According to a new study released by the International Renewable Energy Agency (IRENA), global solar power will grow 9% every year by 2050.

According to a report titled “Future of Solar Photovoltaic”, it is predicted that the global solar power capacity of 480 GW in 2018,  will increase to 8,000 GW by 2050. By 2050, a quarter of the demand for global electricity will be met by solar power as new markets form around the world. In particular, Latin America and the Caribbean market are expected to grow by more than 40 times by 2050.

Pursuant to research, to accelerate the distrubittion of solar power can reduce carbon emissions by 21% by 2050. By 2050, Asia will have more than 50% of worldwide installed solar power, North America - 20%, and Europe - 10%. To achieve predictions, annual investments to solar power should increase from 114 billion USD in 2018 to 192 billion USD in 2050. Levelised costs of electricity (LCOE) for solar PV will decrease from 8.5 cents per kWh in 2018 to 2-8 cents per kWh by 2030 and 1.4-5 cents per kWh by 2050.

 PV technologies will continue to drive the market in the following years thanks to the innovations. The number of employees in the solar energy industry worldwide will grow from the 4.4 million to 18 million by 4 fold increase.

In the last decade, the globally installed capacity of off-grid solar PV has grown more than tenfold, from roughly 0.25 GW in 2008, to almost 3 GW in 2018.