A new report published by analytics firm GlobalData has revealed that Solar power capacity is being installed at a faster rate than any other type of electricity generation.
The study shows that new installed Solar capacity was around 72GW in 2016, with Wind power at 53GW, Coal at 52GW Gas and Hydropower with 41GW and 31GW respectively.
GlobalData also believes that the two most lucrative power markets in the world are currently China and India.
China is set to spend around £267 billion on renewable energy until 2020.
The report claims that US President Donald Trump’s energy policies have ensured the US loses ground on China and India, with his administration rolling back many policies already signed by the Obama regime.
One major plan is to review the US Clean Power Plan, requiring individual states to reduce their carbon emissions.
Power Practice Head at GlobalData, Ankit Mathur commented: ‘‘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 (EU).”
“However a number of Southeast Asian markets show progress with high market attractiveness due to strong growth fundamentals and all-round capacity addition.”