A new report by BloombergNEF states that the world might install 574 GW of solar capacity this year. The agency also revealed that solar installations touched 444 GW in 2023, surpassing the previous forecast of 413 GW.
The research organization also predicts that new solar installations across the globe will likely reach 627 GW in 2025 and 672 GW in 2026, and then increase further to 718 GW in 2027 and 722 GW in 2028. Moreover, for the years 2029 and 2030, new solar installations will likely hit 820 GW and 880 GW, respectively.
However, BloombergNEF analysts also acknowledged the difficulty of creating such forecasts.
“The challenge in making forecasts is that if you keep predicting growth at current rates, you end up forecasting the entire world being covered with solar panels,” said Jenny Chase, a solar analyst at BloombergNEF. “Our 2030 forecast is already over 6.7 TW, well above BNEF’s Net Zero Scenario and relatively comparable with global power generation capacity of 8.5 TW at the end of 2022.”
She further states the future solar scenario would be dramatically different than the present, which makes it hard to concretely map the growth trajectory of the industry.
In another report on energy transition, the organization revealed that the global investment in the low-carbon energy transition surged 17% in 2023, reaching $1.77 trillion. This is a new global record and demonstrates how clean energy continues to be a priority despite geopolitical turbulence, high-interest rates, and cost inflation.
India remains at the forefront of the clean energy transition right now. With a new nationwide solar scheme called Surya Ghar Muft Bijli Yojana, India is aiming to solarize 1 crore households in a year.
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Resource: Saur Energy
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