(Yicai Global) May 24 -- The globe's cumulative installed capacity of photovoltaic power will overtake thermal energy to become its number-one electricity source by 2027, the chairman of Chinese renewable energy giant GCL Group Holdings said yesterday.

The solar sector is experiencing a period of explosive growth and PV power installations are very likely to surpass that of hydrogen next year, natural gas in 2026 and coal in 2027 to become the world’s biggest energy source, said Zhu Gongshan, who is also founder of the Hong Kong-based company.

Some 350 gigawatts of PV power are expected to be newly connected to the global grid this year, Zhu said at the ongoing SNEC 16th International Photovoltaic Power Generation and Smart Energy Conference in Shanghai.

Renewable energy is changing the world, Zhu said. We need to redefine our understanding of how the new energy industry is upgrading and transforming.

In China, PV power is already the second-largest source of electricity after coal, Zhu said. It overtook hydrogen energy in March and hydropower in August last year.

High electricty prices are driving the use of solar across Europe, and household installations are expected to jump 40 percent this year, Zhu said.

Europe's cumulative PV installations will top 320GW by 2025 and exceed 1 terawatt by 2030. And the US's cumulative installed capacity will reach 800GW in the next 10 years, he added.

Editors: Tang Shihua, Kim Taylor