Global PV to set records in 2014

October 3, 2013 | By Barbara Vergetis Lundin

In 2014, global photovoltaic (PV) installations are forecast to rise at their fastest pace in three years, exceeding 40 GW for this first time and generating installation revenue of more than $86 billion, according to IHS Inc.

Electrical and Mechanical Services Department Headquarters. Credit: WiNG/Wikimedia Commons

Annual solar installations are predicted to expand at a rate of 18 percent in 2014, reaching 41 GW and firmly marking the end of the solar industry's two-year slowdown. PV installations in 2014 will rise by 17 percent, representing an increase of 15 percent in 2012 and 13 percent in 2013, with 2014 will seeing the highest growth rate since the 35 percent increase in 2011, IHS predicts.

"PV installations will accelerate in 2014 driven by low system prices, the creation of new markets in emerging regions and the continued growth in major countries such as the United States, Japan and China," said Ash Sharma, senior research director for solar, IHS. "As the industry's recovery accelerates and market revenue returns to near record levels, solar manufacturers will leave behind the turmoil of recent years and enjoy improved business conditions."

Despite continued cuts to government incentives in mature PV markets, all major global regions (i.e., Europe, the Middle East, Africa, the Americas and Asia) will expand their solar installations in 2014. The growth represents a significant turning point for Europe, which suffered a steep decline in solar installations in 2012 and is set for another drop in 2013.

"While PV installations will continue to stagnate or fall in established European markets like Germany and Italy, rapid growth is forecast in emerging countries in the region, such as Turkey, Poland, Ukraine and Russia," Sharma said. "The growth in the developing PV nations will more than offset the poor conditions in the large, well-established solar markets."

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