According to the study, this energy sector may have reached a turning point where a self-reinforcing virtuous circle has been set in motion: between the use of solar technology and the learning process of companies to make it cheaper. According to the report, solar energy's path to becoming the most important source of energy is mapped out even without the support of more ambitious climate policies.

"The advance of renewables means that fossil fuel-dominated projections are no longer realistic," said contributing researcher Femke Nijsse of the University of Exeter. There is a growing belief that the dramatically reduced cost of renewables will greatly facilitate carbon reduction in developing countries, she said.

Removing hurdles

However, the researchers also identified four areas that could inhibit the transition to solar energy dominance. These are the availability of stable electricity grids, the financing of solar energy in developing countries, the capacity of supply chains and political resistance in regions with job losses. Governments should therefore focus less on the shift to solar energy itself and more on removing these four barriers, the researchers recommend.