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Expanding solar’ s potential
Maia Benstead explores the emerging technologies and trends for the growing solar power market
Solar power is one of the fastestgrowing renewable energy technologies globally. In 2024 alone, over 450 GW of new solar capacity was installed, contributing significantly to the 585 GW total global renewable energy expansion. Driven by surging energy demands, energy security concerns, and increasingly ambitious decarbonization goals, solar deployments are poised to accelerate further in the coming years.
Currently silicon-based photovoltaics dominate the market, accounting for over 95 per cent of all installations. This market dominance is the result of decades of investment, policy support, and technological advancements that have substantially reduced the cost of silicon solar. However, silicon photovoltaics are approaching an efficiency limit. In addition, a supply chain concentrated in China and limitations in flexibility and application scope are prompting growing interest in alternative solar technologies.
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