OUTLOOK - Global solar market to grow to 80.5 GW in 2017
Image taken from SolarPower Europe's Global Market Outlook 2017 - 2021.
The global solar market will grow further to 80.5 GW in 2017, after surging 50% year-on-year in 2016, according to the medium scenario in SolarPower Europe's Global Market Outlook unveiled today at the Intersolar Europe trade fair in Munich.
The industry group said the 76.6 GW of solar installed and connected to the grid in 2016 coincide with the upper end of the high scenario in its previous outlook.
Now the medium scenario foresees 5% growth over 2016. At the end of last year, the installed solar photovoltaic (PV) capacity reached 306.5 GW and SolarPower Europe expects it will exceed 400 GW in 2018, 500 GW in 2019, 600 GW in 2020 and 700 GW in 2021. The organisation says that solar capacity could touch almost 1 TW in 2021 "[i]f policy makers get things right by addressing the needs for a smooth energy transition, such as through establishing the right governance, market design and renewable energy frameworks."
According to the report, in 2016 China accounted for a massive 45% of the global market as it connected 34.5 GW to the grid, up 128% from 15.1 GW the year before. At the same time, the European market contracted 22% year-on-year to only 6.7 GW.
Europe, however, could be set for a fresh growth phase. SolarPower Europe's medium scenario is for a 31% jump this year to 8.8 GW in spite of a further decline of demand in the UK. Growth is expected to flatten over the coming years, with annual installations reaching 15.7 GW in 2021.
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Published May 30, 2017 13:04 CEST
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