Solar Technology Industry Trends for 2024

Why is the energy market moving to solar power? 

As the world moves towards more sustainable and green energy sources, Solar Power is fast becoming one of the most sought-after renewable energy sources. Renewable energy now makes up over 28% of the global electricity supply as many countries make big steps towards hitting their net zero carbon emissions goal by 2050. Roughly 140 countries worldwide have made the pledge to reach the proposed net zero target, which accounts for around 90% of global emissions.  

Solar market insight takeaways 

• Global Solar Terawatt Mark  

For the first time ever, the global solar watt mark pass 1TW in 2022 and is on its way to hit 1.3TW (1,300 Gigawatts) by the end of 2023, with a view to achieve at least 2TW by 2025. 

• Solar Fastest Growing Energy Technology 

As more and more governments around the world take green energy seriously, Solar is becoming the fasting growing energy technology, with frequently more businesses making use of commercial solar panels on their properties to help meet green initiatives and targets. The International Energy Agency has also predicted that by 2028, global capacity is going to be more than the current combined total power cap of both of Japan and India.  

• Global Solar Shares Growth 

While China leads the way in terms of shares with a huge 14% annual growth (putting it ahead of the US with over double the American capacity) and an estimated 80% of the entire worlds solar power, the United States still improved its growth between 2020 and 2021 with a 42% leap. India comes in in third place, while Europe achieved 31.8 GW of additional energy capacity. In early 2023, a study found that fossil fuel usage had dropped considerably by 17%, whilst solar had grown by a massive 13% globally. 

The UK’s solar capacity 

Sadly, the CCC (Climate Change Committee) has stated that the UK is no longer considered a world leader when it comes to climate action. However, as of 2023, the UK currently has 15GW of Solar Capacity, almost doubling its number from 2022. It’s thought that around 4% of British homes have solar panels, with over 1,000 solar farms with huge numbers of Industrial solar panels generating green energy.  

Growing Solar Trends 

• AI Driven Solar Influence 

AI can be used for many things, including helping determine the best ways that panels can be used. AI learning can determine the best position, angle, and installation for panels, allowing a professional solar panel company to get the best out of them. It can also be used in a larger capacity to help manage energy grids, allowing them to decide best where excess energy can be sent to allow cities to run better in extreme conditions (for instance, snowstorms or major drops in temperature)  

• Solar Energy Storage 

Energy storage is essential if you plan to use solar power all day/all year round. Of course, solar panels only take in energy when there’s sunlight available, but batteries allow you to store the additional energy to be used even when it’s nighttime or winter. Batteries are reducing drastically in cost as time goes on, and in the UK, the British Government has put in place a scheme that offers any batteries that are installed at the same time as their panels are completely VAT free until at least 2027.  

• Charging Capabilities 

As of summer 2023, there were thought to be around three quarters of a million electric vehicles in the UK, with an additional half a million hybrids on British roads. While not the only use for solar charging, the increase in electric vehicles globally means that charging infrastructure will grow exponentially over the next decade. In the UK, this is to accommodate the British governments pledge to ban the sale of new fossil fuelled vehicles by at least the year 2030, a huge undertaking that requires a serious shift in infrastructure and charger availability.  

How Mypower is staying ahead of solar trends 

As technology moves forward, Green energy as a whole can seem like a difficult world to understand, but by partnering with a knowledgeable, professional company like Mypower, you’re in safe hands. We understand the importance of focusing on renewable energy and keep an eye on the way the industry is moving forward, incorporating elements such as AI and Machine Learning into the way renewable power is utilized.   

Have any questions? Don’t hesitate to get in touch with our trusted advisors.