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McKinsey & Company Predicts Tremendous Growth in Solar Energy Market

Source:PV Europe

PageView:109

Release Time:2019-02-28

March 1, Beijing – McKinsey's latest report envisages a surge up to 60 times in solar power between 2015 and 2050, and points out the domination of solar power in the global renewable energy market. As one of the world’s largest management and financial consultancies, McKinsey’s reports are valued high in the market. 

Likewise, Global Energy Transformation: A Roadmap to 2050 (GET2050), report concluded by International Renewable Energy Agency (IRENA), has the similar point of view. According to the report, the total capacity of renewable power in the world, currently accounting for 26% will surge to 85% in 2050, of which up to whooping 60% will come from solar and wind power.

Solar energy is rapidly and widely developing due to declining costs of solar cells and energy storage. McKinsey’s data shows that between 2012 and 2017, cost of battery fell more than 15% per year, totally declined more than 50% in the period. With the continuous improvement of manufacturing scale, technology and energy storage system engineering design, the installation cost per kWh of energy storage system will be reduced by about 55% in 2025. Due to intensive global competition, it is predicted that cost of battery composition will fall by more than 50% in 2025.

Mr. Zhang Bin, Senior Vice President of Hanergy Thin Film Power Group says, “The countries around the globe are on an expedition to make an access to sustainable energy more universal and affordable than ever. As solar cells is core to the solar energy products, its cost reduction is likely to benefit the rapid development of solar energy industry. Meanwhile, the development of solar energy market will also spur the improvement of solar energy technology.”

For solar energy, especially for thin-film solar energy, conversion efficiency rate is a key driving factor of the development of solar energy. It is estimated that cost of thin-film solar technology will drop 5% to 8% for 1 percentage point increase in the conversion rate.

As a global clean energy giant, Hanergy has acquired solar technology companies such as Solibro, MiaSolé, GSE, and Alta Devices, in order to integrate world's leading thin-film solar technology into the Hanergy technology system and to accelerate the innovation of thin-film solar technology. Consequently, the conversion rates of Hanergy’s thin film solar technologies have increased at least 1% per year.

In August 2018, the China Photovoltaic Society (CPVS) released the highest China’s solar battery conversion efficiency records which were certified by a third party. Hanergy obtained four highest records among eight, namely Copper Indium Gallium Selenide, Gallium Arsenide Single Junction, Gallium Arsenide Double Junction and HIT. Hanergy has also applied for more than 10,100 total patents worldwide until the end of 2018.

The company launched and upgraded handful of consumer products in 2018, including Humbrella, solar-powered umbrella; SolarTank, solar backpack; HanPower, solar power bank, retaining its leading position in mobile energy sector. Subsequently, with the debut of HanTile in April and HanWall in September, Hanergy upped-the-ante in global building-integrated PV segment. Evidently, Hanergy has created a brand new industry, ‘Mobile Energy Industry’, based on its leading technologies.

Hanergy recently grabbed the first rank for itself in solar energy sector, while taking up an overall 78th rank (Up from 91st rank last year) among China’s TOP500 Most Valuable Listed Companies released by 21 Data News Laboratories. Lately, the company inked strategic agreements with partners from Australia, Japan, Vietnam, Switzerland, Paraguay, Chile, Oman, Egypt, and so on, marking its entry in the global market. Collaborating with Bollore Group, Boeing Group, TAM and China’s local express delivery companies, Hanergy reached further down for a wider application of thin-film solar power technologies. Its solar modules was chosen by NASA for international space station testing, to evaluate Alta’s technology for future NASA low-Earth orbit missions, including powering CubeSats.

Constant breakthroughs in the sector have led to steady surge in Hanergy’s market value. Further, Hanergy's "mobile energy +" model is well in place to promote in-depth integrations of mobile energy and traditional industries, and will result in huge market demand, new business models and potential innovation.

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