New Delhi, Nov 5 (IANS) The global solar capacity is expected to shoot up 5-fold to reach 7,203 GW by 2030 from a level of 1,418.97 GW in 2023 as manufacturing is set to exceed demand making solar energy more affordable, according to the latest World Solar Market Report.
The report forms part of the 3rd edition of the World Solar Report series released by Union Minister Pralhad Joshi at the 7th Assembly of the International Solar Alliance in Delhi.
The newly launched four key reports, namely the World Solar Market Report, the World Investment Report, the World Technology Report, and the Green Hydrogen Readiness Assessment for African Countries each highlight a crucial area in the global shift towards sustainable energy.
The World Solar Market Report points out that in just two decades, global solar capacity has exploded from 1.22 GW in 2000 to an astounding 1,418.97 GW in 2023 – a staggering 40 per cent annual growth rate.
In 2023 alone, 345.83 GW of solar power was added, accounting for three-quarters of all new renewable capacity worldwide.
By the close of 2024, the capacity for global solar manufacturing is projected to exceed 1,100 GW, which is more than twice the anticipated demand for PV panels. Solar cell prices have reached $0.037/watt, while advanced mono TOPCon and mono PERC module prices have fallen below $0.10/watt, indicating a trend towards greater affordability in solar technology, the report states.
The clean energy industry now fuels 16.2 million jobs, with solar leading the charge at 7.1 million—up 44 per cent from 2022’s 4.9 million. And a striking 86 per cent of these jobs are concentrated in just 10 countries.
The latest World Investment Report highlights a global shift toward sustainable energy, with energy investments rising from $2.4 trillion in 2018 to $3.1 trillion by 2024. Solar leads renewable energy investments, accounting for 59 per cent of the total, driven by lower costs, with APAC emerging as the top investing region. The World Technology Report showcases advancements in solar technology, emphasising breakthroughs in efficiency, sustainability, and affordability. Highlights include record-setting 24.9 per cent efficiency in solar PV modules, an 88 per cent reduction in silicon usage since 2004, and a 90 per cent drop in utility-scale solar PV costs, fostering resilient, cost-effective energy solutions.
–IANS
sps/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
