The global photovoltaic industry will install 55 GW of new capacity this year, a 36% increase over 2014, GTM Research projected last week in its latest Global PV Demand Outlook.
“Solar is poised for exponential growth that will help it account for roughly half of new capacity out to 2020,” said GTM Research Solar Analyst Adam James. “While solar demand will grow almost everywhere, there are a few key drivers that will be particularly significant, including unprecedented demand in emerging markets, the evolution of grid parity in Europe, and massive headroom in developing countries such as China and India.”
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The Asia-Pacific region, led by China, “will install more than half of all global PV this year,” Greentech Media reports. “Europe will begin an upswing, and North America, primarily the United States, will continue its year-over-year growth.”
With 14 of the Asia-Pacific’s 30 GW in 2015, “China has emerged as the largest global market for PV, underpinned by a new feed-in tariff program and ambitious solar goals under the Five-Year Plan,” James wrote. But “one profound change in the global landscape is that emerging regional markets—such as Latin America, Africa and the Middle East—are expected to grow from their historical levels of 1% of annual demand to 17% over the next five years.”