IMS Research has fashioned the PV Demand Database, which provides installation for over 50 countries with historical and forecast data. The company’s research for the database found that cumulative solar PV installations will reach over 120GW by the end of 2014, with a steady annual PV installation increase of more than 20% between 2011 and 2014. The research predicts that over 80GW of new PV capacity will be installed globally during this period.
PV Research Director Ash Sharma, pictured, stated, “The PV market remains highly volatile and cyclical in nature. Market maturity is still some years away and although investment in the industry presents large risks, there are also major potential rewards to be reaped, as the long-term outlook is very positive with over 100 GW of new PV capacity being added in the next five years”.
The report further projects that EMEA’s share of global PV installations will see a 31% decrease by 2014 as European markets reach a standstill, while Asian and North American markets increase.
Asia’s PV market is expected to grow at a CAGR of 45% over the next five years with over 10GW of installations by 2014. China is looked toward as the world’s largest PV market by 2014, installing more GW than both the U.S. and Germany.
Finally, by 2015, the database predicts that at least 24 countries will install more than 100MW annually, with the UK being one of the fastest-growing markets in the world.
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