Asia could boost global solar PV capacity by 2030

China will add 25GW of solar power annually over 2019-2030.

Global solar photovoltaic (PV) capacity is estimated to increase significantly from 593.9GW in 2019 to 1,582.9GW in 2030, with significant capacity additions from China, India, Germany, the US and Japan, according to data analytics company GlobalData.

In 2018, the Asia Pacific is the largest regional market of global solar PV capacity with a share of 58.1%. Within the same year, the region had also installed 64.5GW of solar PV, representing 70.8% of net installations, according to Anchal Agarwal, power analyst at GlobalData.

GlobalData reckons that over the forecast period of 2019-2030, APAC will remain to be the largest market in global PV to be led by countries China, India and Japan.

China is the largest market for solar PV in the world, increasing its capacity to 174.8GW in 2018 from 864MW in 2010, notes Agarwal.

In 2018, the country’s target of 105GW which was originally planned to be achieved by 2020, has already been surpassed by more than 50% in 2018.

As of current, China changes its target to be between 210GW and 270GW of solar PV by 2020.

“During 2019 to 2030, the country is set to have the largest capacity additions each year with more than 25GW planned to be added annually. About a third of the global capacity addition during this period is set to be from installations in China,” concludes Agarwal.