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The global solar market is shifting from Europe to Asia, finds a new report from Hanergy and China's New Energy Chamber of Commerce.
According to the Global Renewable Energy Report 2014, China became the world's biggest market for solar power in 2013, with the country's newly installed photovoltaic generating capacity jumping 232% on-year to 12 gigawatts (GW).
Financing activity also reflects the shift. China accounted for the largest proportion of global solar industry financing at$23.56bn, equivalent to the entire amount raised in Europe.
The report also notes the continued move from fossil fuel to renewable energy. Total global power generation grew 4.3% from the previous year, to 22513.8 terawatt-hours (TWh), while renewable energy power generation grew at 13% per annum, accounting for 5.2% of the world's total output.
"Governments are turning to greater use of renewable energy to tackle pollution and deliver energy security, underpinning growth momentum in the global renewable energy industry," commented Li Hejun, chairman and ceo of Hanergy & president of the China New Energy Chamber of Commerce.
The report can be downloaded free of charge here.
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