Wednesday, April 2, 2014

Asian solar energy market continues to grow rapidly

Solar energy industry is one of the fastest growing industries on global level. The number of countries that see solar as an important future energy source is constantly growing, and majority of analysts agree that in years to come solar energy will become one of the top energy sources in the world, eventually phasing out fossil fuels such as coal.

The latest report claims that solar installations have increased by 36.9 gigawatts in 2013, with most of new installations coming from Asia. The Asian solar energy market is rapidly growing not just because of China who continues to push for lead in global clean energy race but also in Japan that looks for alternatives to nuclear energy after the Fukushima accident.

In 2013 China was global leader in new solar installations by adding 11.3 GW to its total solar power capacity, while Japan installed 6.9 GW, and the third was United States that added 4.75 GW of new solar power capacity. In Europe Germany led the way in new solar power installations by adding 3.3 GW of new solar power capacity in 2013.

Thanks to a rapid growth in solar power installations in China and Japan, Asian solar energy market accounted for 59% of total solar power installation in 2013. For comparison EU's market share was just 28%, which explains why many investors are currently focusing on Asian solar energy market.

The major reasons for yet another year of rapid growth in installed solar power capacity are decline in prices and high competition on global solar energy market. The rapid solar expansion is taking place all over the world, ranging from Africa and the Middle East region to Asia and Latin America.

The current estimates predict that global solar power capacity will reach 145 GW by 2020. The total installed capacity of the International Energy Association's photovoltaic power systems program is currently said to be at 123 GW.