Solar energy is the fastest growing energy technology in the worldIlumen
In 2018 the global PV market grew for the first time by more than 100 GW. More specific, a cumulative growth of around 25% occurred.
The total installed solar energy capacity was 505 GW at the end of last year compared to 15 GW only 10 years ago. An important factor in the growth of last year, especially noticeable in Europe and in emerging markets worldwide, are the continuing price decreases in the PV market.
Although the growth of the solar panel market was limited to ‘only’ 25% in 2018, solar energy is today the fastest growing energy technology in the world. In this way, photovoltaic energy became the most competitive option for power generation in an increasing number of markets ( residential, commercial and utility).
Larger than 1 GW
In 2018, not less than eleven countries added more than 1 GW to their existing solar energy capacity. In 2016 and 2017 there were only 7 and 9 countries respectively. At the end of 2018, at least 32 countries had a cumulative capacity greater than 1 GW. China, the United States, Japan, Germany and India are the major pioneers in the field of solar energy.
To make solar energy one of the most important power sources in the world, many challenges still need to be overcome. Consider, for example, political and regulatory instability in many countries, financial challenges and the need to integrate solar energy into existing electricity markets and systems in a fair and sustainable way.
Nevertheless, solar energy already plays a significant and increasingly important role in electricity generation in many countries today.