Europe is no longer the world leader in solar photovoltaic technology, according to a recent report by the European Photovoltaic Industry Association.

Global Market Outlook for Photovoltaics 2013-2017’ shows that Europe’s contribution to new solar installations has dropped from over 70% in 2011 to 55% in 2012, while the fastest PV growth is expected to continue in China and India.

“[EU countries] risk having to play ‘catch up’ on the world renewables stage,” he said. “If this opportunity is missed, it could have a damaging impact on many economies in Europe, during a time when every chance has to be taken to boost economies and stimulate growth.”