A new report by analyst firm Frost & Sullivan projects that in 2017 solar PV will attract more investment than coal, gas and nuclear power combined.
The report, titled the Global Power Industry Outlook 2017, examines power market trends, including investment and regional growth. The report deduces that this year, renewable power investment will reach $243.1 billion globally, with solar PV investment comprising $141.6 billion of that total, followed by wind.
Although solar prices continue to decline, as does the cost of wind power, renewable investment is booming at the expense of traditional power generation because clean energy increasingly offers more profitable project costs and benefits from stable regulatory support across the globe, the report finds.
By 2020, say the analysts, non-hydro renewable energies will account for 65% of all power generation...