Power generation from solar PV increased by a record 270 TWh in 2022, up by 26% on 2021. Solar PV accounted for 4.5% of total global electricity generation, and it remains the third largest renewable electricity technology behind hydropower and wind.
By 2050 solar PV would represent the second-largest power generation source, just behind wind power and lead the way for the transformation of the global electricity sector. Solar PV would generate a quarter (25%) of total electricity needs globally, becoming one of prominent generations source by 2050.
Solar photovoltaics (PV) is a very modular technology that can be manufactured in large plants, which creates economies of scale, but can also be deployed in very small quantities at a time. This allows for a wide range of applications, from small residential roof-top systems up to utility-scale power generation installations.
Key concluding remarks are outlined as follows; The share of solar PV in worldwide electricity power was 8 % in 2019 and is expected to reach 30 % in 2030. Currently, the wafer-based crystalline silicon (c-Si) PV panels has dominance over other technologies in the current PV markets.
Yearly additions of solar PV capacities are expected to reach 270 GW by 2030 as compared with 94 GW in 2018 . Undoubtedly, the demand side solar industry has gone through a primary shift from a niche market to a main power source in the last quarter of the century.
Solar PV is emerging as one of the most competitive sources of new power generation capacity after a decade of dramatic cost declines. A decline of 74% in total installed costs was observed between 2010 and 2018 (Figure 10).