Solar power growth driven by emerging nations

According to the latest reports from Bloomberg New Energy Finance, emerging nations around the world could be responsible for most of the growth within the solar power industry. With China and India leading the way, these developing countries have prompted a significant boost in solar capacity, which expanded by no less than 33% during 2016 alone.

In 2016, China installed around 40% of the world’s new solar, and Brazil, Mexico, Jordan, Pakistan, and Chile all doubled their solar capacity in the same year. Overall, solar accounted for about 19% of all the new generating capacity established by emerging markets, but solar only accounts for about 1.3% of the global electricity generation in our market. The good news is that the exponential growth of solar power throughout the world is being driven by a combination of new national policies and the falling price of solar modules.

The Exponential Growth of the Solar World

Within the last ten years, we’ve seen significant growth in the solar energy market, thanks to falling hardware prices, and new commitments by governments around the world when it comes to reducing greenhouse emissions. While Japan, Europe, and the US initially led the way with their solar installations, the most growth in recent years has come from developing countries – with China leading the way.

Carbon Brief recently released new “Climate scope BNEF” information for emerging markets, with information from the Statistical Review of World Energy, to provide insights into the growth of solar in recent years. On average, the most growth comes from high-population countries like the US and China, and the UK currently has the 6th largest installed capacity of any country – which makes it larger than France, Spain, India, and Australia.

Though the popularity of solar panels in South Australia has continued to grow, the country overall has a long way to come before it catches up with some of the leaders. For instance. Germany currently has the largest installed solar base per person, with around 500 watts per person, followed by Japan at 337 watts. In comparison, Australia is currently at 228 watts per person.

The Changing Nature of Solar Growth

Although European countries continue to maintain many of the largest solar capacity levels per person, it’s important to note that the amount of solar being delivered in these countries has slowed over the last few years. In 2016, Japan had the most new solar panels installed per person, at around 69 new watts per person. At the same time, Australia was close to the top with around 31 watts.

Additionally, while per-capital installations for solar power across Africa are somewhat low in comparison, the region has seen a significant amount of growth. BNEF revealed that more than 1.5 million households across Africa now have solar installed within their home, thanks to the help of mobile-money financing plans.

Finishing Thoughts on the Solar Trends

Ultimately, while the United States, Japan, Europe, and Australia were responsible for driving much of our exploration into solar power during the earlier years, countries like China have begun to take over in recent years.

Despite a growth in the marketplace, solar power still only accounts for about 5% of our energy capacity across the world. The positive news is that number continues to grow every day. Solar is still widely expected to continue growing rapidly in the years ahead, as prices of photovoltaic technology continue to drop, and climate policies continue to emerge. By the time we reach 2020, some experts predict that it will be cheaper to use solar for energy than coal in India, China, and the US.

However, there are still challenges to face on the road ahead before we can become completely sustainable with our energy usage.

Source: DNH PR