Solar PV Market – The Frontiers

Solar PV Market

Leading solar photovoltaic (PV) market researchers are predicting a growth in global PV demand in the next 4 years along with rapid technological change after a 7% slow down predicted in 2017 in global PV demand, market researchers forecast that solar power will be back on a path of growth in the following 4 years. A cumulative forecast 2016 – 2021 of 506 GW with a 9% CAGR (Compound Annual Growth Rate) leaves space for optimism in the industry’s future. Global PV demand registered a 20% growth in 2015 and a 34% growth in 2016, with the global utility–scale market being the primary driver in the last year, with residential growth mainly concentrated in Japan, US, Germany, Australia and the UK. In 2016 China, US and Japan made up 66% of the 66GW market, with China being the number one market in the world, the US number two and India looking set to become one of the more interesting markets in the future, forecast to overtake Japan to become the third biggest market by 2018.