Global Market Solar Demand to Reach 100GW in 2017
By: Michael Schmela, Executive Advisor
Based on our Q2 market analysis, the SolarPower Europe market intelligence team estimates 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 (see graph) 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.
This is all great news, and it is very 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.
The full Q2/2017 Market Update slide deck with graphs for the European and global PV markets is available for Members of Solar Power Europe here.