Solar Market poised for new growth
The world solar market is poised for growth in which innovation in efficiency and lower costs will make solar technologies a major contributor to achieve climate goals and help combat poverty and inequality, this is according to the Global Solar Council.
The new phase of the solar market is set to increase, a new market boom will see more than 8,500 gigawatts (8.5 terawatts) installed by 2050, based on International Renewable Energy Agency (IRENA) forecasts, to meet the climate target set out in Paris in 2015.
According to the Global Solar Council’s outlook, utility-scale projects will continue to dominate the industry, but there will be an important role to play in the residential sector and for distribution as well as off-grid energy thanks to new innovative ways to implement solar solutions.
Research is underway to continue improvements in solar module efficiencies and identify new materials that will help extend the dramatic reductions in manufacturing and system costs.
The growth of solar will be enabled by new technologies and innovation, There is widespread recognition of the need to decarbonize economies. The prospect of having a solar plant on every household will be a game-changer, also the availability of storage systems will enable the mass deployment of micro and mini-grids will transform the energy system.
The Global Solar Council will have an important role to play together with other stakeholders as solar moves from a minor player in the energy system to a mass phenomenon.
@ Bandhiga Media