SolarPower Europe’s latest market analysis shows that annual global demand for solar power is set to reach the 100 GW level for the first time ever. This will be a growth of over 30% from 2016 levels, the previous record year for solar installations when 76.6 GW of solar were connected to the grid.
China alone has installed around 42 GW in the first nine months of 2017 and is likely to add a total of over 50 GW in 2017, which would account for more than half of the world’s demand for new solar power capacities this year. This constitutes a 45% growth from the 34.5 GW China installed last year.
In comparison, SolarPower Europe’s latest analysis estimates that solar in Europe will grow by around 10% to at least 7.5 GW grid connected in 2017. This is a slight improvement from 2016, which saw the European market decrease by around 20% from 2015, to 6.7 GW. In just two and a half years, the average prices in German auctions for solar power have decreased by nearly 50% to only 4.91 euro cents per kWh – and in Spain solar just won an impressive 4 GW in the national clean energy tender. The time has never been better to invest in solar in Europe and beyond.
Solar is the fastest growing source of new energy and the most popular energy technology amongst Europeans. This serves as a reminder to European policymakers to raise their solar ambitions. On the EU level we need at least a 35% renewable energy target by 2030. If we take advantage of this opportunity, we will see more jobs and investments in solar across the continent, and in turn, solar demand will grow again in Europe.
Source: SolarPower Europe