In 2014, cumulative photovoltaic capacity increased by 40.1 GW or 28% and reached at least 178 GW by the end of the year, sufficient to supply 1% of the world's total electricity consumption of currently 18,400 TWh, according to IEA.
In 2014, Asia was the fastest growing region, with more than 60% of global installations. China and Japan alone accounted for 20 GW or half of worldwide deployment. Europe continued to decline and installed 7 GW or 18% of the global photovoltaic market, three times less than in the record-year of 2011.
In terms of cumulative capacity, Europe is still the most developed region with 88 GW or half of the global total of 178 GW. Solar PV now covers 3.5% and 7% of European electricity demand and peak electricity demand, respectively.
As in the year before, the world's top installer of 2014 were China, followed by Japan and the United States while the United Kingdom emerged as new European leader ahead of Germany and France.
Germany remains for one more year the world's largest producer of solar power with an overall installed capacity of 38.2 GW.