Global installed capacity of solar photovoltaic (PV) modules will more than treble from 135.66GW in 2013 to 413.98GW by 2020, according to report conducted by GlobalData.
The report, “Solar PV Module Value Chain – Market Size, Average Price, Market Share and Key Country Analysis to 2020,” states that emerging economies in Asia-Pacific, South and Central America and the Middle East and Africa are expected to lead the market in the future, due to an increase in renewable energy in the countries.
“Asia-Pacific is home to many developing countries, including India and China, where substantial installations are being made. The region is also a leading area for solar energy systems production, with Japan, China and Taiwan being three of the largest solar PV cell manufacturers in the world,” said Swati Singh, GlobalData’s Analyst. “Governments in the region are promoting solar module manufacturing through various long-term policies, financial incentives, subsidies and tax benefits. This strong commitment to solar energy development has led to numerous research and development initiatives and increased solar module production and installations, which will drive future market growth.”
In 2013, China’s growth contributed to nearly 12GW of the world’s 37GW additions.
“Prior to 2013, most solar PV installations were in Europe, with Italy, Germany, Spain and France accounting for the majority of global annual installations in 2012,” Singh said. “Reduced solar PV module prices, combined with European countries’ Feed-in Tariff (FiT) subsidies, have supported the widespread growth of small-scale distributed capacity there. However, GlobalData believes that these tariffs are likely to become less generous in subsequent years, with the reduction or removal of incentives having already been proposed and implemented in some of the region’s countries.”
To read the report, click here
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