GlobalData: Global solar PV capacity will approach 295 GW in 2016, led by China

In Q1, 2016, China added 7.14 GW of PV capacity, of which 6.17 GW accounted for solar power plants, and 970 Megawatts (MW) for distributed PV
In Q1, 2016, China added 7.14 GW of PV capacity, of which 6.17 GW accounted for solar power plants, and 970 Megawatts (MW) for distributed PV

The global solar photovoltaic (PV) market is set to increase its installed capacity from around 225 Gigawatts (GW) in 2015 to 294.69 GW in 2016, according to research and consulting firm GlobalData (London, UK).

The company’s latest report finds that China will remain the world’s largest market for annual solar PV installations.

China installed 15.13 GW of new PV capacity in 2015, with cumulative capacity reaching 43.48 GW by the end of 2015, GlobalData forecasts. The country’s PV installed capacity has increased around 13-fold since 2011.

“In the first quarter of 2016, China added a total of 7.14 GW of PV capacity, of which 6.17 GW accounted for solar PV power plants, and 970 Megawatts (MW) for distributed PV. The installation can be attributed to the country’s efforts to boost green energy and adjust the energy mix dominated by coal,” explains Ankit Mathur, GlobalData’s Practice Head covering Power.

China’s 13th Five Year Plan (FYP) sets the 2020 solar PV target at 150–200 GW, and aims to shift focus from scale expansion towards quality and efficiency. The FYP also intends to attain a non-fossil fuel renewable energy consumption of around 15% by 2020 and 20% by 2030.

“The new solar PV installation tariffs and distributed PV electricity price subsidy standards will reduce gradually over time in order to promote scientific and technological development and efficiency, and improve the market competitiveness of PV power generation,” Mathur continues.

 

2016-11-30 | Courtesy: GlobalData | solarserver.com © Heindl Server GmbH

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