Record year for solar driven by reduced technology costs – IRENA

Facebook
Twitter
LinkedIn
Reddit
Email
Renewable power generation capacity grew a record 8.3% in 2015. Credit: IRENA

Global solar capacity grew by 47GW (26%) during 2015 as a result of module prices dropping by as much as 80% over the same period, according to the latest data from the International Renewable Energy Agency (IRENA).

At the end of 2014, solar deployments worldwide stood at nearly 180GW and this grew to 227GW during the course of last year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

IRENA’s ‘Renewable Capacity Statistics 2016’ found that the highest regional increase in solar deployment was the 48% growth in Asia with 15GW in China and 10GW in Japan. Meanwhile North America’s 8GW saw it surpass European installations for the first time, which stood at 7.6GW.

In the emerging markets, Oceania saw a 1GW solar increase and Africa had 0.9GW installed. Elsewhere, South American solar grew by 517MW over 2015, meanwhile Central America and the Carribean went up by 577MW.

At the end of 2015, Europe accounted for 43% (98GW) of global capacity, with 40% (88GW) in Asia, and 13% (30GW) in North America.

The report also found that renewable generation capacity saw its highest annual growth rate by adding 152GW (8.3%) over 2015. There were 1,985GW of renewable energy generation capacity worldwide as of the end of 2015.

At year end, hydropower accounted for the largest share of the global total renewable power generation:

  • Hydro 1,209GW
  • Wind 432GW
  • Solar 227GW
  • Bioenergy 104GW
  • Geothermal 13GW
  • Marine energy 500MW

IRENA director-general Adnan Amin said: “Renewable energy deployment continues to surge in markets around the globe, even in an era of low oil and gas prices. Falling costs for renewable energy technologies, and a host of economic, social and environmental drivers are favoring renewables over conventional power sources.

“This impressive growth, coupled with a record US$286 billion invested in renewables in 2015, sends a strong signal to investors and policymakers that renewable energy is now the preferred option for new power generation capacity around the world.”   

This article has been revised to say that solar capacity grew 26% during 2015.

Read Next

August 28, 2025
Bahraini, Chinese, Egyptian and Emirati groups have agreed to develop a new solar and storage manufacturing facility in Egypt
August 28, 2025
Venture capital firm Pacific Channel has launched Fund V, which targets 10GW of solar, wind, and energy storage in New Zealand.
Premium
August 22, 2025
Radovan Kopecek and Joris Libal examine the technological and economic factors driving PV’s ascendancy, with emphasis on bifacial BC modules.
August 15, 2025
Indian domestic solar module manufacturing capacity has exceeded 100GW, up from just 2.3GW in 2014, according to minister Pralhad Joshi.
August 11, 2025
Illuminate USA has signed a five-year deal with US panel recycling firm Solarcycle to acquire solar glass manufactured in the US.
August 11, 2025
European solar buyers’ confidence fell to a record low level in July 2025 due to 'caution among buyers' in a more ' volatile' environment.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines