IHS sees all-time-high 41 GW of PV for 2014

Oct 2, 2013 - Newly installed photovoltaic (PV) power capacity for 2014 will hit 41 GW, marking an 18% year-on-year jump and putting an end to the two-year solar market distress, according to IHS Inc (NYSE:IHS).

PV market revenues for next year is forecast to exceed USD 86 billion (EUR 63.6bn) which is close to the record USD 89 billion in 2011, the market analytics provider says in a report released last month. The major drivers for capacity additions next year will be declining PV equipment prices, emerging markets and continued expansion on established solar destinations like China, Japan and the US.

“As the industry’s recovery accelerates and market revenue returns to near record levels, solar manufacturers will leave behind the turmoil of recent years and enjoy improved business conditions,” said IHS senior research director for solar Ash Sharma.

Overall all key global regions, including Europe, the Middle East, the Americas, Asia and Africa, will book increased annual capacity in 2014, according to IHS. For Europe new markets such as Russia, Poland, Ukraine and Turkey will help compensate for the drop in installations in mature markets such as Germany and Italy. Europe’s share in global PV capacity for 2014 will decline to 29% next year from 57% in 2012, while Asia will boost its contribution to 48% from 29%.

As for 2013, IHS affirmed its projections for 35 GW of installations. It expects to see a record 9.8 GW of fresh capacity in the fourth quarter alone, mainly due to developers’ efforts to beat deadlines and qualify for incentives that end in December. China is an example for that and is expected to see 2 GW of fresh installations in October-December. In the first, second and third quarter of 2013 the world installed 7 GW, 8.5 GW and another 8.5 GW, respectively, IHS says.

Choose your newsletter by Renewables Now. Join for free!