Global solar market: record growth by 43 percent – U.K. saw record installations in Q1 2016, but now declining says GTM Research

08/05/2016 | Print view

The global PV market will see a record growth by 43 percent in 2016, but slow down by 10 percent in 2017 GTM Research says. - © First Solar — © First Solar

The global PV market will see a record growth by 43 percent in 2016, but slow down by 10 percent in 2017 GTM Research says.

According to GTM Research this year is set to be another record breaker for photovoltaics globally, with the market set to grow by 43 percent to 73 GW. Main growth markets are China, the U.S., Japan and India. The UK PV market is expected to drop by 45 percent compared to 2015.

With new installations of 26.4 GW China leads the pack in 2016. Second largest market are the U.S. with 14.5 GW. Third rank has Japan with 10.2 GW new installations, followed by India with almost 6 GW according to GTM numbers.

Policy turmoil in several large markets

Although the prospects for 2017 are damped. GTM expects a slowdown of the global PV market with a drop by 10 percent. “The slowdown is tied to the policy turmoil in several large markets – China, Japan and the U.K. – even as the other two key markets the U.S. and India, grow at triple-digit-rates”, Mohit Anand, Senior Analyst Solar said.

Commercial PV will breach cap again in UK in Q3

According to GTM Research the U.K. experienced a record-breaking first quarter, with 1.5 gigawatts installed in advance of the expiration of Renewable Obligation Certified incentives. But that trend will not continue. GTM expects a major drop in demand for the remainder of the year. in Q3 residential PV will likely install lower than the quarterly cap, though commercial PV will breach the cap again.

Markets are diversifying

Global demand is further diversifying GTM forecasts as large scale solar auctions and net metering programs are picking up beyond the current top three markets. By 2021 more than 20 countries will offer more than 2 GW of cumulative PV demand. (HCN)