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Solar Power Installations Jump to a New Annual Record

New analysis by the Worldwatch Institute examines global trends in solar power

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Washington, D.C. - July 29, 2014 (Investorideas.com renewable energy stocks newswire) The year 2013 saw record-breaking growth for solar electricity generation as the photovoltaic (PV) and concentrated solar thermal power (CSP) markets continued to grow. With over 39 gigawatts installed worldwide, the PV solar market represented one third of all newly-added renewable energy capacity, write Worldwatch's Max Lander and Climate and Energy Intern Xiangyu Wu in the Worldwatch Institute's latest Vital Signs Online trend (www.worldwatch.org).

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Solar PV installations nearly matched those of hydropower and, for the first time, outpaced wind additions. Even though photovoltaics continue to dwarf CSP capacity, the CSP market also had another year of impressive growth. By the end of 2013, a total of 19 countries had CSP plants installed or under construction.

Consumption of power from PV and CSP plants increased by 30 percent globally in 2013 to reach 124.8 terawatt-hours. Europe accounted for the majority of global solar power consumption (67 percent), followed by Asia (23.9 percent) and North America (8.1 percent). Worldwide, solar consumption equaled 0.5 percent of electricity generation from all sources.

Despite the record growth in installations, global investments in solar electricity were down 20 percent (from $142.9 billion in 2012 to $113.7 billion in 2013), reflecting a significant decrease in costs. In July 2014, global PV module spot prices reached an all-time low of $0.63 per watt. For the first time, Asia overtook Europe as the largest regional market.

While global PV module production increased by only 3 percent over 2012, module shipments jumped by 24 percent, signaling an easing of oversupply problems.

Prospects are bright for solar development as prices continue to fall and approach grid parity in an increasing number of contexts. Rooftop solar is already less expensive per megawatt-hour than retail electricity in Australia, Brazil, Denmark, Italy, and Germany. Estimates now also show that PV has become price-competitive without subsidies in 15 countries. For 2014, solar installations are estimated to reach 40-51 gigawatts.

Country Highlights from the Report:

  • China installed 12.9 gigawatts of PV, the most ever installed in one year by any country. The country's momentous expansion was fueled largely by its feed-in tariff (FIT) program, which supports large, grid-connected utility-scale projects as well as distributed generation projects. However, grid connections are struggling to keep up with the rapid pace of China's PV deployment.
  • Europe installed close to 11 GW of PV. This represented the second annual decline in installations after peaking at 22.3 GW in 2011. In Germany, a reduction of FIT rates and an increase in regulations for utility-scale projects contributed to the fall in installations.
  • North America added 5.2 GW of PV. The United States installed the third most PV worldwide, with 4.8 GW.
  • In Central and South America, solar development has been sluggish. Despite power consumption more than doubling in 2013, the region still accounts for a small fraction of the world's solar power.
  • The Middle East and Africa had little PV activity, with the exception of Israel and South Africa, which added 420 MW and 75 MW, respectively.

For more information and to obtain a complimentary copy of "Wind Power Growth Still Surging Where Strongly Supported," please contact Gaelle Gourmelon at ggourmelon@worldwatch.org. Click here to preview the trend.

About the Worldwatch Institute:

Worldwatch is an independent research organization based in Washington, D.C. that works on energy, resource, and environmental issues. The Institute's State of the World report is published annually in more than a dozen languages. For more information, visit www.worldwatch.org.

About Vital Signs Online:

Vital Signs Online provides business leaders, policymakers, and engaged citizens with the latest data and analysis they need to understand critical global trends. It is an interactive, subscription-based tool that provides hard data and research-based insights on the sustainability trends that are shaping our future. All of the trends include clear analysis and are placed in historical perspective, allowing you to see where the trend has come from and where it might be headed. New trends cover emerging hot topics-from global carbon emissions to green jobs-while trend updates provide the latest data and analysis for the fastest changing and most important trends today. Every trend includes full datasets and complete referencing. Click here to subscribe today to Vital Signs Online.

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