The capacity of new annual PV installations in emerging markets is forecast to grow from 3.9GW this year, to 10.9GW by 2017, according to market research firm, IHS.
The research to identify opportunities in emerging markets shows falling costs and supportive policies are creating new emerging market opportunities with Thailand predicted as the future leader of the emerging markets in installed capacity, with 2.9GW to be installed within the next four years, then Turkey second with 2.8GW forecast, and South Korea third with 2.6GW forecast in installations.
The fourth predicted largest emerging market is South Africa (2.5GW), followed by Ukraine (2.2GW), Chile (2.2GW), Netherlands (2.2GW), Brazil (2GW), Israel (1.8GW) and Switzerland (1.6GW).
The combined capacity predicted for all other remaining emerging countries, over the next four years, is 13.5GW.
“Across the world, new markets for solar PV are emerging, propelled by government incentives, including tenders for large-scale contracts, feed-in-tariff (FIT) schemes and self-consumption support,” said Josefin Berg, senior PV analyst at IHS. “Although these markets sometimes have huge hurdles—like limited financing, regulatory uncertainty and opaque local regulatory conditions—companies throughout the solar supply chain can benefit from targeting these fast-growing emerging countries.”