World’s favourite power source in 2016? Solar!

Solar has become the world’s favourite type of electricity generation, with more capacity installed than any other technology. The latest update from GlobalData Power Attractiveness Index (GPAI) found around 72GW […]

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By Priyanka Shrestha

Solar has become the world’s favourite type of electricity generation, with more capacity installed than any other technology.

The latest update from GlobalData Power Attractiveness Index (GPAI) found around 72GW of new solar PV capacity was installed in 2016.

It was followed by wind energy with 53GW, coal with 52GW, gas with 41GW and hydro with 31GW.

The GPAI ranks the major power markets across the globe to help stakeholders identify the countries which present the most opportunities in the short term.

It states China and India occupy the top spots as the most lucrative power markets in the short term, followed by the US, Turkey, Germany and Brazil.

Ankit Mathur, Power Practice Head at GlobalData, said: ‘‘If the planned energy development programme is followed, solar, hydro, and wind power would be the biggest benefactors. They would also support China’s recently announced ambition to stop the production and sales of traditional energy vehicles in the coming decades.

‘‘Along with the US, the UK’s market has also lost attractiveness post-Brexit, with uncertainty over the impacts of the country’s decision to leave the European Union. However, a number of Southeast Asian markets show progress with high market attractiveness due to strong growth fundamentals and all-round capacity addition.”