Growth of Solar PV market mainly driven by China

Date: 01/12 Viewed (2957) Label: chinaSolar PV market

As environmental protection strengthens, countries around the world are turning to renewable energy, among which solar energy plays an unbeatable role. In 2014, investments in the global solar energy market accounted for 50% of the entire renewable energy investments. Among the investors, China served as the biggest drive.

According to Bloomberg New Energy Finance, in 2014 the solar market snared 149.6 billion dollars, while this figure was only 114.7 dollars billion in 2013. The total growth is 16%, a leapfrog for this industry.

Besides this jump, solar energy’s growth will meet a new bright future, for the International Energy Agency predicts that each year 1 trillion dollars will be poured into renewable energy to change lower temperatures for the world. This is environment friendly and also will contribute to the great development in this industry.

China has turned into the greatest drive of this industry. Asia Pacific Major PV Markets Quarterly shows the region’s PV demand growth was 19% year on year in 2014. In the first three quarters the growth was not that big, while when China’s installation in the fourth quarter grew dramatically, the figure met its high record. Indeed, Japan was another great contributor too. For the Chinese PV market, ground-mount projects were still the main contributor to the entire growth, growth its residential solar PV market is still escalating in a slow motion.

In addition to China’s and Japan’s great contribution to the global PV market, other Asia Pacific regions also served as important contributors, such as India and Australia. As Prime Minister Narendra Modii took office, the Indian government has announced lots of solar PV development plans which have been widely reported by the world’s media. In Australia, the solar PV development boomed because of the growth of residential PV power system installations. Meanwhile, large-scale solar projects have been built or are being built in the country too, which is also an important reason to the country’s solar development.