In order to keep the industry moving, the group says more investment is required in solar technologies.
In 2012, over 31 GW of new solar PV installations were created worldwide, approximately the same as in 2011. However, Europe’s contribution to new solar installations has dropped from over 70% in 2011 to about 55% in 2012. Other regions of the world are now taking charge when it comes to implementing solar technologies in their countries. Even though Europe doesn’t have the climate to take advantage of solar technology as much as Asia or Africa, it cannot afford to be left in the dark on such a rapidly expanding industry.
In the UK, interest in renewable energy solutions has never been higher. In a survey carried out by the Department for Energy and Climate Change (DECC) earlier this year, 82% of British people expressed their support for the use of renewable technologies, with solar power being the most popular measure; 85% supporting the use of this technology. Therefore, the solar industry has to react to this and adapt to the growing demand, or risk losing out on a huge opportunity.
However, there are some encouraging signs within predictions of future investment in the renewables market. According to predictions made by Bloomberg New Energy Finance (BNEF), investment in the renewables market could rise significantly by 2030. Should this be the case, there are great prospects for renewable technologies to help stimulate growth in the UK and across Europe.