Global solar PV installations grew in 2015 and will continue this trend over the coming years

According to preliminary numbers from GTM Research, 59 GW of solar PV were installed globally in 2015, representing a 34% increase over 2014’s total. The fourth quarter of 2015 showed that global PV demand is very much at the mercy of government support, which can often be unpredictable and idiosyncratic, frequently leading to negative, although occasionally positive, outcomes. By the end of 2016, cumulative installations will reach 321 GW.

December’s extension of the USA’s federal Investment Tax Credit has shown how a huge upswing in the market is possible with government support. According to GTM Research, the US share of expected global PV demand between 2015 and 2020 has increased from an average of 10% to 15% as a result of the programme extension. This is in addition to the substantial increase in demand expected for the Asia-Pacific region (apart from China) in 2016 and beyond. On the other hand, feed-in tariff pullbacks in Japan, the UK and China have tempered expectations.

GTM Research expects 64 GW of solar PV to be installed globally in 2016, headed up by the USA and China. Emerging markets will also play a prominent role. India will become more established as it turns into a reliable multi-gigawatt market this year, and Brazil and Mexico will be tested for their ability to meet their targets with actual project execution. Other markets including the Philippines, Pakistan and Bangladesh in Asia and Uruguay, Guatemala and Panama in Latin America will move forward and try to break through to 100 MW. Read more…

Article published in: FuturENERGY January-February 2016