SolarPower Europe, the new EPIA (European Photovoltaic Industry Association), released today its flagship market report the “Global Market Outlook for Solar Power 2015-2019”. James Watson, CEO of SolarPower Europe  stated ‘it reveals that the global solar sector has reached a cumulative capacity of 178 Gigawatt (GW) in 2014, multiplying the installed capacity by a factor of 100 in only 14 years of development.’

China, Japan and the USA lead the world’s solar market in 2014, while Europe installed 7 GW, with the UK leading the way – contributing 2.4 GW in 2014. Watson continued, “The success of the UK, set to be the largest European market again in 2015, reinforces the evidence that solar power is a versatile and cost-efficient energy source in any climate.” He added ‘Solar power could grow by 80% in Europe by 2020’.

Michael Schmela, SolarPower Europe’s Executive Advisor, outlined that. ‘If todays global solar momentum continues, and being supported by the right frameworks, we could see over half a Terrawatt (TW) of solar power capacity installed by 2020.’ SolarPower Europe`s Global Market Outlook foresees up to 540 GW of total solar capacity by 2020 in its high-scenario, but even the low support scenario estimates a total solar volume of 396 GW, which would be about twice as much as the capacity installed today.

The rise of solar power was confirmed, with 3 European markets, Germany, Italy and Greece, already reporting that solar covers more than 7% of the electricity demand.

SolarPower Europe believes that 2014 marks a tipping point in the make-up of our energy market, even if European solar market growth slowed again last year. ‘For the first time ever in Europe, renewables produced more power than nuclear – and solar power was key in achieving this remarkable achievement,’ emphasized Schmela. `Being now one of the lowest-cost power sources, solar needs the right market design so that it can continue to contribute its strong support for Europe to reach its clean energy targets,’ he added.