A New Report Says Solar Energy Could Grow 6,500% By 2050

Industry experts explain in a new report how the world's energy system will decarbonize by 2050 making solar energy one of the largest sources of energy in the world.

Source: Pexels

Solar power is one of the most abundant, efficient and clean sources of energy available. Solar panels and solar power-generating windows are just a couple of innovative things people have come up with to take advantage of the sun, but that's just scratching the surface of the industry's potential. 

Now a new report by industry experts says the solar energy industry will only continue to grow, predicting it could increase to 6500 percent by 2050.

The Energy Transition Outlook 2018 report from DNV GL, a quality-assurance and risk-management company, predicts solar electricity production could grow 65-fold by 2050 thanks to factors like the industry low barriers to entry, solar energy systems becoming more common, and the rising costs of using traditional power grids. It's not just consumers making the transition but businesses and local governments as well.

Source: DNV-GL

According to the report by DNV GL, only 290 gigawatts (GW) of solar was installed at the end of 2016, and about 100 GW are now being built per year. By 2050, DNV GL expects 18,895 GW to be installed by 2050. If analysts are right, this would make solar one of the largest sources of energy in the world.

Highlights of the report state the world will need less energy from the 2030s onwards owing to rapid energy efficiency gains and that the world's energy system will eventually decarbonise with fossil fuels and clean energy sources split equally as primary energy sources. The report also shares oil demand will peak in 2020s and natural gas will take over as the biggest energy source in 2026.