The world’s solar power generating capacity is expected to grow by between 200 and 400 percent over the coming 5 years, the European Photovoltaic Industry Association (EPIA) has said. Further, Asia and other emerging markets are expected to take over the lead from Europe.
The quickest solar PV (solar panels) growth is expected to occur in China and India. Markets in Latin America, Southeast Asia, North Africa, and the Middle East are also expected to grow strongly. The EPIA has said that although Europe, especially Germany, has dominated the global solar PV market for many years, the rest of the world clearly has the greatest growth potential. As we’ve reported recently, Australia is now also becoming one of the most promising solar markets in the world. So much sun there, mate.
The world’s installed solar PV capacity is expected to rise to between 207.9 gigawatts and 342.8 gigawatts by 2016, from 69.7 gigawatts in 2011. The final number will depend on the amount of political support for solar PV around the world, and especially in nations capable of producing a lot of solar power capacity. Political support does not necessarily mean large amounts of government funding everywhere, but rather reducing bureaucracy and creating suitable regulatory environments for the fast development of solar power. Politicians, take note.
Do you think these projections of stellar growth in world solar power capacity will turn out to be accurate? To me, it seems quite possible. I think the world is about to experience a huge boom in solar power development over the next 15 years or so, and especially over the next 5 to 10. With the percentage of solar power to overall world power still so low, there’s huge potential for growth. It’s similar to where the development of the Internet was 15 years ago, and look what happened there.
Image CC licensed by Intel Free Press: Solar panel installation, Vietnam