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According to a recent report by Wood Mackenzie, solar power will have a significant impact on demand for aluminum, copper and zinc, with the industry's use of these three metals set to double
by 2040.
It added that the global energy transition and country-level decarbonization targets in the coming years will create new markets
for non-ferrous metals.
"Base metals are an integral part of
solar systems.
Typical solar panel installations require aluminum as the front frame, and structural components require a combination of
aluminum and zinc.
Copper is used in high and low voltage transmission cables and solar collectors," said
Kamil Wlazly, senior research analyst at Wood Mackenzie.
"Falling production costs and efficiency gains have driven down the price of
solar energy globally.
As a result, in many parts of the United States and several other countries around the globe, solar energy is cheaper
than any other technology.
As costs continue to fall, solar's share of electricity supply will rise and begin to replace other forms of generation
.
This presents a huge opportunity
for the base metals industry.
”
According to this, the demand for aluminum for solar technology was about 2.
4 million tons in 2020 and is expected to increase to 4.
6 million tons
by 2040.
Copper demand was 400,000 tonnes in 2020 and is expected to increase to 700,000 tonnes
by 2040.
Large solar power plants have a lifespan of at least 30 years, so only zinc coatings can provide low-cost corrosion protection
for such a long time.
Solar power installations currently account for about 400,000 tonnes of global zinc consumption, and under the base scenario, this figure is expected to grow to 800,000 tonnes
by 2040, the report said.
"As module surfaces and tracker areas increase, we expect the use of structural components to expand at a similar rate to maintain strength and stiffness
.
As a result, the amount of aluminum and zinc used per module will increase and the strength will remain essentially the same," Wlazly said
.
Wlazly added that copper usage is expected to decline because larger modules result in fewer panels for a given capacity in the factory, resulting in a decrease
in the total number and length of cables.
According to a recent report by Wood Mackenzie, solar power will have a significant impact on demand for aluminum, copper and zinc, with the industry's use of these three metals set to double
by 2040.
It added that the global energy transition and country-level decarbonization targets in the coming years will create new markets
for non-ferrous metals.
"Base metals are an integral part of
solar systems.
Typical solar panel installations require aluminum as the front frame, and structural components require a combination of
aluminum and zinc.
Copper is used in high and low voltage transmission cables and solar collectors," said
Kamil Wlazly, senior research analyst at Wood Mackenzie.
"Falling production costs and efficiency gains have driven down the price of
solar energy globally.
As a result, in many parts of the United States and several other countries around the globe, solar energy is cheaper
than any other technology.
As costs continue to fall, solar's share of electricity supply will rise and begin to replace other forms of generation
.
This presents a huge opportunity
for the base metals industry.
”
According to this, the demand for aluminum for solar technology was about 2.
4 million tons in 2020 and is expected to increase to 4.
6 million tons
by 2040.
Copper demand was 400,000 tonnes in 2020 and is expected to increase to 700,000 tonnes
by 2040.
Large solar power plants have a lifespan of at least 30 years, so only zinc coatings can provide low-cost corrosion protection
for such a long time.
Solar power installations currently account for about 400,000 tonnes of global zinc consumption, and under the base scenario, this figure is expected to grow to 800,000 tonnes
by 2040, the report said.
"As module surfaces and tracker areas increase, we expect the use of structural components to expand at a similar rate to maintain strength and stiffness
.
As a result, the amount of aluminum and zinc used per module will increase and the strength will remain essentially the same," Wlazly said
.
Wlazly added that copper usage is expected to decline because larger modules result in fewer panels for a given capacity in the factory, resulting in a decrease
in the total number and length of cables.
