Solar energy operations and development expanded in recent years after decades of investments in sustainable energy sources, which lead to new cutting-edge solar panel technologies, with the pace only picking up, led by China and the US.
The International Energy Agency expects sustainable energy sources to contribute at least 80% of all new energy requirements in 2030, with solar energy alone accounting for half the increase.
Indeed, the report expects the global manufacturing capacity to reach 1200 gigawatts of solar panels yearly by 2030. It should be noted that using only 800 gigawatts of solar energy by 2030 would reduce China’s coal reliance by 20%, with a 25% coal usage reduction in Latin America, Africa, and the Middle East.
Solar energy investments spiked in the last decade, with global solar energy unit production expected to rise from 640 gigawatts in 2022 to 1200 gigawatts in the medium term.
Currently, five countries dominate the industry, China, Vietnam, India, Malaysia, and Thailand, with China alone accounting for 80% of global manufacturing capacity.
Nextracker is a company that tracks progress in solar energy projects, with CEO Dan Sugar stating that solar energy capacity is on track to double in size every two to three years as demand spikes inside and outside the US.
Overall, the company expects the solar energy market to experience a compounded yearly growth of 26% in the next five years, and could even be the main source of electricity in the US by the next decade.
Simultaneously, China is leading the world when it comes to solar energy, with both wind and solar energy sources surpassing coal stations this year in their energy production in China, with the government expecting wind and solar to account for 40% of total electricity production by the end of the year.
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