Many believes that Solar PV would dominate renewable growth in the next six years. This is with 575 GW of new capacity expected to become operational over that period. Utility-scale projects represent 55% of this growth, while the growth of distributed generation capacity accelerates.
The fun fact in this is that China is going to account for around 45% of the PV expansion. The size of the global PV market over the forecast period is highly dependent on policies and market developments in China where the government decided to phase out feed-in tariffs (FITs) and introduced deployment quotas. As a result, China’s solar PV deployment is expected to slow down, compared with 2017 growth levels. In the short term, global demand will decrease under the main case.
With cheaper solar PV’s, the global additions should exceed 110 GW per year by 2023 in the main case forecast – led by China, US, India & Japan. Growth in Latin America & Africa accelerates because of PV price, improving economic attractiveness & strong policy support.
Solar PV alone represents half of the additional growth in the accelerated case forecast, IEA report says. Driven by rapid cost reductions, the technology would be more competitive globally, annual additions are expected to reach 140 GW by 2023 (accelerated estimate). Commercial, residential, and off-grid PV applications together account for most of the extra growth, which indicates untapped potential in these segments, especially in China, India, Europe and Latin America.
Source & Photo: ow.ly/hj4U50v6Z25
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Date: Jul 21, 2019 @ 09:25
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