World solar power growth outpaces wind for the first time

Driven by plunge in new wind energy capacity.

A significant rise in global solar photovoltaic installations could see 36.7 GW in new solar PV capacity added worldwide in 2013 as against 35.5 GW in new wind power installations, said Bloomberg New Energy Finance. Of the wind total, 33.8 GW will be onshore and 1.7 GW offshore. Wind and solar broke records in 2012. Onshore and offshore wind added 46.6 GW with solar PV adding 30.5 GW.

The ongoing slowdown in the two largest wind markets, China and the U.S., has benefited solar, allowing it to overtake wind. BNEF forecasts that wind installations will drop by nearly 25% percent in 2013 to their lowest level since 2008. This due to slowdowns in the U.S. and China caused by policy uncertainty.

Demand for wind turbines worldwide is predicted to shrink by 5% this year, the first drop since 2004. Falling technology costs, new markets and the growth of the offshore industry will ensure wind remains a leading renewable energy technology, BNEF believes.