Future prospects of solar technology Solar energy is one of the best options to meet future energy demand since it is superior in terms of availability, cost effectiveness, accessibility, capacity, and efficiency compared to other renewable energy sources , .
These countries have made substantial investments in solar infrastructure, resulting in widespread installations and well-established markets. The future of solar energy in developed nations is promising, with a focus on further enhancing efficiency, storage capabilities, and grid integration [62, 63].
In this regard, governments may employ politically motivated interventions to support the adoption of PV systems and foster markets that favor this technology. Nonetheless, it is important to note that such initiatives may temporarily disrupt the functioning of a natural market. 3. Solar Photovoltaic (PV)
By embracing solar power, both types of economies can contribute to a greener, more sustainable future for generations to come. According to Renewables 2022 Global Status Report, China achieved a significant milestone in 2021 by becoming the first nation to exceed an installed capacity of 1 terawatt (TW) in renewable energy .
Solar energy has become increasingly cost-effective, and developing economies can benefit from this trend. With decreasing solar panel costs and access to financing mechanisms, such as international loans and partnerships, these countries can embrace solar power as a reliable and affordable energy source.
With increasing affordability, supportive policies, and a commitment to sustainable development, these countries can rapidly expand their solar energy capacity . Ultimately, the global transition to solar energy requires collaboration between developed and developing nations, as well as the sharing of knowledge and resources.