Rob Barnette, a senior analyst for renewable energy at Bloomberg predicts that solar capacity will increase in near future. He estimates that the global PV deployment will climb by 30% in 2022 and continue to grow through 2025.
Statistics And Data That Witness Increase in Solar Capacity
Also, the analyst expects global demand to drive solar growth to unprecedented levels. According to Rob, the global solar capacity picture is truly astounding. “We expect to deploy roughly 250 gigawatts of solar capacity this year,” the author said.
This year, China is delivering the biggest percentage of capacity expansion, with 108 GW of PV expected to begin operations. However, This is almost twice as much as the 55 GW that China constructed in the previous year. Moreover, With 323 GW of solar and 338 GW of wind energy, China has the biggest global exposure to renewable energy. According to Bloomberg, the country is currently ahead of schedule in achieving President Xi Jinping’s goal of 1,200 GW combined by 2030.
Factors Contributing to Increased Solar Capacity Around the World
The United States is also seeing record-breaking growth in renewable energy. In April, the percentage of renewable generation from solar and wind projects hit 28 percent, setting a new high. This indicates that the solar capacity is increasing to reduce carbon footprint.
In addition to that all the businesses involved in the solar supply chain are experiencing huge growth. The second factor influencing demand for solar is less cost of energy produced. PV’s costs are continuing to decrease, making it more and more cost-competitive with oil, whose price has risen because of Russia’s invasion of Ukraine.
According to the Energy Information Administration’s most recent release of its module shipments data, sales of solar capacity modules have substantially decreased over the past 20 years, falling from $4.88/W in 2000 to $0.34/W in 2021.
The Finals Thoughts
Even if oil and natural gas costs decline dramatically, according to Rob, the demand for solar energy will continue to grow. It is projected that this demand-side thrust will continue as prices rise and the world economy moves closer to decarbonization.