According to IHS report the average cost of crystalline modules will drop by 27% to $0.45 per watt in the further 4-5 years.
This will raise total installed capacity of solar power stations globally by 2019 to 500GW, which is two times higher than today. In 2014 total solar power generation was around 180GW with total growth at 177% while average annual growth was at 64GW.
Let us remind you that 2014 was again the year of a swift development of global solar energy. The year was marked by both higher solar power generation and boost in investment into the industry. Currently total investment into global solar industry is over $150bn and it is rising further by 15-20% annually. The additional record-breaking 41GW of solar capacity were launched in 2014 alone, which is 10% higher than in 2013 when the increment was 37GW.
In particular, the start-up of the last stage of the world’s largest 550MW solar power station in the USA should be noted. The project of even more powerful 700MW plant was also launched in India. It is notable that the focus of renewable energy development is shifting to India, China and the US. South Africa, Chile, Jordan, Philippines and Honduras are also developing with a good pace. In 2015 total increase in global solar power capacity is expected at 55GW.