The global solar business has grown by approximately 50% per year over the last 10 years and is anticipated to be a major source of renewable power with continued high growth, particularly in emerging markets. Thanks to improvements in technological efficiency, innovation, scale effects and more professional value chains, solar energy is fast becoming a low-cost source of power.
The price of solar energy has halved in the last three years, and the IEA believes it will halve again in the next three years. Solar energy today accounts for around one percent of the world’s energy mix.
Bloomberg New Energy Finance estimates that by 2040 around 34% of electricity will come from intermittent renewables, of which solar power will account for a third.
Solar Photovoltaic (PV) installed capacity has grown approximately 50% per year globally over the last 15 years, with 300 GW installed capacity at the end of 2016.
Currently, it takes 200,000 solar panels and an area equivalent to 100 football fields to meet the energy needs of 80,000 households.