Deutsche Bank revises forecast on solar energy demandJanuary 13, 2014
Demand for solar power continues to rise
Deutsche Bank, one of the world’s leading financial institutions, has lifted its demand forecasts concerning solar energy. The institution has taken note of the continued rise in popularity of solar power around the world, finding that many countries are investing in this form of clean energy despite certain economic problems. Deutsche Bank had initially predicted that as much as 46 gigawatts of solar energy would be installed globally by the end of 2014, but the firm has increase this prediction by 26% due to the demand surrounding solar power.
World’s largest markets are US, China, and Japan
The firm notes that the U.S., China, and Japan boast of the world’s largest and most promising solar markets. These countries have targeted solar energy for both economic and environmental reasons and are providing energy developers with incentives that have proven quite attractive. The majority of the demand for solar power in these countries is coming from consumers rather than businesses, though businesses are being pressured to adopt clean power due to emissions regulations.
Smaller countries find economic stability through solar power
India, Australia, South Africa, Mexico, and the Middle East are also considered promising markets when it comes to solar energy. For smaller, developing countries, renewable power has become a source of economic stability. While clean energy is often associated with a high upfront cost, the economic promise of clean power can be seen almost immediately after a new energy system is installed and activated. Countries focusing on renewable power will eventually no longer have to make use of fossil-fuels, which are becoming more expensive.
Solar demand likely to continue growing over coming years
Solar energy is expected to continue making strong growth throughout the world, especially as solar technologies become more affordable. While the largest solar markets are still somewhat focused on fossil-fuels, there is a strong push to move away from coal and oil in favor of cleaner and more reliable forms of power.