2019 has seen the largest number of solar renewable energy installations and was projected to grow even more. some were skeptical but when the pandemic hit in 2020, solar energy proved to be more resilient than expected giving experts more optimism for solar energy in the coming years. Based on past studies and world events, here are 3 trends that we can look forward to in the coming years for solar energy
New opportunities for Solar Energy
“The chaos of the COVID-19 outbreak can open up opportunities to reshape the future of energy”
The COVID-19 pandemic has made a huge dent in the energy sector causing uncertainty. This has caused policy makers to open up on a wider range of possibilities in renewable energy.
According to the IEA report, technology in the Solar Renewable Energy is maturing and has now become cheaper than coal or gas-fired power plants in some regions, resulting increased support in this sector.
Increase in energy storage demand
“Solar Energy Storage Market size exceeded USD 170 million in 2018 and is anticipated to grow at over 35% CAGR from 2019 to 2025.”
Source: Global Market Insights
With the rising popularity of solar energy among homeowners, the market is quickly realizing the importance of solar energy batteries, specially in regions prone to extreme weather and rolling blackouts. The push for solar energy is also pulling the demand for energy storage. In the Asia Pacific region alone, solar energy storage market is expected to exceed 40% increase by 2025.
The regions continued support and policies in decarbonization is also contributing to the increasing demand and positively influencing business outlook thus opening up the sector to more private investments
Solar energy will become more affordable
“the cost of renewables are set to continue declining dramatically through to 2030.”
Source: Michael Taylor at IRENA
Due to policies supporting renewable energy, Solar Power is now the cheapest source of electricity, according to a report by the International Energy Agency (IEA).
Policies such as in EU looking to source 32% of its energy from renewables have boosted confidence in renewable energy sector and with solar energy considered “the new king of electricity supply,” as per IEA, it is expected to dominate the sector over the next decade.
A lot of things can happen in a decade or two, but with the extreme events that happened in 2020, it is safe to say that Solar Energy have proven itself and so trends that comes with this renewable energy is definitely something to look forward to