Germany has lost its crown as the world’s biggest solar market to China, claims a new report by Chinese solar firm Hanergy and the China New Energy Chamber of Commerce.
China’s market leapt 232% to become the largest market, getting 12 gigawatts’ worth of photovoltaic panels in 2013, claims the report.
Meanwhile Germany’s newly installed capacity fell 56.5% to 3.3GW and Italy’s dropped 55% year-on-year to 1.6GW, according to the Global Renewable Energy Report 2014.
Chairman and CEO of Hanergy and President of the China New Energy Chamber of Commerce, Li Hejun said: “Our research shows that China has already become the world’s biggest solar market.
“Now the country is moving to a more green and sustainable model of development which will drive future global growth in renewable energy.”
The report drew on data from Bloomberg New Energy Finance, GlobalData and Hanergy and CNECC’s own research teams.