Page 461 - A Comprehensive Guide to Solar Energy Systems

474 A ComPREhEnSIVE GuIdE To SolAR EnERGy SySTEmS

outside of the united States, other markets in the Americas have shown potential. Chile
−1
has seen the lowest PPA award of uS$ 29.1 (mW h) and installed close to 1 GW of solar in
2016, while mexico also has seen growth with over 1 GW of projects awarded in 2016 [1].
other areas of the world have also seen solar growth; the middle East and Africa coun­
tries are starting to look to solar to fill the energy gap in a cheap and efficient way. There are
no landmark developments in these regions yet, but it is likely that Africa and the middle
East will soon also experience high levels of solar power penetration.
The global market has witnessed an explosion in solar deployment since the 2000s. In
just 10 years, the global market has developed from roughly 20 GW installed in 2007 to
over 306.5 GW in 2016 [1]. All regions of the world now play their role in solar, a onetime
European phenomenon is now embraced globally. Fig. 24.3 shows the global breakdown of
the top solar PV markets by the end of 2016. This trend is set to progress as the reduction in
cost of solar power systems, which is expected to persist, continues to drive political sup­
port in most of the world. With global commitments, such as the Paris Climate Agreement
holding the majority of countries together in addressing climate change; it is clear that the
future of global solar power deployment is indeed very bright.

24.3 Future Market Growth Potential

With the continuing fall in the price of solar systems, solar electricity generation is set to
become the world’s cheapest energy source. The IEA forecast that by 2050, solar will indeed
be the leading generation source for electricity across the globe [16]. however, price alone
does not indicate whether a technology is embraced, this has been demonstrated very
effectively in the earlier section with regard to Europe. It is the combination of regula­
tion and price that determine the success of any electricity generation technology [1].
despite herculean attempts to develop markets in energy, the reality is that regulation

FIGURE 24.3 Global top 10 solar PV markets total installed shares by end of 2016. SolarPower, Europe 2017, p. 6.