Solarpower has become the world’s favourite type of electricity generation, according to a report update by GlobalData.
Titled ‘GlobalData Power Attractiveness Index’ (GPAI), the report ranks the major worldwide power markets based on macroeconomic and power business indicators.
It states that approximately 72 gigawatts (GW) of new solar photovoltaic (PV) capacity was installed in 2016, in comparison to 53GW of wind energy, 52GW of coal energy, 41GW of gas energy, and 31GW of hydro energy.
According to the GPAI, China and India are the world’s most lucrative power markets, followed by the US, Turkey, Germany, and Brazil.
China plans to cease production of conventional energy vehicles in the future, which Power Practice Head at GlobalData Ankit Mathur believes will benefit the solar, hydro, and wind power sectors.
President Donald Trump’s shift in energy policy including rolling back previous climate change policies contributed towards the decline of the US in the index. Similarly, the UK market lost its attractiveness due to uncertainty over Brexit and the potential impact on the country.
However, several south-east Asian markets remain highly attractive due to strong growth opportunities and increased capacity addition, adds Mathur.