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I used to be scrolling by way of the most recent Snapshot of World PV Markets report from the Worldwide Power Company’s Photovoltaic Energy Techniques Program (IEA PVPS) and I seen the next chart.
China has been the biggest photo voltaic PV market far and away for a number of years now (I’ll come again to that later in a minute), however it’s gorgeous to see that the photo voltaic market there may be now greater than thrice larger than the US and EU photo voltaic PV markets mixed. That doesn’t imply it’s one of the best photo voltaic market on this planet (I’ll com again to that in a coming article), however it does dominate the worldwide photo voltaic PV market. Let’s take a look at some extra charts on this subject.
Because the graph simply above reveals, China surpassed different main areas (areas, not simply nations) in 2016, solely trailing Europe at that time. Then, in 2017, it surpassed Europe — and it by no means seemed again. For a number of years, its share of the worldwide photo voltaic PV market was secure between 30% and 40%, effectively above the remainder of the world, however up to now few years, its share of the market has been climbing strongly once more. In 2024, it received near 50% international market share!
Taking a look at compound annual progress charges, China had an enormous surge in 2022–2023 (+163%), however it was really India that had the largest surge final yr (+145%). China had +50% final yr, in third was France with +49%, and the USA took 4th place with +39% progress (amongst main markets).
Taking a look at new annual capability in one other method, we see an enormous crimson block. The subsequent two charts present new annual PV installations by nation (and EU all collectively) for 2024 — ignore the earlier years besides to see the worldwide totals for these years (I’m undecided who determined to give you the odd shade scheme right here) — and cumulative PV installations.
And we will finish with a desk on these identical issues for 2024.
China is simply to this point off by itself.
However, like I mentioned, let’s come again to the matter of the finest photo voltaic PV nations in one other article in a second….
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