Global investment in renewables over the next 20 year period is expected to exceed $US6 trillion ($A8.3 trillion) with Asia accounting for 48% of this expenditure, the firm suggested.

Fuelled by sustained growth in population and gross domestic product per capita, DW expects that both China and India will enforce new legislation designed to mitigate many of the potential bottlenecks facing the rapid adoption of solar photovoltaics.

The uptake in solar power investment will likely be boosted through attractive feed in tariff rates risk mitigated power purchase agreements and priority dispatch requirements for renewable power.

For example, India recently approved a financial aid package to alleviate heavy debts of electricity distributors, facilitating their ability to purchase generated solar power, DW Singapore-based analyst Calvin Ling explained.

This will likely be a key enabler for incremental solar investments due to sustainable uptake, but Ling said that will offer the grid in India, and in other countries, new challenges, as the infrastructure will need to cope with capacity and also the issues associated with peak loading and storage.

“Despite these issues, DW believes that ongoing initiatives towards tackling connectivity challenges coupled with sustainable investments by large growing economies will mitigate this risk and support substantially increased demand for solar PV to 2035.”

Solar has been making inroads in Europe for over 20 years, but the push into the Americas and Asia, particularly China, India and Southeast Asia.

Solar is currently seen as a complementary source of power when compared to other renewable energy sources such as wind or thermal, but in regions favourable meteorological conditions and sunshine hours, solar is able to produce relatively higher levels of electricity than other renewable sources, Ling said.

Further, he said solar PV is stable, easily deployed and a predictable source of power that has experienced rapid reductions in the levelised cost of electricity – over 50% since 2011.

While it remains a bit player in the wider energy place, representing just 1% of total global power generation, far below coal fired power, which accounts for over 42% of global generation, DW expects it will expand in leaps and bounds as the world’s governments seek to meet their COP21 agreements.

“Global governments are committed to the development of renewable energy as means of lowering their carbon emissions and developing sustainable, self-reliant energy infrastructure,” Ling said.