For the first time, in solar PV is set to have a better year than wind. Research from Bloomberg New Energy Finance (BNEF) has forecast more new solar power to be installed globally than new wind power.

BNEF have forecast that 33.8GW’s of new onshore wind farms will be installed this year with a further 1.7GW’s of new offshore wind farms to be built as well. This is expected to be a 25% decline from 2012 figures as big markets, such as China and the US, experience rapid slowdowns due to policy uncertainty.

In contrast, solar PV is forecast to install 36.7GW’s of new solar power installations this year. If the figures are correct, this will be the first time solar power installs have exceeded wind power.

In 2012, new wind power installations totalled 46.6GW’s (on and offshore wind combined), while solar power installations totalled 30.5GW’s.

“The dramatic cost reductions in PV, combined with new incentive regimes in Japan and China, are making possible further, strong growth in volumes,” said Jenny Chase, head of solar analysis at Bloomberg New Energy Finance. “Europe is a declining market, because many countries there are rapidly moving away from incentives, but it will continue to see new PV capacity added.”

Justin Wu, head of wind analysis at Bloomberg New Energy Finance, said: “We forecast that wind installations will shrink by nearly 25% in 2013, to their lowest level since 2008, reflecting slowdowns in the US and China caused by policy uncertainty. However, falling technology costs, new markets and the growth of the offshore industry will ensure wind remains a leading renewable energy technology.”

Despite the predictions for this year, overall both wind and solar power installations are expected to see massive global growth out to 2030 to almost equal amounts. Wind power held a total installed power generation capacity globally of 5% in 2012 and is expected to growth to around 17% in 2030. Solar PV held a total world capacity of about 2% in 2012 and is expected to hold 16% in 2030.