Global PV Demand to Reach 59GW and Industry to Undertake Massive Capacity Expansion in 2016
December 11, 2015 | TrendForceEstimated reading time: 3 minutes
Spurred by major and emerging markets, global photovoltaic (PV) demand has grown substantially this year. According to the latest Gold Member Report by EnergyTrend, a division of TrendForce, installed capacity worldwide for 2015 is estimated at 53GW, amounting to a 20% year-on-year growth. Next year’s total installed capacity is expected to reach 59GW, up 11% in annual growth.
EnergyTrend analyst Patrick Lin said that the global market will maintain strong growth momentum up to next year’s October on account of the installation rush in the U.S. Based on EnergyTrend’s analysis, China, the U.S. and Japan are projected to contribute 61% of global demand next year. China in particular has revised the deadlines for connecting the country’s PV power plants onto the grid as to spread next year’s demand more evenly, thus avoiding installation rush at the end of year. While demand growth will be significant in 2016, manufacturers will also undertake massive capacity expansion at the same time. Hence, there is a concern that after the installation boom in 2016, demand growth will flatten in 2017 and overcapacity will hurt the industry.
Emerging markets will keep growing but there are uncertainties ahead
Lin said growth in the emerging markets has been considerable this year owing to carbon emission reduction policies. Total installed capacity of emerging markets for 2015 is estimated at almost 10GW. However, the overall installation progress in the emerging markets this year has fallen behind schedule. PV investments in these countries have been relatively low because of factors such as a lack of infrastructure, currency rate fluctuations and political risks. EnergyTrend expects that the emerging markets will keep enjoying tremendous growth in 2016, with the forecast installed capacity soaring by 50% year on year to about 15GW.
Among the emerging markets, India will still lead in installation growth next year, though it is unlikely to meet its target. India’s installed capacity next year is projected at just 5.5GW. With the exception of Chile and South Africa, both of which will reach the GW mark, other emerging markets will have installed capacities that range from 500MW to 300MW and under, respectively.
Page 1 of 2
Suggested Items
Industrial PC Market Size to Record $1.75 Billion Growth from 2023-2027
05/03/2024 | PRNewswireThe global industrial pc market size is estimated to grow by USD 1.75 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 6.29% during the forecast period.
Real Time with… IPC APEX EXPO 2024: Direct Imaging Equipment and Quad-wave DLP Light Engine Technology
05/03/2024 | Real Time with...IPC APEX EXPOGuest Editor Kelly Dack and MivaTek's Brendan Hogan delve into the company's innovative technologies, including direct imaging equipment and quad-wave DLP light engine technology. They highlight the benefits of direct imaging, compensation, and DART technology.
LQDX Divests Aluminum Soldering Business - Mina™ - to Taiyo America Inc.
05/02/2024 | PRNewswireLQDX, formerly known as Averatek Corp., developer of high-performance materials for advanced semiconductor manufacturing, today announced that it has divested its aluminum soldering business – known as MinaTM – to Taiyo America Inc., a global market leader in advanced electronic materials.
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
Guerrilla RF Completes Strategic Acquisition of GaN Device Portfolio from Gallium Semiconductor
04/29/2024 | BUSINESS WIREGuerrilla RF, Inc. has finalized the acquisition of Gallium Semiconductor's entire portfolio of GaN power amplifiers and front-end modules. Effective April 26th, 2024, GUER acquired all previously released components as well as new cores under development at Gallium Semiconductor.