The number of solar power stations will more than double in 10 years
According to Fitch Solutions experts solar power capacity in the world will grow by 125% over the next ten years, mainly due to China, India and the U.S.
These three countries will account for about two-thirds of all new solar capacity introduced until 2029. By this date, the sun will generate about 6% of all electricity in the world, compared to 2.7% in 2019.At the same time, Fitch believes that by this time 734 GW of solar capacity will be built in the world, and the installed solar capacity will grow from 587 GW last year to 1.32 GW in ten years. China is expected to be the largest player, and it will account for almost 40% of global growth (285.7 GW capacity).
In the USA, 110.4 GW of solar energy will be introduced in ten years, and in India this number will reach 84.4 GW.
European countries such as Spain, Italy, Germany and France will also show quite important growth. Each of these countries will provide 12 to 24 GW of new capacity.
"We forecast that 36 markets in the next decade will add more than 1 GW of solar power capacity each, 48 markets will add more than 500 MW, and 72 markets will add at least 100 MW. Thus, we expect the total number of markets with solar capacity exceeding 1 GW to rise from 29 to 85 by 2029," analysts say.
According to Fitch in such developing countries as Colombia, Malaysia and Turkey solar capacity will increase significantly over the next decade.
Experts believe that the latest advances in solar power technology will increase efficiency and reduce costs for solar energy projects. In particular, over the past six months, five major solar panel manufacturers have announced new module designs with capacities of over 500 watts.