Solar Power Generation Set to Touch 600 GW by 2023: Report

This growth in the solar capacity, the report mentioned, will put solar energy ahead of all other renewable technologies combined.

The total power generation capacity of the world using solar energy is set to touch approximately 600 GW by the end of 2023 from 391 GW in 2017, International Energy Agency (IEA) has said in its report titled ‘Renewables 2018’.

Renewables 2018 is the IEA market analysis and forecast from 2018 to 2023 on renewable energy and technologies. It provides global trends and developments for renewable energy in the electricity, heat and transport sectors.

This growth in the solar capacity, the report mentioned, will put solar energy ahead of all other renewable technologies combined.

“A global module supply glut is also expected to result in cheaper module prices. With increasing cost-competitiveness and continuous policy support, demand recovery is expected just after 2020,” the report said.

The report further states that wind will remain the second-largest contributor to renewable capacity growth, followed by hydropower and bioenergy. It added, “Wind capacity is expected to expand by 60%, or 324 GW, with offshore wind accounting for 10% of that growth.”

“Modern bioenergy is the overlooked giant of the renewable energy field, its share in the world’s total renewables consumption is about 50% today, in other words as much as hydro, wind, solar and all other renewables combined,” said Dr Fatih Birol, IEA’s Executive Director.

He further added that, “We expect modern bioenergy will continue to lead the field, and has huge prospects for further growth. But the right policies and rigorous sustainability regulations will be essential to meet its full potential.”