100 Giga-watts of Solar Energy will be demanded globally by the end of 2017: A new analysis published by, European Solar Industry association, SolarPower reckons that the global market demand for solar energy will cross 100 Giga-watts for the first time this year i.e. a 30 percent of growth from the levels of 2016.
“It is good to see the growing deployment and political support for solar power, the most versatile and clean form of energy that is now the lowest-cost for power generation in most countries of the world,” said, executive advisor and head of market intelligence at SolarPower Europe, Michael Schmela.
Predictions of Solar Energy demand reaching 100 Gigawatts have been made before as well by 2017, but this late in the year the predictions seem to convert more into reality. In July, it was predicted that the global solar market demand will cross 80 Gigawatts for the first time by GTM Research, whereas there were speculations made by EnergyTrend that China will help push the Solar Energy demand to 100 GW mark.
This week’s analysis published by SolarPower Europe predicts that China alone has already installed about 42GW worth of own solar capacity during the first nine months of the year. Moreover, there are high chances that it will add more than 50 GW for the whole year –a 45% growth to the 34.5 GW installed during 2016. Europe and Japan are expected to at least 7.5 GW in 2017, the United States around 12 GW, and India around 10 GW.
“In just two and half years, the average prices in German auctions for solar power have decreased by nearly 50% to only 4.91 euro cents per kWh –and in Spain solar just won an impressive 4 GW in the national clean energy tender,” said Thomas Doering who is the Policy Advisor and analyst in SolarPower Europe’s Market Intelligence Team. “The time has never been better to invest in solar in Europe and beyond.”
“Solar is the fastest growing source of energy and the most popular energy technology amongst Europeans,” added James Watson, CEO of SolarPower Europe. “The serves as a reminder to European policymakers to raise their solar ambitions On the EU level we need at least a 35% renewable energy target by 2030. If we take advantage of this opportunity, we will see more jobs and investments in solar across the continent, and in turn, solar demand will grow again in Europe.”