Which companies are in the market for solar energy?
A new report has found the global market for renewable energy has nearly tripled over the past five years, with China leading the way, and now the US as well.
The Solar Energy Industry Association (SEIA) has released its annual report on the global renewable energy market, which covers energy sources including solar power, wind, hydro, geothermal and biomass.
The report also highlights solar and wind installations across the globe, with the UK the largest market with more than 4,000 megawatts of capacity, followed by India with 1,100 megawatts and Brazil with 1.5 megawatts.
The growth of renewables has been spurred by a combination of factors including more efficient solar panels and a shift to solar-ready appliances, such as lighting, which is often more efficient than traditional power plants.
The study says that while the total solar energy market is expected to grow to more than $3.5 trillion by 2020, the share of distributed energy is expected increase from 5.2 per cent to 13.9 per cent by 2020.
The most notable growth has been in the US, with installations peaking in 2020 with about 1,800 megawatts, which now stands at about a quarter of the world’s installed capacity.
China was the top global market, with solar installations up to 4,700 megawatts by 2020 and is expected by 2030 to reach 10,100 MW.
The largest growth in installations is expected in Africa, where the share is projected to increase from just under 1,200 MW in 2020 to more like 3,600 MW.
India, Brazil and South Africa are also expected to lead the global renewables market.SEIA chief executive Tim McBride said the report confirmed what he had been saying for years, that renewable energy was a global opportunity.
“As the world transitions to renewable energy, our analysis shows that it is only a matter of time before the share in the global solar energy economy will reach over 20 per cent,” Mr McBride told ABC News.
“I think the future looks bright.”
The global solar market will grow, as it has every year since 2011, and it will be the single largest market in the world.