That’s according to new information out from consulting firm GlobalData. The company issued a number of reports this week that projecting future solar photovoltaics (PV) growth across the world through 2030. Among the key findings are that that solar power in the Americas will boom between now and 2030. Across the pond, solar growth in Europe will slow over the next year or so but will begin booming afterwards.
Over the studied period, both the Americas and Europe are anticipated to install more than 120 gigawatts of new solar electricity each, according the reports. The Americas are anticipated to growth from 13.1 gigawatts of installed PV at the end of 2013, which agrees with the recently released Solar Market Insight Report from SEIA and GTM Research.
The Americas markets, led by the U.S. and Canada are anticipated to grow to 138.8 gigawatts by 2030. Meanwhile in Europe that figure is anticipated to grow from 79.7 gigawatts at the end of 2013 to 202.3 gigawatts by 2030.
“The US and Canada are among the global leaders in terms of renewable power generation,” said Prasad Tanikella, GlobalData’s senior analyst of power. “Their growth has been facilitated primarily by support mechanisms, provided by federal and state governments.”
Other markets in the Americas to watch include Brazil and Mexico, according to the report. Brazil’s Ministry of Mines and Energy approved 122 Megawatts of solar PV capacity in its first solar-only auction in 2013. Such projects are receiving $98 per megawatt-hour of electric generation produced, GlobalData said.
“Mexico’s government is also supporting renewable power development with its recently introduced National Energy Strategy, which established a roadmap for energy policies to be implemented over the next 15 years,” Tanikella explained. “This strategy sets a specific goal to increase the country’s electricity generation from non-fossil sources by 35 percent, in order to reduce greenhouse gas emissions during that period.”
Meanwhile in Europe things are changing. “In Europe, Germany was the largest consumer of solar PV modules in 2013, with an annual installation of 3.5 GW. In spite of a feed-in tariff (FiT) structure that is subjected to a digression step on a monthly basis, Germany’s annual installation was the highest in Europe, because the FiTs kept the business profitable,” Tanikella said.
Still, the European solar market is anticipated to shrink, dropping from $6.9 billion in 2013 to $4.4 billion by 2015, GlobalData. But the market is anticipated to recover and grow from 79.7 gigawatts by the end of 2013 to 202.3 gigawatts by 2030.Tweet