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Solar Installations To Rise Five Folds By 2038 Globally

Solar Installations To Rise Five Folds By 2038 Globally

Rethink Energy’s Global Solar Forecast 2050 Report on solar technologies and installations claim that government, utility, and renewable energy companies are beginning to realise that solar PV is the most affordable way to produce electricity and will continue to be so. It is also becoming a more predictable resource due to the development of battery energy storage.

Consumer demand for rooftop solar installation is likely to increase as a result of the disruption in the energy markets brought on by the declining natural gas markets and the Ukraine Russia war.

Why Is It Happening?

By 2050, rooftop solar will account for 59 per cent of all yearly power generation and will smooth out the power crisis. As consumers are rewarded for rooftop solar and battery energy storage installation, a significant increase is anticipated to occur in years.

The research introduces the idea of “rooftop capacity per capita” and projects that nations like Poland, Italy, China, the US, Vietnam, and even the Netherlands will start to overtake Australia as the leader in terms of rooftop solar installed per million people in coming years.

Solar will likely stay at the forefront of the “green hydrogen” industry, which will gain traction through 2030. The compound annual growth rate (CAGR) of the increase in annual additions through 2030 will be a stunning 14.35 per cent, before it declines.

Other Stats As Per The Report

As Rethink Energy claims, all of this will occur over the next 30 years, along with the emergence of new solar radiation superpowers and the establishment of massive energy export corporations in countries like Chile and Australia.

The annual addition of solar power will reach 617 GW globally in 2030 and even further at a peak of 1022 GW in 2040.

Not only this, the research also provides a formula for forecasting the timing of solar repowering, providing valuable context for the correlation between module production and annual additions.

Rethink Energy believes that over the course of the next 30 years, the future of solar is unlikely to shift decade to decade, however the company acknowledges that pricing problems will determine what it does year to year.

Conclusion

The 38-page Global Solar Forecast 2050 from Rethink Energy reveals that solar PV installations are on the rise and are expected to reach five times the current annual installation level of 200 GW by 2038.

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