Global solar photovoltaic (PV) capacity is projected to reach 57.3 GW in 2015. That is an increase of 30% more than last year, according to a report by IHS.
In fact, annual PV installations are expected to grow at a compound annual growth rate (CAGR) of 10.5% over the next five years and reach 73 GW in 2019.
Just last year, China installed 12.6 GW of new PV capacity, IHS said, adding that all data refers to capacity in direct current (DC). The global information company expects the country to deploy another 17.3 GW in 2015, but also noted that China is the biggest risk to its global forecast because of its historical inability to achieve its own targets.
Japan, on the other hand, will install 10.4 GW of PV systems in 2015, or 4% more than in 2014, thus retaining its position as the second largest solar market around the world. The US will be third with over 9 GW of projected installations in 2015, following an estimated 7 GW in 2014.
IHS calls the UK “the next largest driver of growth” in the solar industry. The country is expected to add 3.5 GW in 2015 because of developers’ rush to beat a Renewable Obligation Certificates (ROCs) cut from April 1, 2015.
Solar demand in Europe dropped 30% to 7.9 GW in 2014, but will increase to reach 9.4 GW this year. Meanwhile, the Asia Pacific region experienced the largest absolute growth as demand increased by 5.5 GW to 26.4 GW.
Published with permission from the original article By Ivan Shumkov of SeeNews Renewables.