The global solar energy market is set for “spectacular growth” over the next five years.
That’s according to the International Energy Agency (IEA), which predicts the world’s total renewable-based power capacity will grow by 50% between 2019 and 2024.
It notes distributed solar infrastructure will be a key part of this increase as homes, commercial buildings and industrial facilities increasingly adopt onsite panels.
The IEA forecasts as the share of renewables in global power generation rises from 26% today to 30% in 2024, solar will account for 60% of the rise.
It predicts the increase of 1,200GW will be driven by cost reductions and concerted government policy efforts.
Dr Fatih Birol, the IEA’s Executive Director, said: “Renewables are already the world’s second-largest source of electricity but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals.”