The cumulative global installed capacity of solar photovoltaic facilities is set to triple in just under ten years according to a new report.
Research and consulting firm GlobalData predicts that solar PV will rise from the existing 271.4 GW to 756 GW by 2025.
The report states that although growth will decline compared to the solar ‘boomtime’ of between 2006-2015, “it will remain considerable over the next decade, most notably in China”.
Pavan Vyakaranam, GlobalData’s power project manager, said that China is the largest solar installation market in the world, accounting for 19.7 per cent of global cumulative PV installations last year, and this figure is forecast to reach 31.3 per cent by 2025.
“China is a world leader in renewable energy investment, having proved itself a leader in wind power installation, wind turbine manufacturing, and solar PV manufacturing,” explained Vyakaranam. “Solar PV capacity in the country will continue to grow during the forecast period, from 60.5 GW in 2016 to 236.7 GW in 2025.”
Vyakaranam added that solar PV “will play a significant role in China’s future energy supply, as the government looks to this resource to meet growing energy demand. The central government, spurred on by growing environmental concerns, has planned many initiatives for rapid development of the domestic PV market. For example, China has implemented a feed-in tariff scheme for utility scale and incentives for roof-top PV, while the National Energy Agency has been promoting off-grid solar installations.”