Solar PV has emerged as the most-installed power generation technology globally, according to a report released this week.
Analysis firm GlobalData’s Power Attractiveness Index showed 72 GW of solar PV capacity installed worldwide in 2016, followed by 53 GW of wind power, 52 GW of coal-fired power, 41 GW of gas-fired power and 31 GW of hydropower.
According to China’s latest five-year energy development plan, the nation aims to invest around $363bn in developing renewable power by 2020.
Ankit Mathur, Power Practice Head at GlobalData, said that if China follows its planned energy development programme, “solar, hydro, and wind power would be the biggest benefactors. They would also support China’s recently announced ambition to stop the production and sales of traditional energy vehicles in the coming decades.’’
The US has slipped in this year’s Index due to the energy policy changes implemented by president Donald Trump, including rolling back Obama-era climate regulations, renewing a focus on the coal industry and reviewing emissions standards.
‘‘Along with the US, the UK’s market has also lost attractiveness post-Brexit with uncertainty over the impacts of the country’s decision to leave the European Union,” Mathur said.
“However, a number of Southeast Asian markets show progress with high market attractiveness due to strong growth fundamentals and all-round capacity addition.”