In 2015, China added more than 15 gigawatts of new solar capacity, surpassing Germany as the world’s largest solar power market. China now has 43.2 gigawatts of solar capacity, compared to 38.4 gigawatts in Germany and 27.8 in the United States.
Under its 13th Five Year Plan, China will nearly triple solar capacity by 2020, adding 15 to 20 gigawatts of solar capacity each year for the next five years, which will bring China’s installed solar power to more than 140 gigawatts. World solar capacity topped 200 gigawatts last year and is expected to reach 321 gigawatts by the end of 2016.
China’s massive solar panel manufacturing sector needs new markets for its products. Patrick Jobin, an analyst at Credit Suisse, said Monday that a solar panel glut could hit the sector this year as China’s top three producers, JA Solar, JinkoSolar, and Trina Solar, continue to ramp up production despite flattening international demand.
China would move from 20% of the global solar power to 26-35%.
In 2014, annual global installed wind energy capacity reached an unprecedented 51.4 GW. 2015 global wind installation was abut 60GW. China installed 23 GW of wind capacity in 2014. Early estimates indicate China may have installed 25 GW in 2015.
China is looking at a market of about 25 GW per year for the next five years at least. China should have wind capacity of 250 GW in 2020 and offshore wind of over 30 GW by 2020.
World Wind power in 2020 will be about 750 GW.
This global wind power forecast to 2020 has a lower 2015 forecast than actual levels.
SOURCES : Technology Review, Renewable Energy World, City Minded
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.