Predictions of solar energy for the next decade

Solar power is expected to remain on an upward trend in the coming years, and the industry is dynamic. According to research and findings, the following ones are the prospective predictions about solar energy:

• With the costs of solar panels coming down, installing solar systems will be easier for companies. Especially in developing countries, where it may reduce dependence on fossil fuels and extend the availability of electricity sources, solar power will gain its significance as an electricity source.
• The transportation industry in particular will expand its usage of solar energy with the development of vehicles relying on solar power and using solar panels for electric power vehicles.

• The utilisation of solar energy in buildings will grow as advanced technologies, such as solar shingles, which can be used in place of normal roofing shingles, and new solar panels can be incorporated into windows and other structures naturally.
• When new methods of utilising solar energy for industrial purposes such as solar thermal storage and solar steam generation are invented, the industrial sector will increasingly incorporate solar power.
• The good news is the cost of solar technology has become about twenty-five percent lower over the last decade, and is expected to continue doing so for the next ten years. Solar power will become even more affordable to the companies as the costs of solar panels and all related equipment will decrease – providing further growth to the industry.

• With specific regard to the developing world, it is expected that solar energy will play a crucial role in reducing reliance on fossil fuel and enabling a better provision of electricity. The IEA (IInternational Energy Agency) identifies conventional solar power or photovoltaic sources as the leading producer of electricity in developing countries over the next ten years.
• According to the forecast, governments and policymakers all over the world will continue to promote the use of solar energy by different measures including, but not limited to, RES targets and subsidies.

Conclusion

All in all, as the attempts to reduce reliance on fossil fuel sources and combat climate change happen to gather pace shortly, it may be safely assumed that the role of solar power in the world’s energy consumption is likely to grow in the future.