Global Solar Farm Market Projected To Reach $261.0 Billion By 2027
PALM BEACH, Fla., Nov. 23, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Over the last few years, the solar water farm market has been developing at a considerable pace attributable to low cost of PV panels and strong presence of solar water farm producers. Furthermore, awareness toward solar water farming is increasing among consumers, due to implementation of government regulations to promote production of energy from renewable sources to reduce dependency on fossil fuels and to minimize the emission of pollutants. According to the U.S. Solar Energy Industries Association (SEIA), the government has implemented laws such as net metering and community solar to promote the use of photovoltaic technology to generate electricity. A report from Allied Market Research said that Global Solar Farm market was valued at $61.4 billion in 2019, and is projected to reach $261.0 billion by 2027, registering a CAGR of 19.8% from 2020 to 2027. The report said: "In countries such as the U.S., Spain, and France, consumers can utilize photovoltaic energy for their own electricity need and sell the remaining solar power that they do not use. The Chinese solar photovoltaic industry has witnessed significant growth as compared to any other countries over the years. According to the China Photovoltaic Industry Association, China's capacity for photovoltaic energy grew by 34% year-on-year in 2018. Total installed PV capacity surpassed 170 gigawatts at the end of 2018 compared to 136 gigawatts in 2017. These regulations are promoting the use of photovoltaic technology. Hence, it is expected that these regulations will have a positive impact on the solar pumps market. In addition, with increased use of photovoltaic technology, the demand for solar farm is expected to rise significantly." Active Companies in the markets today include First Tellurium Corp. (CSE: FTEL) (OTCPK: GODYF), Canadian Solar Inc. (NASDAQ: CSIQ), Enphase Energy, Inc. (NASDAQ: ENPH), Sunnova Energy International Inc. (NYSE: NOVA), SolarEdge Technologies, Inc. (NASDAQ: SEDG).
Allied Market Research concluded: "The global solar farm market size across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor to the market. Asia-Pacific market of solar farm is analyzed across China, Japan, South Korea, Australia, and rest of Asia-Pacific. In Asia-Pacific, solar energy is widely used in generation of electricity for standalone systems and rural electrification. The growth of the Asia-Pacific solar farm market is further driven by increase in government initiatives for electrification of rural areas, such as Akshay Urja. These initiatives are expected to augment the demand for PV energy, as governments would distribute solar farm in rural areas. Such initiatives are expected to augment the demand for solar pumps, thereby contributing toward the growth of the market, globally."
First Tellurium Corp. (CSE: FTEL) (OTCPK: GODYF) BREAKING NEWS - First Tellurium Recruits First Solar's Previous Exploration Manager and Veteran Geologist John Keller to Advisory Board - First Tellurium Corp. (the "Company" or "First Tellurium"), is pleased to introduce veteran Certified Professional Geologist John Keller who has joined the company's advisory board and will manage exploration and development of its Klondike tellurium property in Colorado.
The largest use of tellurium (Te) in the past decade or more has been in the manufacture of thin-film photovoltaic solar panels. Tellurium, along with cadmium, is an essential component of the thin photovoltaic layer which generates the electricity from solar radiation.
First Solar is one of the world's largest manufacturers of solar panels with a market cap of nearly USD 12 Billion and trades on the NASDAQ market. Tellurium is vital to its solar panel manufacturing.
The Klondike property was previously owned by First Solar where Mr. Keller worked from 2006 to 2011, initially as a consulting geologist and later as Exploration Manager for North America. In 2012, Keller and a small group of investors formed Colorado Klondike Llc to purchase the Klondike property from First Solar, which had recently decided to discontinue its tellurium exploration and development program. The rights to the property were subsequently optioned to First Tellurium.
Mr. Keller originally assessed Klondike in late 2006 for First Solar, and initial samples contained up to 33,000 ppm Te (3.3%). Keller later stated: "The Klondike property has by far the highest tellurium grades in rock samples of the hundreds of prospects and mines we eamined in the US and Canada from 2006 to 2011. Some samples at Klondike were an order of magnitude higher in "Te" grade than any others we collected in the U.S. or in Canada. The Klondike samples with high tellurium grades also contain high-grade gold and significant silver."
Mr Keller went on to say, "Recent news indicates that First Solar, the world's top manufacturer of Cd-Te solar panels, plans to increase its manufacturing capacity to 16 gigawatts by the end of 2024. Based on those figures, First Solar will likely require significantly more than the 490 metric tons of tellurium that were produced globally in 2020, so increased production of tellurium is necessary, unless significant amounts are stockpiled in warehouses, which does not appear to be the case."
Mr Keller also observed that the Biden Administration believes that solar power could supply 40% of all electricity generation by 2035, up from just 3% today, stating: "With Cd-Te thin-film technology continuing to be a large percentage of PV solar manufacturing, the market opportunity for developing new tellurium resources has never been better."
"Having a professional with the experience and knowledge of John Keller join our company and assist in the development of our Klondike property is an attestment to the caliber of our project," Stated Tyrone Docherty, CEO of First Tellurium. "His 24 years of experience in the minerals exploration field, and having knowledge of the geology of tellurium deposits and the solar business, is a perfect fit for our company. We look forward to his contributions as we continue to build a strong team of devoted professionals." CONTINUED… Read this full release for First Tellurium Corp. at: https://www.financialnewsmedia.com/news-ftel/
Other recent developments in the markets include:
Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, recently announced that Power Solar, one of the top residential solar and battery system providers in Puerto Rico, and an Enphase Installer Network Platinum member, has become one of the fastest growing Enphase partners in Puerto Rico as households seek out battery systems to protect them from an unstable utility grid and extreme weather conditions like hurricanes.
"Hurricane Maria was an extreme reminder to Puerto Ricans that the electric grid is fragile and can't be relied on to provide power when it's needed most," said Enrique González, chief executive officer at Power Solar. "The Enphase Energy System, powered by the IQ™ Microinverter and IQ Battery, is becoming a very popular solar-plus-battery solution for our customers to give them peace of mind so that they can safely back up the power in their homes and keep the lights on during these increasingly common power outages."
Sunnova Energy International Inc. (NYSE: NOVA), one of the leading U.S. residential energy service providers, recently announced financial results for the quarter ended September 30, 2021.
"We are pleased to report another quarter of strong results and to initiate our complete 2022 guidance," said William J. (John) Berger, Chief Executive Officer of Sunnova.
"At Sunnova, we are committed to providing an unparalleled energy experience to our customers. We see brand and service as the critical differentiators in our industry and we are continuing to develop our technological, operational, and logistical capabilities to improve the quality and response time of the energy service we provide. As more equipment manufacturers enter our rapidly growing industry and broaden their equipment offerings, it has become clear that consumers require a service provider who integrates all of the capabilities and technological advancements into a simple, seamless, and integrated energy system that is backed up with quick and efficient service - and that is who Sunnova is. Our vision is to be a wireless power provider and it is our goal to electrify the home for our customers so that they have the freedom to live life uninterrupted."
Canadian Solar Inc. (NASDAQ: CSIQ) recently announced that it was awarded 52 MWp for the solar PV project Caracoli in the recent public auction by Colombia's Ministry of Energy.
The Caracoli project is located in the Atlántico Region in northern Colombia. The energy awarded will be acquired by a pool of reputable off-takers and will start delivering clean energy from 2023 through an inflation-indexed, Colombian Peso-denominated, 15-year power purchase agreement. The solar PV project has already completed the consultation process with indigenous communities (Consulta Previa) and is expected to start construction by the second quarter of 2022.
Dr. Shawn Qu, Chairman & CEO commented, "This achievement reinforces Canadian Solar's leadership position in Latin America and solidifies our entry into the Colombian market. We are excited about the strong market fundamentals and growth opportunities in the Latin American markets. We seek to expand our diversified portfolio of solar PV and battery storage projects in this region and will continue to support the Colombian government's targets to accelerate the deployment of clean, renewable energy."
SolarEdge Technologies, Inc. (NASDAQ: SEDG), a global leader in smart energy technology, recently announced its financial results for the third quarter ended September 30, 2021.
"We are pleased with our record revenues in the third quarter amid the unprecedented global logistics and supply chain challenges," said Zvi Lando, Chief Executive Officer of SolarEdge. "Despite a twelve week covid-related shutdown in our Vietnam manufacturing facility during the quarter, we were able to supply products to meet the growing demand of our customers. We are exiting the third quarter with record backlog for the fourth quarter of 2021 and the first quarter of 2022 and will continue navigating the various challenges in order to support our customers' businesses."
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