New data on global solar installations has shown that the world is on track to reach 200GW of cumulative capacity, with the amount of PV added in the fourth quarter of 2014 forecast to fall just short of 20 gigawatts.
The latest NPD Solarbuzz Quarterly suggests that the amount of solar PV deployed worldwide in Q4 2014 will fall just short of 19.5GW – equivalent to the energy supplied by five large-scale nuclear power plants, and greater than the total annual solar PV deployed in the whole of 2010.
The record quarterly figure is being driven mainly by China, whose booming solar market will ensure that the PV industry approaches the previously forecast 50 GW annual installation level in 2014.
According to the report, China is driving year-end growth, with the Q4 demand forecast to exceed 7GW, more than doubling Q/Q, and up more than 10 per cent compared to this time last year.
Japan and the United States are also expected to add several gigawatts of demand during Q4. These three major countries will account for approximately 70 per cent of PV deployed in this period, NPD Solarbuzz said.
“Global PV end-market demand continues to set new records, restoring investor confidence in the PV industry after several years of overcapacity and declining profits,” said Michael Barker, senior analyst at NPD Solarbuzz.
“Having been put on hold over the past six months, due mainly to trade-related uncertainties, record quarterly and annual shipment levels will prove crucial to investors that have been hesitant to commit to new capacity funds.”
© 2014 Solar Choice Pty Ltd