The PV Status Report provides comprehensive and relevant information on this dynamic sector for the interested public, as well as decision-makers in policy and industry.
The 16th edition of the PV Status Report gives an overview of current trends.
In 2017, PV industry production rose again by more than 35 % and reached a worldwide production volume of more than 110 GW of PV modules. The compound annual growth rate (CAGR) over the last 15 years was above 40 %, which makes PV one of the fastest growing industries at present.
For the 8th year in a row, solar power attracted the largest share of new investments in renewable energies, followed by wind power. The USD 161 billion (EUR 140 billion) in-vestments in solar energy, accounted for 58 % of all new renewable energy investments. While the annual investment grew by 18%, the newly installed capacity of solar photo-voltaic power increased by 32% to almost 100 GW in 2017.
According to market forecasts, the installed PV power capacity of 408 GW at the end of 2017 could triple by 2023. At the end of 2018, worldwide solar PV power is expected to exceed 500 GW capable of producing roughly 2.8 % of the worldwide electricity demand. The EU’s share is about one fifth of the world-wide installed capacity and can provide about 4.5 % of its electricity demand.
- Category: Solar Industry Reports
- Source: European Commission's Joint Research Centre (JRC)
- Publication Date: 11/2018
- Language: English