Wellingborough, UK – This week IMS Research released its quarterly global PV demand database indicating that total solar installations will exceed 100 GW by the end of 2014.
Annual PV installations are expected to grow steadily, according to the research firm, with a compound annual growth rate (CAGR) of 20% between 2011 and 2014. Breaking the numbers down by region of the world, the firm predicts that EMEA’s (Europe, Middle East and Africa) share of global PV installations will fall from 79% in 2009 to 48% in 2014 as major European markets stagnate and Asian and North American market growth accelerates.
Despite the introduction of several new FITs and emerging European PV markets, EMEA’s PV market is predicted to remain dominated by just a few countries that will account for more than 60% of new installations in 2014.
In Asia, the PV market is expected to grow at a CAGR of 45% over the next 5 years with strong growth in China and Japan. The firm said that around 10 GW of new capacity will be installed in 2014 in China and that by 2014, China will be the world’s largest PV market, installing more than both U.S. and Germany. IMS predicts that China will become a dominant force in both the supply of PV components and demand for PV systems, with utility-scale plants leading the country’s PV market development.
Worldwide IMS said that by 2015 there will be at least 25 countries installing more than 100 MW annually. The UK will be one of the fastest growing markets globally (in % terms) with more than 1 GW of new PV capacity added over the next five years.