Bloomberg New Energy Finance reported a US $329 billion investment in renewable energies in 2015. Up by 4 percent from the previous year and it has exceeded the 2011 record by 3 percent. Global energy exhibitions such as Intersolar and ees exhibitions are experiencing high demand according to forecasted attendance numbers for the solar market. Ees Europe already increased fivefold last year, with an expected 40 percent expansion to be added this year. A growth of 50 percent is also expected for the US and Brazilian markets and this suggests solid growth in the region.
2015 figures show record growth for renewable energy, despite the fall in oil and gas prices. China, Africa, Latin America and India are the primary drivers of global energy transition, in addition to the United States, which has now become the second largest photovoltaics market worldwide, after China.
GTM Research predicts a 119 percent increase for the US market in 2016; as around 16GW of solar output is due to be added to the 7.3GW installed in 2015. Last year saw a record growth of 15GW for China while India expands on its ambitious plans to add 4GW throughout 2016, a portion of the 100GW the country plans to add by 2022.
Further predictions by GTM Research include the doubling of solar installations in Latin America, set to reach 2.6GW. Chile, Honduras, Mexico and Brazil are the current frontrunners, with energy storage markets on a very positive growth course.
Solar power is becoming increasingly competitive and is leading to reductions in the costs of photovoltaics. Emerging and developing countries are seeing a new focus on wind and solar power as generating it is often considerably cheaper than buying electricity from the grid. The improved speed of installation allows for renewable energy systems to be positioned in areas with greatest electricity demand. Solar and wind power offer long-term solutions, which also offer independence from fluctuations in fossil fuel prices.
While 2015 saw the domination of the photovoltaics markets from countries such as China, Japan, and the USA, Europe reached a milestone at 100GW. It was the first time in three years that the European solar market had grown. Predictions by SolarPower Europe, the new EPIA (European Photovoltaic Industry Association), include a comeback for solar in Europe with stabilisation due to happen at a higher level in 2016. It is believed that new installations could enable outputs of 10GW or more during the next few years. Globally, total photovoltaics have already exceeded 300GW.
Currently on the rise are battery storage systems. According to GTM Research, the number of energy storage systems installed last year, totalling 221MW, was greater than the combined output installed in 2013 and 2014. The US storage market, by contrast with 2014, grew by 243 percent.
Europe is witnessing a similar situation with the extension of Germany’s renewable energy storage program, which took place in March. BSW-Solar, the German Solar Association, are expecting increased demand as a result of attractive cost reductions made to domestic storage options for homeowners. After installations of over 35,000 solar storage systems in Germany alone, the outlook for the future of the photovoltaics industry is positive and for Intersolar and ees, prospects look good.