Rystad Energy analysts report that the rise in world prices for solar panels may hinder the implementation of the goals of the Paris Agreement, their manufacturers may refuse to increase production capacity, the Green Deal portal reports.
A report from analyst firm Rystad Energy indicated that global solar panel prices rose by 16%, mainly due to higher prices for polysilicon and silver. The situation is exacerbated by restrictions related to the COVID-19 pandemic, analysts said, which have spiked prices for some key raw materials.
It is noted that higher prices are likely to limit the growth in demand for solar panels in the next few years and may deter suppliers from increasing production capacity.
The report says the industry can now produce panels with a capacity of around 330 GW, but that figure should rise to at least 1,200 GW by 2035 for the world to continue to limit global warming to no more than 1.5 ° C. But with plant utilization down to 58% last year, there is little incentive for manufacturers to build new plants.
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