Global demand for solar PV is set to reach 49 GW this year, up from 36 GW in 2013, with almost half coming from the Asia-Pacific region.
The prediction comes from research firm NPD Solarbuzz’ latest quarterly report, which finds that the last quarter of 2013 and first quarter of 2014 will be record breaking periods.
“The solar PV industry has reached a critical tipping point, with end-market demand hitting record levels almost every quarter,” said Finlay Colville, vice-president at NPD Solarbuzz.
“This growth is being driven by leading module suppliers and project developers that returned to profitability during 2013, and which have now established highly-effective global sales and marketing networks.”
From October 2013 to March 2014, almost 22 GW of solar photovoltaics will be installed worldwide. That month period will have more installations than 2005 to 2009 put together, and equivalent to one new 5 MW solar farm completed every hour for six months.
Credit: NPD Solarbuzz
“Manufacturing over-capacity and pricing erosion within the PV industry was previously a key factor in limiting annual growth to 10-20% between 2011 and 2013,” added Colville. “With a more stable pricing environment and the prospects of increased end-market globalization, NPD Solarbuzz forecasts a return to annual growth above 30% for the PV industry in 2014.”
In Q4 2013, two-thirds of all solar panels were installed in China, Japan and the U.S. And with a predicted 23 GW of demand, the Asia-Pacific (APAC) region will account for almost half of new PV demand in 2014.
“APAC will dominate both manufacturing supply and end-market demand in 2014, with more than 80% of module production also coming from the region,” said Steven Han, analyst at NPD Solarbuzz.
“This milestone marks the final chapter in the transition from historic European domination to a new PV industry, where supply and demand from APAC will determine the basis of the 50 GW global PV industry going into 2015,” he added.
