Solar Power to Become World's Primary Energy Source by 2050, Says IEA

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Researched by Industrial Info Resources India (Delhi, India)--Solar energy could be the world's main source for electricity generation by 2050, aided by plummeting costs of the solar equipment, a report from the International Energy Agency (IEA) said on Monday. The Energy agency predicts sun could overtake oil and gas as the leading source of energy on the planet.

According to the New Climate Economy report, released by World Resources Institute the cost production of solar panel have fallen sharply, down 80% since 2008. This puts solar on the edge of beating coal and gas on price. It is estimated that the price of solar photovoltaic (PV) systems is expected to drop by another 65% by 2050.

"The rapid cost decrease of photovoltaic modules and systems in the last few years has opened new perspectives for using solar energy as a major source of electricity in the coming years and decades," said IEA Executive Director Maria van der Hoeven. IEA Reports said solar photovoltaic (PV) systems could generate up to 16% of the world's electricity by 2050, while solar thermal electricity-from concentrating solar power plants- could provide another 11%. By mid-century, the sun could be the largest source of energy and help reign in global warming by preventing the release of billions of tons of carbon dioxide emissions.

The ambitious report certainly has big news for the solar industry that has seen phenomenal growth worldwide over the past years. Global demand is expected to double every two years through 2022 as prices fall and the technology continues to improve. The United States, China and India are the markets poised for strong growth.

Though it is the fastest growing source of renewable electricity, solar power still only represents a fraction of fossil-fuel dominated energy mix. Solar power constitutes only 0.5% of the world's electricity generation.

With 137 gigawatts (GW) of installed capacity at the end of 2013, PV has dominated the market- adding more capacity since 2010 than the previous four decades and will continue to do so through 2030, according to the IEA. But once solar reaches from 5% to 15% of electricity generation, the picture changes. Across the globe, China is expected to continue to lead the way on PV, followed by the United States and India, while solar thermal has greatest potential in sunny areas meaning it probably be a major opportunity for Africa, India, the Middle East and the United States.

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