China and India Are Leading in Large-Scale Solar Power Projects
According to an analysis conducted by the Institute for Energy Economics and Financial Analysis, China and India are leading in extensive global solar power projects.
Comprising the top six project slots in size (MW), China and India continue to lead in large-scale solar power projects, leading ahead of countries such as the United States, Brazil, and Chile.
China Dominating in Global Renewable Energy Capacity Growth
Currently, China dominates the global renewable energy industry, accounting for over 40% of the world’s global renewable energy capacity growth. With the nation facing issues with air pollution management, this, along other geopolitical reasons, motivates China to continue leading and expanding in this industry. The nation already represents half of the the global PV solar demand worldwide, and has reached its 2020 PV solar goal, this only expected to grow significantly.
India, United States, and Other Nations
Although China currently is leading in the global PV solar power projects, there are still numerous of other nations wanting to capitalize in this industry. India, for instance, is considered as the second most viable solar market worldwide in 2018, and continues to surpass its forecast numbers, growing its forecast from an expected 108 GW of solar PV installments to 113 GW for 2018, growing 19% from under 100 GW installments in 2017.
As for the United States, the latest import tariffs continue to affect the global PV markets, even though they continue to steadily grow. The nations tax incentives for PV energy, as well as government issues mandates for solar PV distribution, aid the U.S. to be the current second largest global renewable energy capacity growth market. However, due to the uncertainty in current federal reforms, as well as the impact of the issued tariffs, this has the possibility to cause future implications and retributions in the future.
Overall, China, India, and the United States are considered to be the three main drivers of global renewable energy growth, accounting for 2/3 of global clean energy expansion in 2022. That being said, the global renewable energy market indicates that numerous of other countries increasing their forecasting for renewable installments, due to the high growth of the solar PV market. With high growth driving installations in Sub-Saharan African and other Asian nations, it overall is an exciting time to watch the growth of this industry worldwide.
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