Market research firm NPD Solarbuzz has hiked its forecast for the UK PV market in 2014, due to increased project activity and the stable business environment for PV through to the next general election in 2015.
According to NPD Solarbuzz, the UK PV market is expected to install 2.5GW in 2014, up from its previous forecast of 2.27GW at the beginning of the year.
Despite the severe winter weather experienced in the UK, the strong pipeline of ground-mounted PV projects are benefiting from weakness in other European markets with adequate supply of PV modules and inverters.
With a rush to complete projects under the 1.6ROC scheme ongoing, NPD Solarbuzz reports that project developers are increasingly confident that the new 1.4ROC payments provide adequate ROI for continued project funding.
The stable government policies through to the next general election in May 2015 are providing investors and project developers with the confidence to proceed with projects, supporting continued build-out through the year, NPD Solarbuzz noted.
Around 700MW of ground-mounted PV is forecasted to be installed in the first quarter of 2014, resulting in total installations for the quarter topping 900MW.
There is a chance that UK installations in 2014 could surpass Germany for the first time.
Further details and insight into the booming UK market are provided in an exlusive blog from Finlay Colville, vice president of NPD Solarbuzz here.