Asia set to become global capital for solar power by 2050

Published onFebruary 6, 2020

As renewables take over the world’s energy mix, the region will continue to grow its global PV capacity at full speed. Large-scale solar farms have become a more common sight in Asia over the last few years. Technology costs have been decreasing significantly to the point that analysts forecast that by 2050, photovoltaic (PV) systems will cost a measly $0.42 per watt or as much as 43-54% less than today’s price tag. This has sent Asian countries on a construction spree as they aim to hit ambitious renewables targets and meet the growing energy demand in the region. China and Vietnam are now Asia’s brightest solar spots, with China expected to add over 300GW of solar capacity by 2021. Analysts from Fitch Solutions report that this is part of more than 700GW of global solar power capacity that will be added in the next eight years, or almost 150% expansion in global solar capacity.