18.05.2018 12:01 Age: 1 year

Photovoltaic barometer released

The barometer on solar photovoltaic was released in April 2018 by the EU Observer, which reports on the dynamic growth of solar PV.  Solar photovoltaic is one of the cornerstones of global energy transition. In 2017, the global market amounted to almost half the European Union’s installation base. The cumulative capacity of solar PV in the European Union reached approximately 106 GW until the end of 2017.

According to sector analysts the market uptake increased by almost 30% in 2017, equating to 99 GW of newly-installed capacity. The global photovoltaic capacity reached the 405 GW marked at the end of 2017 (it was 306.6 GW in 2016). The electricity output has also improved since 2017 and solar electricity accounts for about 3.5% of the European Union’s gross electricity production. Solar power has become the most popular, easily accessible and least expensive energy source.

The Global Trends in Renewable Energy Investment Report (2018) also states the significant growth of investments in the sector. Renewable energy accounted for 61% of the net newly-installed capacity worldwide in 2017. Solar power amounted to 38%. Photovoltaics are now the leading energy source that is why they attract more business every year. Even major oil companies such as Shell and British Petroleum reentered the market.

For more information, please follow this link: https://www.eurobserv-er.org/photovoltaic-barometer-2018/ 

Source: https://www.eurobserv-er.org/

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