Solar PV development prospects

The research by IRENA introduces solutions for accelerated deployment of photovoltaics and full harnessing of the industry’s potential during the three decades to come.

The paper summary can be found here either in English, or in Spanish.

Among others, the report presents the following findings:

-In three decades, solar is likely to provide one-fourth of power demand, giving place to wind only. 

-By the middle of the century, solar power generation capacity around the globe is predicted to exceed 8 terawatts, which is an eighteenfold growth compared to the existing capacity.

-The leading solar power users will be Asia, NA and Europe, with 50, 20 and 10 percent of the capacity installed, respectively.

-Speeded-up deployment of photovoltaics can help reduce carbon emissions by 21 percent (which is almost 4.9 GT per year) in thirty years.

-The costs for solar power are expected to continue falling over the coming decades.

-Annual investment in photovoltaics is estimated to grow 68 percent by midcentury.

-The supportive policy measures and incentive programs have stimulated rapid spreading of rooftop photovoltaic power stations.

-The sector is developing rapidly, comprehensive innovative solutions lead to considerable reduction of costs. Among such solutions is floating solar. Last year, the floating solar generation capacity installed globally exceeded 1GW, and there are clear prospects for further development.

-Transition of power sector to clean energy promises positive social and economic influence. By 2050, the PV sector is likely to provide jobs to more than 18m persons.

Download report:

IRENA_Future_of_Solar_PV_2019