KUALA LUMPUR: The solar energy sector is on track for significant expansion, with projections indicating that solar power will contribute 50% of the world's electricity by 2030, according to Sanjay Sarma, CEO of the Asia School of Business (ASB).
Speaking at the Green@Work Leadership summit, Sarma highlighted that the adoption of solar energy has accelerated dramatically, rising from one gigawatt of installation per year in 2004 to two gigawatts per day in 2024.
This rapid growth is attributed to technological advancements, reduced costs, and supportive government policies, creating substantial business opportunities across various industries.
Sarma emphasized the commercial potential of solar energy, noting that companies in this sector are benefiting from economies of scale as global demand for solar installations is expected to increase significantly.
Investment in solar panel production, energy storage, and grid integration is also on the rise, driven by ongoing innovations in photovoltaic cells and battery storage solutions.
As solar technology becomes more efficient and affordable, it is attracting unprecedented investment worldwide, presenting businesses with a unique opportunity to participate in the energy transition reshaping the global economy.
The rise of solar energy has implications beyond economics, as countries with strong solar industries, such as the United States, China, and India, are positioning themselves as leaders in the global energy market.
Sarma noted that solar energy is evolving into a strategic asset for nations aiming to enhance their energy independence while navigating a complex geopolitical landscape.
As businesses increasingly prioritize sustainable solutions, solar power is projected to play a crucial role in the future economy, driving new market opportunities, job creation, and growth across various sectors.