| Context |
|
Solar Capacity Growth
- The World Solar Report 2024 by the International Solar Alliance (ISA) reveals that global solar capacity has increased from 1.22 GW in 2000 to 1,419 GW in 2023, achieving a CAGR of 36%.
- Solar energy now accounts for three-quarters of all renewable capacity additions globally.
_______________________________________________________________________
Read Also : What is Plasma Gasification – And It’s Significance
________________________________________________________________________
New Solar Technologies
- Quantum Dot Solar Cells have achieved an efficiency of 1%, enhancing energy capture and enabling atmospheric water harvesting.
- Self-healing solar panels are being developed to extend lifespan and reduce maintenance.
- Solar-powered phyto-mining uses solar energy to extract valuable metals from soil, offering a sustainable alternative to traditional mining.
- Solar paver blocks and Building Integrated PV (BIPV), including transparent solar panels, are integrated with infrastructure to allow light transmission and visibility.
- Innovations focus on reducing reliance on critical materials like lithium and rare earth elements while prioritizing panel recycling and circular economy practices.
Reducing Costs and Global Market Trends
- The cost of utility-scale solar PV has consistently fallen, with average auction prices reaching $40/MWh
- India secured the lowest auction price of $34/MWh.
- China dominates the solar PV market, contributing 43% (609 GW) of the global cumulative capacity, with the U.S. at 10% (137.73 GW).
- Solar PV manufacturing saw nearly double the capacity for wafers, cells, and modules in 2023, with China maintaining a dominant market share.
_______________________________________________________________________
Read Also : Agave Power: How a Revolutionary Agroforestry and Grazing System in Mexico Can Help Reverse…
________________________________________________________________________
Impact on Other Industries
- Employment in the solar PV sector grew to 1 million jobs in 2023, highlighting its economic significance.
- Solar-powered irrigation systems and agrivoltaics are transforming agriculture, with solar pumps expected to grow at 8% CAGR from 2021 to 2027.
- Pay-as-you-go business models are increasing solar adoption, especially in developing regions.
Conclusion
- Technological advancements and cost reductions are accelerating the adoption of solar energy, with further focus needed on technology and finance transfer to least developed and small island countries.
NOTE – This article was originally published in 99notes and can be viewed here
Tags: #earth, #geography, #getgreengetgrowing, #globalmarket, #gngagritech, #greenstories, #soil, #solar, #solarenergy, #sustainable, #water, #waterharvesting
