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On November 5, the World Solar Report 2024 by the International Solar Alliance (ISA) was released.
From 1.22 GW in 2000, the world’s solar capacity has surged to 1,419 GW in 2023, charting a CAGR of about 36%.
What are new solar technologies?
Quantum Dot Solar Cells: Achieved 18.1% efficiency, enhancing solar energy capture and water harvesting.
Self-Healing Solar Panels: Designed to extend panel lifespan and reduce maintenance.
Solar-Powered Phyto-Mining: Uses solar energy to extract valuable metals from soil with plants, a sustainable alternative to traditional mining.
Solar Paver Blocks & BIPV(Building Integrated PV): Solar panels integrated into infrastructure, such as transparent panels that allow light transmission.
Recycling and Circular Economy: Focus on recycling solar panels to minimize environmental impact and reduce reliance on critical materials like lithium.
Have reducing costs helped?
Utility-scale solar PV prices fell to an average of $40/MWh in 2024.
India secured an auction price of $34/MWh, topping the global charts.
Solar PV investment in the power sector is expected to exceed $500 billion by 2024, outpacing other energy generation investments.
What about the global market?
China accounts for 43% of global solar PV capacity (609 GW).
Other Key Players: The U.S. (10%), Japan (5-6%), Germany (5-6%), and India (5-6%) have significant shares.
China leads global production with 97% in wafers, 89% in cells, and 83% in modules.
Has solar impacted other industries?
The solar PV sector employed 7.1 million people globally in 2023, up from 4.9 million in 2022.
Solar-powered irrigation and solar pumps are making agriculture more cost-effective and sustainable.
Solar panels used in livestock management to provide shade and generate electricity.
Pay-as-you-go Models: These models are helping drive solar adoption, especially in rural areas and developing countries.
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