GTM Research highlights regional solar demand shifts expected in 2018

April 16, 2018
Facebook
Twitter
LinkedIn
Reddit
Email
The market research firm is forecasting that PV installations in China would not reach the record 53GW plus reached in 2017. Instead the demand will fall to 48GW in 2018. Image: Zhongli

According to GTM Research, global solar PV installations are expected to surpass 104GW in 2018, despite the top four markets, including China, forecasted to decline collectively by 7%. 

The market research firm is forecasting that PV installations in China would not reach the record 53GW plus reached in 2017. Instead the demand will fall to 48GW in 2018. However, China would still account for around 47% of global demand this year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The year-over-year growth is due in part to geographic diversification, as the top four markets are anticipated to collectively decline by 7 percent. Image: GTM Research

“Trade restrictive measures continue to be a barrier to growth in the U.S. and India,” said GTM Research Solar Analyst Rishab Shrestha. “Although the availability of tariff-free modules in the U.S. and the announcement that compensation will be provided to Indian developers negatively impacted by changes to tariffs and duties provides some encouragement.”  

According to GTM’s latest market report, the U.S. market is expected to be flat in 2018, adding a forecasted 10.6GW.

Number of Gigawatt-Scale Solar Markets by Year. Image: GTM Research

In contrast, India is expected to regain momentum and is forecasted to install 7.1GW in 2018. Global growth is also being supported by rapidly expanding markets in Latin America, the Middle East and Africa. 

GTM noted that Latin America, driven by Brazil and Mexico would reach 5.6GW of installations in 2018, while the Middle East and Africa would reach installations totalling around 4.7GW. 

The market research firm noted that the 1GW of projects awarded through Mexico’s A1 auction were expected to come online 2018, while in Egypt the 1.8GW Benban solar park would also be completed, making these two markets leaders in the respective regions in 2018.

After several years of decline, Europe is also expected to rebound as Spain is expected to install over 1GW in 2018, as well as France. 

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

November 12, 2025
Nextracker has rebranded itself as ‘Nextpower’ to reflect what the company said was its evolution from solar tracker supplier to a “full-platform” provider of integrated energy solutions.
Premium
November 12, 2025
PV Talk: Stefano N. Granata of STS discusses the growing momentum behind back contact cell technology as manufacturers and investors embrace higher-efficiency solutions.
November 12, 2025
The European Bank for Reconstruction and Development (EBRD) has increased its equity stake in Infinity by US$40 million.
November 11, 2025
During a week marked by significant developments, ACME Solar and Reliance NU Energies win SJVN tenders while Emmvee launches IPO.
November 11, 2025
Hassan Allam Utilities Energy Platform and Infinity Power have signed agreements to develop two renewable energy projects in the country. 
November 10, 2025
US solar and storage projects totalling 116GW could be at risk from political disruption, according to new analysis from the Solar Energy Industries Association.

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 24, 2026
Lisbon, Portugal
Solar Media Events
June 16, 2026
Napa, USA