After a decade of stellar growth, solar power’s demand in the Asia-Pacific region is set to decline for the first time this year, according to Wood Mackenzie, a global energy research and consultancy firm.
As compared to 2017, the region’s solar demand will dip 18 per cent to 59 Gigawatt (Gw) in 2018 due to declining installations in China, India and Japan. “Traditionally the leader of the pack in Asia-Pacific, China’s solar installations are expected to fall 30 per cent this year as it is adopting various policy instruments which will reduce subsidies,” Wood Mackenzie’s solar analyst Rishab Shrestha said.
China has had an unprecedented growth in photovoltaic (PV) installations over the past few years. The 13th five-year plan, published in 2016, set a minimum target of 105 Gw by 2020. It met the target in 2017 – three years ahead of plan – as the cumulative capacity reached 131 Gw. Read More