McKinsey Report Predicts Tremendous Global Growth for Solar Energy The tremendous growth in the solar energy sector is predicted by McKinsey & Company in the days to come. According to their reports, solar power can surge up to 60 times, between the years 2015 to 2050. This latest report envisages & points out the dominant nature of solar power within the global renewable energy industry. McKinsey’s reports are highly valued in the industry since they are one of the world’s largest management & financial consultancies.
Global Energy Transformation: A Roadmap to 2050 (GET2050) - This report also concludes with a similar point of view. The International Renewable Energy Agency (IRENA) reporting the total capacity of current renewable energy in the world accounts for 26 percent & which surge to almost 85 percent by the year 2050. It is estimated that a whopping 60 percent will come from solar & wind power. Declining Costs of Solar Cells – One of the reasons as to why the production of solar energy is widely & rapidly developing is due to the declining costs of solar cell & storage capacity of the energy. Data shown by McKinsey’s between the years 2012 & 2017 reveal that the cost of the battery fell almost by 15 percent