16/05/2017 – News / Solar Power / Energy / Renewables / Frost & Sullivan
Global solar investment expected to be higher than coal, gas and nuclear combined in 2017
Declining project costs are driving greater investment towards renewables as the industry continues to transition to more decentralised and intelligent energy systems, finds Frost & Sullivan’s Energy & Environment team. Resultantly, according to the analyst’s Global Power Industry Outlook 2017, investments in solar power is set to trump those investments in the coal, gas and nuclear sectors combined.
Indeed, the rise of renewable energy continues, and with prices for both solar and wind continuing to decline, renewable investment keeps booming at the expense of traditional power generation.
Lower project costs and continued regulatory support for renewable energy in key markets will see global renewable power investment reach US$243.1 billion in 2017, with solar photovoltaic (PV) the fastest growing segment, followed by wind power – by 2020 non-hydro renewables will account for 65 per cent of global power investment.
India is the hottest growth market, with renewable investment set to increase by 24 per cent per year to 2020. The evolving market will compel power sector participants to craft innovative business models, offer customer-centric solutions, and create flexible portfolios. There will also be higher consolidation as companies seek funding to expand and introduce novel products.
Global Power Industry Outlook, 2017, a new analysis from Frost & Sullivan’s Power Generation Growth Partnership Service programme, examines power market trends, including installed capacity, investment, and regional growth across coal-fired, gas-fired, nuclear, hydro, solar PV, wind and biomass power.