Rising popularity suggest solar battery market will be $620bn by 2040

solar energy

The increased effects of climate change and the purposive energy conservation motives has seen to it the rising popularity of renewable energy in form of solar energy. This, in turn, has seen to it the fast growth of the solar battery market foreseen to rise by 483 billion pounds by 2040. A financial report released by Bloomberg New Energy reveals a massive growth in the energy storage market by 942 gigawatts by 2040.

It is also expected the lithium-ion market will be worth 423 billion sterling pounds and will generally dominate the energy sector. The report also states that 5.7 trillion pounds will be invested in the renewable energy by 2040 of which this will account for 72% of the total of 8 trillion pounds invested to generate new power globally. Solar power will account for 2.1 trillion of the total amount invested. This is foretold to increase gradually with time as the human population transitions to green energy.

The advancement of battery making industries by 2040, will see to it the production of solar and wind energy that will operate consistently even when sunshine or breeze don’t persist to generate energy this will be most beneficial to the northern parts of the United Kingdom, where the solar systems are constantly distracted by the hotspot drawback on the solar PV. This factor will predominantly depend on the smart solar battery‌ and wind battery making industries that are gradually making a mark in the energy generating industries.

Regardless of the decreased supply of these batteries, the prices will keep going down due to the constant subsidies offered by governments and various stakeholders in the urge reducing climate change. NEO reports that the cost of solar-generated electricity will go down by 60% by 2040. At that time a sterling pound will generate twice as much energy it generates now.

Renewable energy by 2040 will dominate the world’s electricity by 48% both on utility and residential bases. People will also adapt to solar energy in their homes at high rates as predicted by 2040. Statistics show Australia will lead on numbers of PV solar installed in roofs by 24% of the residential homes. Brazil, the United Kingdom, Germany, and Japan will follow suit by having more than 10% of the total residents adapting to the solar energy in their homes. The generation of this renewable energy will rise by 169% and reach a 74% dominance in Germany, 55% in China, 49% in India and 38% in the United States.

This green energy adaptation will not be ventured in homes and industries only, electric and solar cars are also predicted to be majorly used by 2040. With companies like Hyundai Motor Group releasing their first solar generation cars by 2019. The motor sector will slowly avert from the petroleum powered vehicles and adapt to the solar and electrified vehicles (still charged by solar), that will have a lower emission of the greenhouse gases. This will be more reason for the solar battery market to raise immensely by 2040.

It is now clear that by 2040, solar and battery making industries are set to raise enormously due to the climate action was taken by the various government and various stakeholders. This will see to it a better and cleaner energy use, adapted in the utility sector and the residential sector in the United Kingdom and the world.

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