Global solar PV market for ten consecutive years of growth

IHS Markit recently published PV market demand tracking analysis shows that in 2016 marks the global solar industry demand has continued to increase by 10 years.

According to the quarterly tracking report, in 2016 the new installed capacity will reach 77 million kilowatts, an annual growth rate of up to $34% on the basis of the year of 2015. This is the first time since years, the growth of solar energy demand for more than two consecutive years of more than 30%.

However, demand growth in 2017 is expected to fall to 3%. IHS Markit is expected next year, global installed capacity will reach 79 million kilowatts. The company also expects growth in 2018 will remain at the level before the strong recovery in the market in 2019.

The growth rate in 2016 was so amazing, in part because of a surge in the first half of the year, driven by further cuts in subsidies in September, which led to strong growth in the fourth quarter. Josephine Berg, a senior analyst with IHS technology, pointed out that these two jointly contributed to the end of China's installed boom.

Berg also pointed out that India's solar market in 2017 is expected to add 10 million kilowatts of photovoltaic installed capacity. India may overtake Japan to become the third largest country after China and the United states.

Source: energy micro