Global Market Outlook 2017-2021: Solar Boom Continues
2016 is another record solar year and demand should continue to rise through to 2021.
SolarPower Europe today launched the ‘Global Market Outlook forSolar Power 2017-2021.’ The report confirms that 2016 was another record year for solar,with global annual solar additions growing by 50% with 76.6 GW installed. There is now atotal worldwide solar power generation capacity of 306.5 GW.
Christian Westermeier, President of SolarPower Europe, stated: “Never before have we seenmore solar power being installed in a single year than in 2016. For the first time, solar leftbehind its renewable energy peer, wind, in terms of annual installations. This proves theversatility and increasing cost-effectiveness of solar power.”
James Watson, CEO of SolarPower Europe commented: “When looking at solar, the costreductions experienced and predicted outstrip all other power generation technologies.Today, utility-scale solar is already cheaper than new gas, coal and nuclear power plants.”
SolarPower Europe foresees that solar will continue its growth in 2017. “Despite the giganticleap that resulted in the more than 50% growth year on year of annual solar installations in2016, there is a good chance that the market could even pass the 80 GW mark in 2017,”said Watson.
The quickly decreasing cost of solar continues to improve its competitiveness and is a major driver for solar’s global success story. All solar tenders awarded since 2016 are lower than the price guarantee the UK government signed for the Hinkley Point C nuclear power plant last year. A new world-record low 25-year solar power supply contract was awarded in Abu Dhabi in 2016 for 24.4 USD/MWh (2.4 US cents/kWh). This is reflected in this year’s report being more optimistic on solar growth than previous editions.
“If policy makers get things right by addressing the needs for a smooth energy transition, such as through establishing the right trade policy, electricity market design and renewable energy frameworks, solar demand could increase much faster, and touch nearly 1 TW of total generation capacity in 2021,” said Michael Schmela, Executive Advisor at SolarPower Europe and lead author of the Global Market Outlook.
Global Market Outlook 2017-2021
SolarPower Europe’s annual Global Market Outlook for Solar Power is the most authoritative market analysis report for the global solar power sector.
With comprehensive historical market data, five-year forecasts for the main global markets, as well as an analysis of the role that solar is playing in the European energy system, this report is an indispensable tool for the solar industry and energy stakeholders alike. This year, we are proud to present a new addition to the report, \Trends: what’s next for solar’ covering amongst other trade, storage, digitalisation and corporate sourcing. In addition, we are delighted to have a contribution from the China Photovoltaic Industry Association on the status of solar power in China, challenges and forecasts.
Download free the Global Market Outlook for Solar Power and gain insight to:
- Global solar market
- Trends: What’s next for solar?
- The Chinese market
- The European Solar Market
- Solar in the European electricity system
- Global Market Outlook for solar power
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