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Friday July 20, 2018 at 1:32 pm
The world installed 99.1GW of solar in 2017 and is expected to breach the 100GW level this year, according to SolarPower Europe’s ‘Global Market Outlook for Solar Power 2018-2022’ report.
The association also projects growth to continue for the coming five years with the addition of another 621.7GW by 2022 which means global capacity is to exceed 1 TW as it already reached 400 MW milestone in 2017.
The largest solar market, China, who installed over half of the world capacity in one year for the first time—52.8 GW, may still add another 39 GW in 2018 despite its recent cuts, as it takes time to respond to central policies in such a big country.
The US market is expected to decrease slightly from 10.6 GW to 10.0 GW in 2018, due to the impacts of import tariffs and corporate tax reform on customers, developers and financing institutions.
India, who installed 9.6 GW in 2017, may see a slight growth to 10.5 GW in calendar year 2018. The country has an official target of 11 GW for its fiscal year 2018-19, which will end in March 2019.
In both Europe and the EU, SolarPower Europe anticipates strong growth for 2018. While demand in the EU will be driven by the national binding 2020 renewables targets and low prices, the non-EU part of Europe will be propelled by Turkey’s solar program and solar’s attractive costs.
Also, the GW-scale countries are on the rise:
7 countries in 2016
9 countries in 2017
14 countries and regions expected in 2018 (China, US, India, Japan, Turkey, Germany, Australia, South Korea, Brazil, Egypt, Netherlands, France, Taiwan, Mexico)
Together with new solar markets emerging, further global growth is possible this year. SolarPower Europe expects about 102.6 GW new PV capacity additions in 2018, which represents a 3.5% market growth compared to 99.1 GW in 2017.
Source: PV-tech, SolarPower Europe