Global solar PV market set for spectacular growth over next 5 years
According to the IEA: “The installation of solar PV systems on homes, commercial buildings and industrial facilities is set to take off over the next five years, transforming the way electricity is generated and consumed, according to the International Energy Agency’s latest renewable energy market forecast.
These applications – known collectively as distributed PV – are the focus of the IEA’s Renewables 2019 market report. The report forecasts that the world’s total renewable-based power capacity will grow by 50% between 2019 and 2024. This increase of 1,200 gigawatts – equivalent to the current total power capacity of the United States – is driven by cost reductions and concerted government policy efforts. Solar PV accounts for 60% of the rise. The share of renewables in global power generation is set to rise from 26% today to 30% in 2024.”
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IEA Energy databases and data services including World Energy Statistics and Balances
Worthwhile to read IEA’s recent release of the 2019 edition of energy databases and data services including World Energy Statistics and Balances, the IEA Key World Energy Statistics, etc. Read more ….