2022 was an interesting year for the solar industry. According to BNEF New Energy Outlook 2020 report, 56% of power generation could be provided by wind and solar by 2050. The renewable energy source is getting popular and even more competitive. This is because, in many cases, it is more cost-efficient and environmentally sound for businesses to start adding renewables into their power mix - if they still need to.
Power generation from solar PV increased by a record 179TWh in 2021, making 22% growth in 2020. Solar PV accounted for 3.6% of global electricity generation. Solar PV remains the third-largest renewable electricity technology behind hydropower and wind.
With more government push and available green technologies, we may see tremendous growth in the solar energy sector in 2023. This month, our team at Solaris Tech will discuss the solar energy trends we might see coming to fruition in 2023.
Distributing PV became an increasingly attractive alternative for many contractors as there has been an increase in the price of fossil fuels and coal in 2021. According to the reports by IEA, utility-scale PV remains the most competitive source of PV generation in many parts of the world.
Although slowed slightly by geopolitical tension and trade uncertainty, solar capacity will continue to grow over the next several years—surpassing a terawatt of global solar power generation by 2023. Australia will witness a rise in the demand for solar panels in 2023 and beyond.
Storage will take its rightful place as a critical grid asset by 2023, helping to increase the reliability and resilience of increasingly decentralised power systems. The adoption of diverse energy storage solutions, including long-duration batteries, will grow by at least 30% in 2023.
Apart from solar power, wind power will continue to grow with increased storage capabilities explicitly developed for on and offshore wind, helping to improve the economics and productivity of such projects. According to BDO 2023 Renewable Prediction Report, half of the 2023 global investments in the wind will go towards offshore technology and projects.
According to Powermag, from mining to oil and gas, natural resources companies will continue to invest in clean or renewable energy technology, including carbon capture and utilisation, to diversify their portfolios and reduce their corporate carbon footprints. By 2023, 20 oil and gas majors will have joined the Oil and Gas Climate Initiative.
Is there a future in renewable energy? Could it help solve global warming and climate change problems? Although the answer to this question is complex - but, leaders around the world are working to create a sustainable environment for future generations.
In Europe, electricity generation from solar farms increased by over 60% in 2020 compared to just one year prior. Moreover, China announced that by 2060 the entire country would zero out carbon emissions. Around, 29% of homeowners in Australia have chosen rooftop solar panels.
As the clean energy industry continues to gain support, it becomes more and more accessible. What are you waiting for? Get ready to introduce renewables into your energy systems. Reach out to us at info@solaristech.com.au or contact 1300-946-524 for an obligation-free chat.
Solar panels are likely to grow rapidly. According to the National Renewable Energy Laboratory (NREL) projects that solar energy could provide 45% of the electricity in Australia. Australia is on track to reach its commitment of 50% of renewable energy by 2050.
Australia installed 3,60,000 rooftop PV systems in 2021, an increase of nearly 40% compared to 2020. There has been a growth in solar PV installation across the residential and commercial segments.
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