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Global Overview and Future Outlook of Solar Energy

By the year 2028, it is forecasted that the addition of renewable capacity will surpass any previous records, reaching nearly 3,700 GW of new capacity, due to the implementation of supportive policies in more than 130 nations. Particularly, solar energy is highlighted as a leading contender, with solar PV emerging as a fundamental element of transitions towards clean energy. Solar PV provides scalable and cost-efficient solutions for producing electricity, with prices having notably decreased in recent times. The increase in worldwide manufacturing capacity for solar PV points towards a significant growth path, as solar PV installations make up three-quarters of the total global renewable capacity additions.

Prominent investment regions like China, the European Union, the United States, India, and Brazil are witnessing a rapid rise in the addition of solar PV capacity. Forecasts suggest that G20 countries will hold substantial sway in the international solar PV market, with an anticipated seven-fold expansion by 2030. The outlook for solar renewables appears promising, as solar PV is projected to surpass 5,400 GW by 2030 and 18,200 GW by 2050. To achieve these ambitious goals, continuous policy backing and investments in both large-scale and decentralized PV systems will be essential, paving the way for a more environmentally friendly and sustainable future driven by clean energy.

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Global Overview and Future Outlook of Solar Energy

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