According to a report by GlobalData, the global solar capacity is expected to exceed 7.5 terawatts (TW) by 2035. This represents a significant increase from the current global solar capacity, driven by declining solar panel costs, government initiatives, and growing demand for renewable energy. The report highlights the rapid growth of the solar industry, with solar capacity expected to more than triple over the next 15 years.
The growth in solar capacity will be driven by several factors, including declining costs, technological advancements, and increasing demand for clean energy. The cost of solar panels has fallen dramatically over the past decade, making solar energy more competitive with fossil fuels. Additionally, governments around the world are implementing policies and incentives to support the adoption of solar energy, such as tax credits, grants, and renewable portfolio standards.
The report also notes that emerging markets, such as India, China, and Southeast Asia, will play a significant role in driving the growth of the solar industry. These regions have vast solar resources and are experiencing rapid economic growth, driving up energy demand. Governments in these regions are also implementing policies to support the development of solar energy, such as setting renewable energy targets and providing incentives for solar developers.
In terms of regional breakdown, Asia is expected to dominate the global solar market, with countries such as China, India, and Japan leading the way. Europe is also expected to remain a significant market, with countries such as Germany, Spain, and Italy continuing to invest in solar energy. The United States is also expected to play a major role, with solar energy becoming increasingly cost-competitive with fossil fuels.
The growth of the solar industry is also expected to have significant environmental and social benefits. Solar energy is a clean and renewable source of energy, producing no greenhouse gas emissions or pollution. The widespread adoption of solar energy is expected to help reduce carbon emissions, improve air quality, and enhance energy security. Additionally, the solar industry is creating new job opportunities and driving economic growth, particularly in rural areas where solar farms are often located.
Overall, the report by GlobalData highlights the rapid growth and potential of the solar industry, with global solar capacity expected to exceed 7.5 TW by 2035. The growth of the solar industry will be driven by declining costs, technological advancements, and increasing demand for clean energy, with emerging markets playing a significant role. The widespread adoption of solar energy is expected to have significant environmental and social benefits, making it an exciting and important industry to watch in the coming years.