A dominant energy source

Within 15 years, solar will be a dominant energy source

On average, solar capacity has grown 30% every year for the past 20 years. Even so, solar power only represents about 1% of the 6,000GW of capacity in the $2 trillion electricity market, the majority of that dominated by coal-fired power plants. In order for solar to produce 100% of the world's energy, the current installed base of solar power would need to increase 120 fold.

Over the next 20 years, the electricity market is expected to double to $4 trillion, and solar power will grow by 10 times. During the next two decades, the solar industry is expected to generate $5 trillion of revenue, and by year 2050, the amount of solar power capacity is expected to grow to represent 30% of all electrical power generated worldwide, the report said.