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The solar market will continue to grow as falling costs help bolster demand and increase installations. The IEA believes the industry will grow more competitive, with the cost of electricity from panel projects falling by an average 25% by 2020, 45% by 2030 and 65% by 2050.

“The rapid cost decrease of photovoltaic modules and systems in the last few years has opened new perspectives for using solar energy as a major source of electricity,” IEA Executive Director Maria van der Hoeven said in the article.

The agency also calculates that photovoltaic capacity could surge to 4,600 gigawatts in 2050 from about 150 gigawatts now. Consequently, the industry will require more than double the current annual investments to an average of $225 billion.

For more information on the solar industry, visit our solar category.

Max Chen contributed to this article.