IRENA Report on Future of Solar Photovoltaic

Wind energy and concentrated solar power (CSP) have reduced their costs significantly, but it is solar photovoltaic (PV) that has reduced its costs dramatically, thanks to rapid developments in China. And a new report has predicted that with annual investments of more than 7 billion, Latin America’s solar PV capacity could increase from the current 7 gigawatts (GW) to more than 280 GW by mid-century, and while capacity additions in Asia, North America, and Europe continue to expand exponentially, the global PV solar capacity could very well exceed 8000 GW by 2050. The report “Future of Photovoltaic Solar Energy” by the International Renewable Energy Agency (IRENA), which was recently presented at the Sun World 2019 in Lima, Peru, has boldly predicted that in total, the global solar PV energy capacity would increase from 480 GW in 2018 to more than 8,000 GW in 2050, growing by almost 9 percent on average per year.