Amazing, right? Just about seven years ago less than 10 gigawatts of solar was installed worldwide. Now it’s booming with more than 150 gigawatts installed and operational, according to NPD Solarbuzz Quarterly’s latest figures.
NPD Solarbuzz Senior Analyst Michael Barker wrote earlier this week that: “The global solar PV industry continues to show strong growth, with over 150 GW of solar PV installed across the world.” The growth of solar has been exponential “The industry has steadily grown over the past several years, increasing from an installed base of only 5 GW in 2005 to almost 200 GW forecast by the end of 2014,” he wrote. Basically each month in 2014 will easily see more solar installed than the entire amount of solar power installed throughout the world in 2007.
“This growth was led originally by European countries, which between 2005 and 2011 accounted for 60 percent to 85 percent of annual global demand,” according to Barker. “The last few years have seen steadily declining demand shares in Europe however, and in 2014 annual European demand is forecast to account for less than 25 percent of global demand.”
Meanwhile demand in Asia, driven by China, India, Thailand and Japan—as well as Australia—is likely to comprise 50 percent of the world’s new solar demand in 2014. Demand also is growing in the U.S. with 20 gigawatts of PV solar expected to come online by the end of 2014. Barker anticipates growth in the U.S. market will continue at least until the anticipated end of the Investment Tax Credit (ITC) in 2016.
More emerging markets are also adding in significant amounts of new solar PV. For instance Chile’s President inaugurated South America’s largest solar array this week. The 100 megawatt Amanecer Solar CAP plant in Copiapo. The project will provide electricity to the CAP Group, the largest iron ore and pellet producer on the American Pacific coast and the largest steel producer in Chile. That project alone will meet the 10 percent of Chile’s renewable energy generation capacity goal for 2014.Tweet