Solar is on track to become the world’s biggest source of electricity by 2035 as renewable energy costs continue to fall, making it easier to electrify previously stubborn sectors like transportation and construction, according to the fourth in a series of annual analyses published by renewable energy company Statkraft.

“The company estimated that solar PV and wind energy will make up 70% of power generation by 2050, with renewables making up over 80% of the global power sector in total,” Environment Journal reports. “The lifetime costs for solar PV will drop by around half over the next three decades, while wind will become 40% cheaper.”

“Our analysis shows that the price of renewable technologies decreases faster than most people have anticipated,” said Statkraft Head of Corporate Strategy and Analysis Henrik Sætness. “In most countries, it is already profitable to install renewable capacity where new power is required. In areas with abundant sun and wind, building new renewable capacity will soon become more profitable than existing coal or gas power.”

Statkraft’s low-emissions scenario has solar meeting 40% of global electricity demand by 2050, with wind supplying 30%.

“The company said the world’s electricity demand will more than double by 2050, while renewable energy generation will increase more than six-fold,” Environment Journal writes. “Coal and oil will be almost entirely absent from the global power sector by 2050, while natural gas will become the world’s main source of carbon emissions.”