Solar PV Accounts for Over 30% of Utility-Scale Renewables Projects Globally: EIC Report

The lowering price of photo voltaic PV supplies, its versatility, and the worldwide shift to better carbon neutrality have contributed to its rising recognition as a renewable vitality supply.

London, 15 March 2023 — Greater than 30% of utility-scale renewable initiatives worldwide between 2013 and 2023 might be photo voltaic photovoltaic (PV) initiatives, in accordance with a brand new report from the Power Industries Council (EIC), the world’s main vitality commerce affiliation.

The EIC’s world photo voltaic insights report reveals that the present world utility-scale PV capability is about 154 gigawatts.

The price of photo voltaic is a key driver of funding within the trade, with the extent of electrical energy prices of recent operational utility scale photo voltaic PV initiatives lowering by 88% between 2010 and 2021 on a world common. , in accordance with the report.

The report’s information comes from EIC’s proprietary EICDataStream and EICAssetMap world vitality challenge databases.

The flexibility of Photo voltaic PV additionally contributes to its recognition, in accordance with the report, as it may be put in on rooftops, floating, or ground-mounted, rising the capability of the grid with vitality storage. As soon as intermittency points are resolved by way of vitality storage, photo voltaic PV can enhance grid capability, particularly in much less related areas.

“Renewable vitality has change into a key pillar within the world transition in direction of a extra sustainable future,” stated Neil Golding, Head of Market Intelligence on the EIC. “The rise in photo voltaic PV capability is a testomony to the rising demand for clear vitality options and it’s definitely an necessary a part of the worldwide ambition to attain our net-zero targets emissions.”

“China nonetheless dominates the worldwide photo voltaic PV provide chain, leaving areas like Europe depending on low-cost Chinese language imports,” stated Rebecca Groundwater, Head of Exterior Affairs on the EIC. “However Russia’s struggle on Ukraine mixed with pressured labor considerations and logistical disruptions throughout Covid-19 underscores the dangers of reliance on imports. Within the US, the Inflation Discount Act is anticipated to spice up home manufacturing. Because of this, we see. an actual alternative for first movers within the photo voltaic provide chain throughout Europe and the Americas.”

Whereas some areas have been gradual to undertake photo voltaic PV expertise, main investments are being funneled into the trade to make sure renewable vitality objectives are met. In keeping with EICDataStream, North America and Europe lead the variety of initiatives.

The Biden administration goals to satisfy 40% of electrical energy demand with solar energy by 2035, and the Inflation Discount Act gives tax credit and incentives for the adoption of renewable vitality.

Spain can also be a number one marketplace for photo voltaic PV worldwide, contributing to the rise within the European Fee’s renewable vitality goal of 45% by 2030 as outlined within the REPowerEU Plan. The area is responding to an vitality disaster on account of Russia’s continued invasion of Ukraine.

The Asia Pacific area is main by way of estimated capability, with India alone having greater than 120GW of photo voltaic PV capability deliberate or in growth. India introduced plans for 500GW of whole non-fossil and net-zero emissions capability by 2070 throughout COP26 in 2021.

Different APAC nations among the many high ten world photo voltaic PV markets embrace Australia, which is pursuing inexperienced hydrogen ambitions, and Indonesia, which is searching for to develop photo voltaic PV to satisfy the rising demand for electrical energy.

To view the total 104-page report, please go to the next hyperlink: https://www.the-eic.com/MediaCentre/Publications/Experiences