1 August, 2015
China managed to surpass Germany as the largest solar power generator worldwide in the year 2015. The Asian giant had an installed photovoltaic (PV) capacity of 43 gigawatts (GW), as compared to the cumulated photovoltaic capacity of 242 GWp installed worldwide.
While Germany has 16 per cent installed PV capacity, China has 21 per cent of the same. The rest of the world has an installed PV capacity of 63 per cent, as per the Fraunhofer Institute for Solar Energy, which conducts research on the technology needed to supply energy efficiently. Solar makes up roughly 2.85 percent of China's installed capacity.
Globally aannual PV installations are expected to double by the year 2020 and generate much more revenue. Growth in the Asia-Pacific region will lead to annual worldwide solar PV revenue of over $134 billion by 2020, according to reports. China is also set to lead the growth worldwide, with over 100GW installed solar PV capacity by 2020.
The Chinese government, meanwhile, has also set a national target for new commercial solar power capacity of 18.1 GW for 2016. Reports have also stated that China installed 20 GW of solar power capacity in the first half of 2016, three times as much as during the same period a year ago.