Global Share of Solar Energy

Source: This article on Global share of solar energy is based on article “What is the extent of the global share of solar energy?” published in The Hindu on 11^th December 2024.

UPSC syllabus topic: GS 3 -Economy

Context: The article provides an overview of the current state, advancements, and impact of solar energy worldwide, as presented in the World Solar Report 2024 by the International Solar Alliance (ISA). Global Share of Solar Energy.

What is the current state of global solar energy capacity?

1. As of 2023, global solar energy capacity has reached 1,419 GW, a dramatic increase from 1.22 GW in 2000, with a compound annual growth rate (CAGR) of about 36%.
2. Solar energy now accounts for three-quarters of all renewable capacity additions worldwide.

 What does the World Solar Report 2024 highlight?

1. The report, released by the International Solar Alliance, emphasizes the rapid growth of solar energy, cost reductions, and emerging technologies.
2. Key points include declining costs, with utility-scale solar PV averaging $40/MWh globally and India achieving a record-low price of $34/MWh.
3. Investments in solar PV are projected to surpass $500 billion by 2024, outpacing all other power generation technologies.

What are the latest advancements in solar technology?

New solar technologies include:

1. Quantum dot solar cells achieving 18.1% efficiency.
2. Self-healing solar panels to extend lifespan and reduce maintenance.
3. Solar-powered phyto-mining for sustainable metal extraction.
4. Building-integrated photovoltaics (BIPV), like transparent solar panels, and solar paver blocks.

 How have declining costs impacted solar energy adoption?

1. Lower costs have made solar PV more competitive.
2. Average utility-scale solar PV costs dropped to $40/MWh globally in 2024, with India achieving $34/MWh.
3. These cost reductions, coupled with improved auction systems, have driven rapid adoption of solar energy.

 Which countries dominate the global solar energy market?

1. China leads with 609 GW, accounting for 43% of global capacity.
2. The U.S. follows with 10% (137.73 GW).
3. Japan, Germany, and India each contribute 5-6%.
4. Emerging markets like Brazil, Australia, Italy, and Spain each contribute about 2%.

What is China’s role in solar component manufacturing?

China dominates manufacturing with 97% of wafers, 89% of cells, and 83% of module installation capacity in 2023.

How has the solar sector influenced employment and agriculture?

1. Employment: Solar PV jobs increased from 4.9 million in 2022 to 7.1 million in 2023.
2. Agriculture: Solar-powered irrigation systems and agrivoltaics are transforming farming practices, with solar panels providing shade for livestock and energy for irrigation.

What drives the adoption of solar systems in agriculture?

Declining solar costs, competitive pricing of solar-powered pumps, and pay-as-you-go business models are enabling farmers to adopt solar technologies affordably.

What should be prioritized to promote solar energy adoption?

To ensure equitable solar adoption, technology and finance transfer to least developed countries and small island nations should be prioritized. This approach ensures no one is left behind in the global energy transition.