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In the next five years, the world will use as much solar energy as it did in the last 20 years

In the next five years, global solar energy capacity will increase by 75 percent. the world will use as much solar energy as it did in the last 20 years.

Solar, wind and other new energy sources are expected to continue to grow, increasing installed capacity by 75 percent by 2027, according to research data from relevant institutions. Capacity additions over the next five years will be on a par with those over the past two decades, adding about 2,400GW over that period.

According to the agency's report, new energy expansion accounts for 90 percent of new plans globally, 90 percent of which will be represented by solar and wind. Solar PV capacity is now almost three times higher than the IEA forecast, having grown by almost 1,500GW over the period, and is expected to overtake gas by 2026 and coal by 2027.

New energy has been expanding rapidly, but in the context of the global energy crisis, new energy has entered a new stage of rapid growth.

In the next five years, the world's installed capacity of new energy will equal China's total installed power capacity, according to a report by relevant agencies. The growth forecast is 30 per cent higher than last year's forecast.

The two main factors driving the rapid development of new energy globally are low prices and security, according to data from relevant agencies.

First, the high prices of fossil fuels and electricity caused by the global energy crisis make new energy technologies more economically attractive. Secondly, the conflict between Russia and Ukraine has led fossil fuel importing countries, especially European countries, to pay more and more attention to the energy security benefits of renewable energy.

The current energy crisis can be a historic turning point towards a cleaner and more secure energy system. The continued acceleration of new energy is crucial to the fight against global climate change.

Higher commodity prices, higher freight costs and ongoing supply chain disruptions have pushed up wind investment costs by 15-25% from pre-COVID-19 levels, and solar investment costs by 10-20%.

BIGLUX develops and implements the most energy saving and convenient mobile solar energy products over ten years.

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