and produce
green hydrogen.
- In October 2022, th