The World's #1 Renewable Energy Network for News, Information, and Companies.

Reaching New Heights: Cumulative PV Demand to Double Again by 2015

Although end-market demand in 2012 did not achieve the levels many had hoped for, it still set a new record in terms of annual installed capacity.

These demand levels led to another significant milestone, namely contributing significantly to reaching a 100 GW cumulative installation level for PV systems.

Demand levels in 2012 were also high enough to continue the recent trend that has seen cumulative demand doubling every two years. It took more than 30 years for global cumulative demand to reach 2 GW but only four to surpass 4 GW in 2004. Since then, the industry has seen cumulative demand doubling every two years up to and including last year. Annual growth rates have been declining, however, and the next doubling of cumulative demand is anticipated to take slightly longer at three (rather than two) years, under current policy and installed pricing conditions.

This trend has been driven first by attractive policy mechanisms designed to drive downstream demand and, more recently, by rapid price declines throughout the upstream PV value-chain. Given the lower installed PV system pricing, policies have also been adjusted downwards, thereby slowing the pace of growth. However, given the maturity of the industry and the potential for continuing cost reductions,  the PV industry is still poised for strong long-term growth and will increasingly be seen as a major source of power generation in the years to come.

Also, given the volatile nature of the PV industry, it is worth mentioning that under upside scenario forecasts, the market could maintain this growth pattern, doubling once again in both 2014 and in 2016, and exceeding 450 GW of cumulative installed capacity by 2017.

Figure 1: Cumulative Global PV Demand 2004-2017

Source: Adapted from NPD Solarbuzz Marketbuzz

This article was originally published on Solarbuzz and was republished with permission.

Lead image: Hot air balloons via Shutterstock

RELATED ARTICLES

Renewable Energy Finance

Clean Energy ETFs Are on a Tear

Eric Balchunas, Bloomberg Green investing used to be synonymous with losing money. But while the S&P 500 Index is up 2 percent this year, and the MSCI All-Country World Index is up 5 percent, clean energy ETFs have double-digit re...

Wheels, Towers and Trees: Unconventional Renewable Energy Technologies in the Pipeline

Andrew Williams, International Correspondent A number of companies around the world are developing novel technologies in an effort to grab a slice of the global renewable energy market.  Although many of these technologies are simple incremental improvements to e...
UK Parliament Clean Energy Leaders

UK Government Names Clean Energy Cabinet Members

David Appleyard, Contributing Editor With the UK general election now over and a majority Conservative Party government in place, the re-elected Prime Minister David Cameron has now named key members of the government charged with steering the UK’s clean energ...
Microgrids

Coast to Coast and Across the Electric System, Microgrids Provide Benefits to All

Dick Munson, Environmental Defense Fund At the most obvious level, microgrids could disrupt today’s utilities and their regulated-monopoly business model, because they challenge the centralized paradigm. In a nutshell, microgrids are localized power grids that ha...
Michael Barker monitors the status of the global PV industry supply/demand balance and watches related emerging trends. His responsibilities include the Solarbuzz Quarterly and Marketbuzz reports. Barker is also a regular contributor to leading PV...

CURRENT MAGAZINE ISSUE

03/01/2015
Volume 18, Issue 3
file

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

EU PVSEC 2015 (European PV Solar Energy Conference and Exhibition)

The EU PVSEC is the largest international Conference for Photovoltaic re...

Energy Security: Opportunity Power with the Sunny Boy Secure Power ...

Wouldn’t it be great to have a grid-tied inverter that could still...

SMA More Power, More Profit Tour - Duluth

SMA’s More Power, More Profit Tour is aimed to provide highly-valu...

COMPANY BLOGS

EU PVSEC 2014: Call for Papers Receives Great Response

More than 1,500 contributions apply for presentation in AmsterdamScienti...

EU PVSEC 2014 extends its Scope

Added focus on application and policy topicsAbstracts for conference con...

Boulder County Residents Generate Their Own Energy with Community S...

Despite a soggy afternoon, solar energy advocates gathered at ...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS