Solar Photovoltaic’s (Solar PV) market has declined in China while it has improved in the rest of the world (ROW). In 2017, China accounted for more than half the global annual installation at that time and it was one of the country’s milestones in renewable energy. However, the country never experienced such stunning growth again in the solar power sector and gradually lost its market share more and more.
On the other hand, the ROW improved and fostered much more solar power capacity thanks to dropping the cost of solar PV and public awareness about the cost-effectiveness of solar power. The ROW market share respectively has grown to 73.8% of the total global added capacity in 2019, in front of China’s share of 26.2 %.
In other words, the market outside of China grew from 47 GW in 2017 to at least 84.9 GW in 2019, a 180% increase. It is worth mentioning that China has the largest cumulative solar PV capacity among nations.
Source: @ IEA & @Solar_Edition
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