Global demand for photovoltaics will reach 59GW in 2016, with the industry undertaking massive capacity expansion.
Driven by major and emerging markets, the global demand for PVs has grown substantially in the past few years, according to EnergyTrend, which estimated 53GW of installed capacity worldwide for 2015 – amounting to a 20 per cent year-on-year growth.
“The installation rush in the US means a strong growth momentum for the global market in 2016. China, the US and Japan are projected to contribute 61 per cent of global demand in 2016,” Electronics News reported.
“With China revising the deadlines for connecting its PV power plants onto the grid, the growth numbers for next year will be spread more evenly, avoiding the installation rush at the end of the year.”
With manufacturers also undertaking massive capacity expansion, EnergyTrend identified there are some concerns demand growth will flatten in 2017 – and overcapacity may hurt energy industries globally. Among the emerging markets, India is set to lead installation growth. With only 5.5GW of installed capacity, however, it’s unlikely to meet targets.