Hollysys photovoltaic, a global renewable energy technology solution provider, recently released an industry forecast that the new crown epidemic has not affected the development momentum of the solar industry and the future global growth trend.

    "Although the epidemic has dealt a heavy blow to many industries, photovoltaic has become a renewable energy with strong risk resistance during this period. No matter from the current or long-term point of view, the photovoltaic industry is showing a growth trend. " Ms. Zhou Wen, President of Hollysys photovoltaic, said. The forecast is based on market analysis, key trends and extensive interviews with customers and stakeholders in the PV value chain. According to the report, five factors will promote the continued growth of photovoltaic industry.

    Holly's photovoltaic: by 2025, the global annual installed capacity of photovoltaic will nearly double

    According to the data released by the International Renewable Energy Agency (Irena), solar power generation is 584gw, accounting for 23% of the total energy production. In addition, hydropower accounts for 47%, wind power accounts for 25%, and other energy accounts for 5%. In 2019, however, 56% of the world's renewable energy capacity will be generated, accounting for 34% of the world's new installed capacity of solar power. Hollysys expects this growth momentum to continue, especially in the short term.

    Another factor is that policies are good for solar and renewable energy. At present, 143 countries and 100 major cities have issued net zero carbon emission policies and plans. Although some countries have abolished or reduced subsidies, the growth of the solar industry has been largely unaffected. According to industry research and the opinions of partners in the global photovoltaic industry, Holly's forecasts that the annual installed capacity of photovoltaic will nearly double by 2025, reaching 200GW in five years. "The continuous growth of the photovoltaic industry without subsidies or market incentives shows that solar energy is not only an important energy source, but also sustainable," Zhou said

    Renewable energy will grow substantially by 2050

    A recent study commissioned by the International Renewable Energy Agency predicts that renewable energy production (such as wind, solar, bioenergy and hydropower) will increase significantly compared with traditional energy sources such as coal and fossil fuels. By 2050, with the transformation of the global energy system, the proportion of renewable energy will rise from 25% to 86%. Over the same period, the share of solar energy in global power generation will increase from 1.5% to 25%.

    Innovation in photovoltaic industry never stops

    Unlike the mature traditional energy, the photovoltaic industry has not yet touched the "innovation ceiling". The whole photovoltaic industry is continuously innovating, constantly improving battery technology, module technology, silicon technology, processing and printing process. "Through continuous innovation, the photovoltaic industry continues to reduce the cost of batteries, modules and installed capacity, as well as the significant cost per watt of electricity generated by the photovoltaic industry through continuous innovation," said Dr. Lu Weizhi, head of global business development of Hollysys New applications using advanced module technologies will drive the second wave of solar industry growth, especially in densely populated cities. "Eventually, innovative products such as high-permeability solar modules will be mass-produced and installed in windows of commercial buildings, skyscrapers and high-rise buildings." Dr. Lu concluded, "when photovoltaic can develop from centralized solar power plants to urban distributed power stations, the photovoltaic industry will usher in a turning point on a global scale."

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