Solar energy

Solar power generation is the most promising way to provide electrical power for future global demand. It will be able to replace traditional fossil fuel energy generation in the near future and may even fully dislodge it from the market. This type of energy is available everywhere on the globe and is free, besides the sun is more predictable than air masses movements, creating winds necessary for wind power generation.

Solar energy market

The world’s installed solar power capacities increased to 663 GW in 2019 from 25 GW in 2009. 

According to BNEF, 2014 was the first year in history when US-based electrical companies saw renewable projects as more potentially profitable than fossil ones. Growth rates of both market sectors evened up. Sun power production is believed to increase exponentially to USD5 trillion until 2035.

Global investment in new solar energy capacities reached USD1.3 trillion during the past decade, from 2010 to 2019, marking half of the overall renewable investment of USD2.6 bln. 

Solar energy market outlook

By 2050, solar power will account for 22% of the world’s electricity.

A total of USD4.2 trillion will be invested in solar until 2050.

Solar power technologies

Sun rays may be transformed into different forms of energy using a number of technologies which constantly improve. The most popular ones are CSP (concentrated or heliothermal) and PV (photovoltaic or photoelectric). In late 2010s, floating solar went from a niche to a viable market.

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