Record solar growth globally

10/27/2017 | Print view

The global solar market is expected to grow by more than 30 percent in 2017. - © SolarPower Europe — © SolarPower Europe

The global solar market is expected to grow by more than 30 percent in 2017.

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 European solar market is expected to grow by 10% this year.

"It is good to see the growing deployment and political support for solar power, the most versatile and clean form of energy that is now also the lowest-cost for power generation in most countries of the world," said Michael Schmela, Executive Advisor and Head of Market Intelligence at SolarPower Europe.

50 GW new PV in China – 7.5 GW in Europe

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.

Average prices decreased by nearly 50%

"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", said Thomas Doering, Policy Advisor and analyst in SolarPower Europe's Market Intelligence Team.

Europe needs higher solar ambitions

James Watson, CEO of SolarPower Europe commented: "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." (HCN)