Almost 33% of the world’s electricity is forecast to come from renewables, with solar photovoltaic (PV) accounting for nearly 60% of the expected growth. The solar industry has been fast-growing in America and worldwide since the mid-2000s.
Storage will take its rightful place as a critical grid asset by 2023, helping to increase the reliability and resilience of increasingly decentralised power systems. The adoption of diverse energy storage solutions, including long-duration batteries, will grow by at least 30% in 2023.
Although slowed slightly by geopolitical tension and trade uncertainty, solar capacity will continue to grow over the next several years—surpassing a terawatt of global solar power generation by 2023. Australia will witness a rise in the demand for solar panels in 2023 and beyond.
Research suggests that natural resources companies will continue to invest in clean or renewable energy technology, including carbon capture and utilisation to diversify their portfolios and reduce their corporate carbon footprints. By 2023, 20 oil and gas majors will have joined the Oil and Gas Climate Initiative.
In Europe, electricity generation from solar farms increased by over 60% in 2020 compared to just one year prior. Moreover, China announced that by 2060 the entire country would zero out carbon emissions. Around 29% of homeowners in Australia have chosen rooftop solar panels.
