Solar projects to hit all time high in 2014
Increase in solar projects could see a 21 per cent improvement on 2013 with markets in China, Japan and US driving the boost
A record 44.5GW of solar capacity is expected to be installed worldwide this year, according to solar developers, and if the predictions prove to be correct it will see a 21 per cent increase on 2013.
A survey from Bloomberg of nine analysts and companies indicates that the thriving Chinese market, which became the world leader for the first time last year, is driving the increased uptake.
Installation costs for solar projects have been greatly reduced in China (pictured right) as a result of improved government support which has in turn led to growth across the industry.
The Japanese and the US are expected to install 10.5GW and 5.3GW of capacity respectively in 2014, which has also helped to drive the high expectations.
Bloomberg New Energy Finance (BNEF) estimates that China installed around 12GW of capacity last year and could increase that in 2014.
According to the BNEF report the worldwide industry is gaining significant momentum with capacity in 2013 increasing by 20.3 per cent, after a 4.4 per cent gain in 2012.
