Global Leader in International Renewable Industry News

posted in:

Global Solar PV capacity to more than triple by 2020

Thursday, Feb 07, 2013

Constantly evolving and more efficient technology provided at lower prices, combined with a need for energy security and independence, will ensure the continued rise of solar photovoltaic (PV) power across the world, states research and consulting firm GlobalData.

The company’s latest report* forecasts global solar PV to continue its meteoric rise in the near future, with cumulative installed capacity climbing from 97 Gigawatts (GW) in 2012 to 330 GW by just 2020 – demonstrating a Compound Annual Growth Rate (CAGR) of 16.5%.

Germany is a major supporter of solar PV and is estimated to have accounted for around 32% of the global solar PV installed capacity in 2012. The country has proved its commitment to the renewable energy source through various policies and programs in recent years and maintained its position at the forefront of the market’s development and technological progress.

As a result, Germany’s solar PV installed capacity has leaped from a relatively meagre 2.7 Gigawatts (GW) in 2006 to 30.1 GW just six years later in 2012. Continuing support though Feed-in-Tariffs (FITs) and other schemes will see this total reach 48 GW by the end of the decade, predicts GlobalData.

China remains the largest manufacturer of solar PV modules in the world and exports over 90% of its produce abroad. However, the Asian giant is also expected to significantly increase solar module installation at home in the near future, with GlobalData expecting a massive surge in installed capacity, from 7.6 GW in 2012 to 70 GW in 2020.

Source: GlobalData

posted in:

Other Renewable News

Canadian Solar to supply 43MW of solar modules in Japan 23-04-2014
Nice-Pak products and PDI complete largest Rooftop solar array in Rockland County 22-04-2014
Renewable Energy Group achieves one billion gallon milestone 22-04-2014
KYOCERA invests in solar projects valued at $38M with U.S. Light Energy 22-04-2014
InterGen announces agreement with IEnova for the purchase of 50 percent of the first phase of the EnergĂ­a Sierra Juarez wind project 22-04-2014
Southern Company subsidiary and Turner Renewable Energy strengthen renewable portfolio by closing on second California solar plant 22-04-2014
SunEdison closes on 20 MW Adobe Solar plant 22-04-2014
Everblue awarded IREC Training Program Accreditation for solar installer and sales courses 21-04-2014
JinkoSolar files 2013 annual report on Form 20-F 21-04-2014
Trina Solar announces grid connection for 23.8 MW PV projects in UK 18-04-2014