Market research firm IHS has raised its global solar market demand forecast for both 2015 and 2016, the first increase the firm has made publically this year.
Earlier in 2015, IHS forecasted global solar PV market demand would top 57.3GW, a 30% increase over 2014.
However, IHS expects global solar installations to grow by 33%this year, the fastest growth rate since 2011 to reach installations of 59GW.
“IHS Technology already had one of the most bullish forecasts in the industry,” said Ash Sharma, senior research director for IHS. “But due to accelerated and expanded deployment in the United States, as well as in China, India and other countries in Asia, our forecast has increased further.”
The bullish view also extends into 2016. The market research firm said that it expected global solar installations to top 65GW, around 2GW higher than its previous forecast, while growth would be in the range of 12%.
An acceleration of projects being completed in the US, ahead of the reduction in the ITC and faster growth in China due to expected revised long-term government quota targets were behind the 2016 revised forecast.
A new major milestone of 300GW installed is expected in 2016, should the forecast be met.
BNEF’s previously published median forecast for global end-market demand was 58.7GW for 2015 and 67.2GW for 2016, with China the catalyst for growth.