New figures show the global solar industry continues to achieve extraordinary growth year on year, with a record 40 gigawatts (GW) of PV systems installed in 2014, lifting total capacity worldwide to 178 GW.
According to Global Market Outlook 2015-2019 from SolarPower Europe – the first publication from the former European Photovoltaic Industries Association (EPIA) – price declines of 75 per cent in the cost of solar technology over recent years have propelled solar energy into a broadly recognised source of reliable electricity.
In 2014, the top three solar markets were China (10.6 GW), Japan (9.7 GW) and the USA (6.5 GW). In Europe, capacity grew by 7 GW with the UK for the first time outstripping Germany for most installed solar, adding 2.4 GW – a sign that solar power is a versatile and competitive energy source in any climate, according to SPE President Oliver Schafer.
Solar now provides seven per cent of the energy needs of three major European markets: Germany, Italy and Greece, and capacity could grow by 80 per cent on the continent by 2020.
“2014 also marks a tipping point in the make-up of our energy market. For the first time ever in Europe, renewables produced more power than nuclear. Solar power was a key in reaching this remarkable achievement,” Shafer said.
Optimistic modeling contained in the report out to 2020 based on current market momentum indicates the global level of solar capacity could reach a staggering 540 GW, with lower-end scenarios placing total solar volumes at 396 GW – roughly double that of today.
Since 2000, the world has seen the level of installed solar power rise by a factor of 100. The European market is experiencing a slowdown that began in 2013 with a transition away from feed-in tariff policies, but is still the global leader for the most solar with 88 GW installed.
Just 7GW of solar panels were connected in Europe in 2014, compared to 10.5GW in 2013 and 17.7GW in 2012.
Global Market Outlook 2015-2019 can be viewed in full here (PDF).
