China, USA, India to lead global solar deployment in 2016-2020
Solar forecast by country for 2016-2020. Source: GTM Research's Global Solar Demand Monitor, Q2 2016 report.
The world will install about 387 GW of photovoltaic (PV) capacity in the 2016-2020 period, with China, the US and India being the top three markets in terms of demand, GTM Research projects.
In 2016 alone, the global solar PV market is expected to expand by 21% year-on-year to 66 GW. PV growth will slow next year, mainly due to declining policy support in key markets such as China, Japan and the UK, but it will later revive, reaching around 95 GW of annual installs for 2020.
GTM’s report "Global Solar Demand Monitor: Q2 2016" shows that the number of countries with 2 GW or more of installed PV power generation capacity will surpass 20 by the end of the decade, as compared to 13 currently.
India is seen to solidify as a major market, boosting its share of the global market to 13% in 2020. Thus, India will install just as much solar in 2020 as all of Europe, GTM says.
Speaking of Europe, the decline that has been observed here in recent years will come to an end. GTM Research expects a turnaround, with Europe’s share of total deployment inching up to 13% in 2020 from 10% in 2016.
Installations in Latin America are to double in size this year and grow further through the end of the decade. GTM guides for a compound annual growth rate (CAGR) of 28% for the region between 2016 and 2020. Brazil and Mexico, thanks to their auctions for clean energy, are expected to account for 7 GW each in that period, while Chile will rank third with about 4 GW of PV demand. Argentina and Peru are also emerging as strong demand markets.