The company’s latest report* forecasts global solar PV to continue its meteoric rise in the near future, with cumulative installed capacity climbing from 97 Gigawatts (GW) in 2012 to 330 GW by just 2020 – demonstrating a Compound Annual Growth Rate (CAGR) of 16.5%.
Germany is a major supporter of solar PV and is estimated to have accounted for around 32% of the global solar PV installed capacity in 2012. The country has proved its commitment to the renewable energy source through various policies and programs in recent years and maintained its position at the forefront of the market’s development and technological progress.
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As a result, Germany’s solar PV installed capacity has leaped from a relatively meager 2.7 Gigawatts (GW) in 2006 to 30.1 GW just six years later in 2012. Continuing support though Feed-in-Tariffs (FITs) and other schemes will see this total reach 48 GW by the end of the decade, predicts GlobalData.
China remains the largest manufacturer of solar PV modules in the world and exports over 90% of its produce abroad. However, the Asian giant is also expected to significantly increase solar module installation at home in the near future, with GlobalData expecting a massive surge in installed capacity, from 7.6 GW in 2012 to 70 GW in 2020.
This report details the historic and forecast statistics for annual and cumulative solar PV installations and power generated from 2006 to 2020 globally and for the key countries.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
GlobalData is a leading global research and consulting firm offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
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