Global energy market outlook
The world gradually moves from 70% of fossil fuels in 2018 to around 70% of zero-carbon energy in 2050 when wind and solar will jointly generate almost 50% of the world’s electricity. The two renewables will be complemented with the hydropower industry which will be constrained by a lack of resources, and nuclear power with its lack of flexibility and high costs.
Coal production collapses everywhere except for China, India and Southeastern Asia. It will peak in 2026, and by 2032 it will be surpassed by solar and wind electricity. Gas-fired power generation will double until 2050.
A total of USD13.3 trillion will be invested in the construction of over 15,000 GW of new power capacities until 2050, of which 77% will be renewables. Investment in new fossil fuel facities are seen at below USD2 trillion. The development of power grids will need some USD11.4 trillion of investment in the next 30 years thanks to rising demand and consumption.
The Sun is a source for a great amount of unlimited clean energy so in the future solar energy will be able to meet all the humanity’s needs in electricity. Nowadays the solar power generation market offers a number of popular solutions and the sector has been developing really fast. Renewables are among the top priorities for both nations and corporations, the rate of investments keeps on rising exponentially.