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IEA: China Drives Global Solar PV Market Growth
- Apr 16, 2018 -

IEA: China Drives Global Solar PV Market Growth

In recent years, the IEA's forecast for renewable energy has been too low. Last year, the agency reported nearly 100 GW of solar energy growth. However, it also stated that if China is excluded from this balance sheet, the growth will be relatively low.


 IEA: China Drives Global Solar PV Market Growth

The International Energy Agency’s Photovoltaic Power System Project (IEA PVPS) this week evaluated the global solar market in its “Global PV Market” report. Accordingly, the cumulative installed capacity of photovoltaic power generation in the world reached 402 GW by the end of 2017, while the newly installed photovoltaic power generation amounted to 98 GW. In 2016, the new addition totaled approximately 76 GW.

The European market is gradually recovering, with an increase of 6.5 GW in 2017, a slight increase from 6 GW in 2016. In Europe, Germany has a leading position with a new installed capacity of 1.8 GW, followed by the United Kingdom (950 MW), France (875 MW) and the Netherlands (853 MW). Turkey grew by 2.6 GW last year and was included in the Middle East by IEA PVPS.

However, given the development of the global market, growth is still low. The authors of the report pointed out that China’s rapid development has increased by 53 GW, India’s 9.1 GW and other emerging countries. As a result, China accounted for more than half of the global market last year. After 2011, the distributed photovoltaic system market once again experienced the first significant global growth, from 19 GW cumulative capacity in 2016 to 38 GW in 2017. But the main growth here is from China.

Excluding China, last year the global PV installed capacity increased by only 4 GW to 45 GW. According to the International Energy Agency's PVPS, the low global growth rate outside China provides a different scenario for the global PV market. For example, the U.S. market fell 28% to 10.6 GW, while other markets such as Australia (1.25 GW), Korea (1.2 GW), Pakistan (800 MW), Taiwan (523 MW) and Thailand (251 MW), but Malaysia, the Philippines, Vietnam and Indonesia may also have significant growth in the coming years.

Despite the recent large-scale expansion in China, its potential is still huge. After all, according to the report, the country currently covers only 3% of solar power demand. In the rankings, Honduras accounted for more than 13%, Germany accounted for 7.5%, Greece accounted for 7.3%, and Italy accounted for 7.11%.