Investment and employment from large-scale photovoltaics up to 2050

Abstract

Investments in renewable energy were at US$211 billion in 2010 and developing economies overtook developed ones for the first time in terms of new financial investments in renewable energy. Photovoltaics for generation of electricity from sunlight has the highest growth rate among the competing forms of renewable energy and has now begun to achieve grid parity in some regions. If these trends of investments continue, solar energy will play a major economic role. We analyze these developments and assess the ensuing amounts of investment and employment for a range of sizes of the sector of solar energy. We find that by 2050 electricity from photovoltaics could cover up to 90% of total global energy demand, with a then global capital investment in our main scenario in photovoltaic manufacturing capacity at 500 billion US$ 2010 by around 2030 and 1,500 billion by 2050. Employment in photovoltaic manufacturing is predicted to rise to 6 million by 2050. Sensitivity analysis with respect to the core parameters of assumptions is supplied.

Photovoltaic modules degradation assessment using different statistical techniques

“…If current investment patterns continue, solar energy will play a key economic role. 4 Economic incentives encourage research about PV devices' long-term viability and performance. The lifetime of solar panels and the amount of power they produce over time are affected by various factors, including climate, module type, and tracking system.…”

“…Photovoltaic systems have the fastest growth rate among the competing renewable energy sources and have now reached grid parity in some areas. If current investment patterns continue, solar energy will play a key economic role 4 . Economic incentives encourage research about PV devices' long‐term viability and performance.…”

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