Solar power is expected to reach grid parity with fossil fuels in 2022, led by the mushrooming Chinese PV market, with wind crossing the line two years later in Germany and the UK as the global energy transition gains momentum, according to the latest Technology Radar report from international consultancy Lloyd’s Register (LR).

Among the highlights of the study – based on interviews with top-level executives, along with a global survey of 800 professionals – were that the “improving” economics of renewables are being undermined by high development costs (62%), and that advances in technology will do more to speed take-up of clean energy production than policy or regulatory changes in the coming five years (71%).