United States is a good bet: It's the second-largest growth market after China, and renewables are projected to rise from 15 percent of US electricity capacity in 2016 despite "policy uncertainty" associated with the new Trump administration.
"We expect that solar PV capacity growth will be higher than any other renewable technology through 2022."According to the IEA's report on Wednesday, renewables accounted for almost two-thirds of net new power capacity in 2016". This was the first time this has happened, it said. The group's fifth annual energy report, America's Clean Energy Revolution, was published this week, confirming U.S. shattered dozens of clean energy records over the a year ago and a half and proving that a massive shift is underway in America's energy landscape - from traditional fossil fuels and nuclear towards renewable energy sources like wind and solar. Chinese renewable power company Trina Solar said last month it now claims a quarter of the market share in India after setting a milestone for shipments.
The report also noted that almost 165MW of renewable energy sources were commissioned, which accounted for nearly two thirds of net new power capacity worldwide.
The recognition in China dominating PV installations, which accounted for around 50% of total in 2016 was another positive but the IEA claimed that the "growing cost of renewable subsidies and grid integration issues remain two important challenges to further expansion".
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Net additions to renewable energy capacity in 2016, which include solar, wind, hydropower, bioenergy, wave and tidal, grew by 165 gigawatts (GW), six per cent more than in 2015.
Paolo Frankl, the IEA's head of renewable energy, warned that despite the tumbling costs of solar and wind power, there remains a risk that record-low prices could prove off-putting for developers, and thus the IEA continues to err on the side of caution.
The IEA states that, due to the size of the market, policy developments in China will have global implications for solar energy demand, supply, and prices.
China's solar dominance is only going to keep growing, according to the IEA report.
China installed 34 GW of solar capacity in 2016, out of a global total of 74 GW. This made them a leader in the renewable energy production, with the United States following after. One bidder offered Rs 2.83 per unit in Solar Energy Corporation of India's second auction of wind projects that started on Wednesday afternoon.