China leads in solar energy investments in Asia, says GlobalData

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China leads in solar energy investments in Asia, says GlobalData

Greentech Lead India: Renewable energy is becoming
increasingly important in developing nations across North Africa and Asia, and
solar power is attracting more investments than any other renewable energy
sector, says a new report by GlobalData. For the first time, the investment in
solar power overtook those in wind power in 2011.

In 2011, investments in solar power accounted for 49
percent of the $209 billion global renewable energy industry, while the once
dominant wind sector claimed 34 percent. Biopower, geothermal and small hydro
investments made up the remaining 17 percent. 

The glut of PV modules that hit the market last year due
to over production made an explosion in solar power industry. As a consequence,
cost of generation approached grid parity in certain locations and attracted a
wealth of asset financing investments. 
In Asia, China leads the solar power sector with a series of solar power
projects. Chinese companies invested in new solar power projects to meet the
demand from the Middle East and North Africa (MENA), but also to fulfill its
own requirements.


Emerging markets across the MENA, Eastern Europe, Latin America and Southeast
Asia are aiming to grow their renewable energy production with an increased
presence in the solar sector. UAE and Algeria, among several other MENA nations,
are focusing their renewable energy efforts in solar power.

India’s National
Solar Mission will drive investment in the subcontinent, and the Malaysian
government has set a renewable energy target of more than 3,140 megawatts by
2020, with solar power expected to account for one-third of the total
capacity. 

With this new trend the demand for solar PV modules has increased, set to be
met by manufacturers in Southeast Asia. GlobalData expects Japan, Taiwan,
Republic of Korea, and in particular, China, to be the major equipment
manufacturers in the coming years. 

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