Efficiency and Broader Economics - Literature review Example

It is the hope of this author that the reader will be able to gain a more informed understanding with respect to the way in which solar energy represents a potential to serve as a more renewable form of energy in the coming years and decades. Solar energy is one of the most promising forms of energy that has yet to be introduced. Yet, regardless of the promise that solar energy seeks to provide, the fact of the matter is that it still represents a litany of drawbacks, drawbacks that will be discussed at some depth further in the analysis (Hsing Hung and Lee, 2014). For this very reason, individuals are necessarily discouraged from using it, and the level of research that takes place is limited with respect to the means by which this energy is stored after it is collected.

However, with all that being said, it must also be understood that this is still a relatively new technology (Liu et al., 2013). Within these lines, it can further be expected that developments in solar energy could necessarily lead to a breakthrough in which it could reduce or entirely negate many of the negative drawbacks that have thus far been evidenced. It is without question that technology has heavily impacted the way in which processes take place within the modern world. The changes in technology over the past hundred years have been profound, giving mankind the ability to fly, orbit the Earth, visit the moon, create the Internet, build the computer, and perfect the internal combustion engine.

As the demand for energy has increased exponentially over the past several decades, commensurate with the increasing global population, nanotechnology is a topic that has a high level of relevance with respect to the development of the world (Gaigalis et al., 2014). Essentially, nanotechnology refers to the manipulation of matter, either in the atomic, molecular, or super-molecular states. In such a way, the developments within this sphere could vastly contribute to the increased efficiency of different processes, even going so far as to ensure that previously inefficient and unviable processes could become low cost and an order of magnitude more useful. ( citation)

One of the most promising aspects of technology within the current era has to do with the potential of increased efficiency that the use of nano-material could provide with regard to solar panels and the collection/retention of solar energy.