Solar power forecast to experience sixfold growth

Research from the International Renewable Energy Agency has shown that solar’s share of global power generation stands to expand as much as sixfold by 2030, with “world electricity demand expected to grow by more than 50% by 2030, mostly in developing and emerging economies” (1).Bloomberg New Energy Finance noted that by 2030, solar and wind technologies will be the cheapest means to produce electricity in most parts of the world (2).

Citing the solar energy cost benefits, the Abu Dhabi-based industry group said in a report on Wednesday: “Solar plants using photovoltaic technology could account for 8% to 13% of global electricity produced in 2030, compared with 1.2% at the end of last year. The average cost of electricity from a photovoltaic system is forecast to plunge as much as 59% by 2025, making solar the cheapest form of power generation in an increasing number of cases” (2).

In many developed states such as Europe and America, renewables have substantially replaced nuclear energy. Companies are curbing electricity production from gas and coal, and investing in renewable energy generation (3).

Expanding renewable energy sources will be essential to meet the growing power requirements of both developed and developing countries (3).

(1) – Solar Energy Could Meet up to 13% of Global Power Needs by 2030 – Irena
(2) – Solar Power to Grow Sixfold as Sun Becoming Cheapest Resource – Bloomberg
(3) – Solar Energy Cost Benefits: Solar Power to Grow Six Fold by 2030 – FX News Call