The major competitive advantages of PV technology lie in its versatility, i.e. the wide range of sizes and sites, resulting into proximity to electricity demand, in the value of its production profile concentrated during peak-load hours, and in its enormous potential for further cost reduction.
PV technology has reduced its unit costs to roughly one third of where it stood 5 years ago, thanks to continuous technological progress, production efficiency and to its wide implementation. The trend of decreasing unit cost will continue also in the future, just like in comparable industries such as semiconductors and TV screens. Adding the important feature of integrated PV solutions in particular in building architecture, the potential of further growth is simply enormous.
With PV becoming a cost competitive solution for producing power, it will open up an increasing variety of new markets and contribute more and more significantly to cover our future energy needs. PV technology has all the potential to satisfy a double digit percentage of the electricity supply needs in all major regions of the world.
Going forward, a share of over 20% of the world electricity demand in 2050 appears feasible, and opens a bright, clean and sunny future to all of us.
Source: EPIA Solar Generation 6 (www.epia.org)
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