It’s predicted that global solar energy installation capability will reach 574 gigawatts (GW) this 12 months. This figure is 130% of last 12 months's figure and is claimed to point out the rapid growth of the solar energy generation field.

REVE, an energy media outlet, cited the newest report from BloombergNEF, an energy market research company, on the twentieth (local time) and reported that 444GW of solar energy generation capability was newly built globally last 12 months, and is predicted to extend to 574GW in 2024.

In line with this, this trend is predicted to proceed in the longer term. It’s predicted to be ▲627GW in 2025, ▲672GW in 2026, ▲718GW in 2027, ▲722GW in 2028, ▲820GW in 2029, and ▲880GW in 2030.

This report predicted a rapid increase beyond the moderate growth rate announced by Wood Mackenzie in January.

“If the present growth rate continues, we will predict that all the world will likely be covered with solar panels,” said Jenny Chase, BloombergNEF solar analyst. “Our 2030 forecast has already exceeded 6.7 terawatts (TW), well below the prevailing net-zero scenario.” “It far exceeds ,” he added. Considering that the full global power generation capability as of the tip of 2022 is 8.5TW, it is a significant figure.

Chase analysts forecast that Portugal and Greece will produce 50% more electricity through solar energy by 2030 than in 2022.

Nonetheless, he said, “At this level of forecasting, there is generally negative feedback.”

For instance, as energy prices drop and storage costs arise together with the rapid growth of solar energy generation, the difficulty is whether or not it’s economically feasible to construct additional solar energy plants while maintaining the past growth rate. “That is a very important issue for regional analysts to deal with,” he said.

Subsequently, it’s identified that there’s a need for industry and government to cooperate in order that solar energy growth occurs in a sustainable manner.

Reporter Taeyong Kim future@aitimes.com