It looks like there’s a new player in the realms of world power…
Results of an audit conducted by the International Energy Agency have revealed that Solar Power has become one of the most frequently adopted forms of energy production in the world.
Combined numbers from China, the US and even the UK, have contributed towards making 2016 a record-breaking year for renewable energies, with two thirds of the world’s new power sources coming from green renewables.
Despite the common belief that coal energy was the biggest source of new power (the black stuff had held the top spot before being deposed this year) there has been an unprecedented level of support in developing countries like China, who have upset predictions from authorities in the field by investing millions into new solar farms across the country. The IEA have attributed falling material prices and shifting governmental policies to the record-breaking year for solar; China’s solar installations accounted for nearly half of new solar farms in the world.
With this information in mind, new predictions have been made by the Paris-based institution.
They now believe that in as little as five years’ time global solar capacity will be greater than India and Japan’s current combined output. India, much like China, have surprised the IEA by investing huge quantities of cash and man power into their own solar farms, leading the IEA to predict that, if the rate of construction continues, there’ll be a third more solar power in both countries within five years time.
It’s just the beginning for India, in terms of renewable energy, as their production levels across all formats are predicted to double within the next five years, bringing them in spitting distance of the second-fastest growing renewable market: the USA.
Whilst the Trump administration has been dismissive of key climate issues from the out, this hasn’t stopped the country from investing heavily in multiple forms of renewables, however this might change should the President follow through with his previously stated intentions of bringing back US coal. Either way, American-based companies producing industrial electronics such as AC to DC converters and other key components are sure to see benefits from the US’ continued interest in the power industry.
Conversely, despite a strong start to the year for Scotland’s wind power, Britain as a whole is not predicted to invest as much into solar energy.
The IEA predicted that the total amount of solar panels to installed in Britain by 2022 will amount to just a fifth of what has been built over the last five years – offshore wind farms will be a more popular option, but investment in green energy will, overall, be diminished.