Solar Updraft Tower Market Trends

Growth Drivers

• Growing Demand for Renewable Energy Sources–creates a positive environment that leads to the development and future demand for solar updraft towers. In 2021, global renewable electricity production rose by almost 7% from the previous years and recorded a 522 TWh increase.
• Increasing Adoption of Solar Equipment – To reduce the dependency on fossil-based energy, the world has been adopting various solar equipment which includes solar panels, energy storage systems, power meters, and others. This is expected to bring lucrative growth opportunities for the market. The percentage of solar photovoltaic panels installed in the year 2022 in China was 100% and India was 50% as per the estimations.
• The Need to Reduce Carbon Footprint – The rising use of non-renewable sources of electricity increases the carbon footprint across the world and adversely impacts the environment. This brings the need for solar updraft towers for energy production. It has been calculated that the global CO2 emissions from electricity production grew in 2022 by 0.9%, or 321 million tons, reaching a new high of more than 36.8 billion tons.

Challenges

• Requirement of Constant Maintenance and Construction – Usually, the maintenance of solar updraft towers requires a specific amount of dedication and money. This process could be costlier in the longer run which is projected to hamper the market growth.
• High Investment and Funds Required
• Low Tower Output in Areas with Low Solar Radiation and Variable Weather Conditions