In a new study, the organisation cites the fact that 75 percent of the world’s population lives in the region and the fact that it accounts for 40 percent of global electricity demand, as significant, but not the only reasons for their sunny prediction.
Equally critical to the sector’s potential future growth are the often high energy prices consumers and businesses pay in the region, and its being blessed with intense solar irradiation.
The report, Unlocking the Sunbelt potential of Photovoltaics analyses 66 out of the 148 countries in the Sunbelt, representing over 5 billion inhabitants and 95% of the region's total population. Despite the exceptional solar irradiation registered in these countries, at present they represent only 9 percent of the global installed PV capacity, it said.
The study also shows that the PV potential of the Sunbelt countries could range, depending on the scenario, from 60 to 250 GW by 2020, and from 260 to 1,100 GW in 2030, representing 27-58 percent of the forecasted global installed PV capacity by then.
Under these three potential scenarios (base, advanced and paradigm shift) and through the global scale effect, prices of PV systems by 2030 are expected to decrease by up to 66% compared to their current levels.
The EPIA also predicts that generation costs of PV electricity should drop to a range of 6 to 12 €c / kWh by 2020 -- making it highly competitive with all peak generation technologies -- and as low as 4 to 8 €c/kWh in 2030, making it also widely competitive with most mid-load generation technologies.
In addition to providing a detailed economic analysis supporting the various deployment scenarios, the study also presents regional perspectives in four geographical areas: Mediterranean & Northern Africa, South East Asia, China & India, and Latin America.
For additional information
European Photovoltaic Industry Association
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