Because of the rapid development of several key markets, IHS (NYSE:IHS) has revised its annual forecast and now expects the world to install 59 GW of solar photovoltaic (PV) capacity in 2015, or 33% more than last year.
In other words, this will be the fastest growth rate since 2011, shows the latest information in the Downstream PV Intelligence Service from IHS. The initial projection was for 57.3 GW.
IHS also upgraded its 2016 estimates by more than 2 GW to 65 GW, which translates into a drop in growth rate to 12%. Still, by the end of next year the cumulative installed solar capacity worldwide is expected to surpass 300 GW, the firm calculates.
Senior research director Ash Sharma explained that the increase in expectations follows an “accelerated and expanded deployment in the US, as well as in China, India and other countries in Asia”. In the US the main factor to spur current solar developments is the upcoming expiration of the investment tax credit (ITC). As for China, the National Energy Administration (NEA) officially boosted the Asian country’s solar target for this year by some 30% to 23.1 GW, which is bound to have an effect on global installation rates.
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