According to a new analysis from IHS Technology, global solar photovoltaic demand will reach 59 GW this year – an increase over the previous demand forecast in June.
The company now expects global solar installations to grow by 33% this year, which is the fastest growth rate since 2011.
IHS also raised its 2016 forecast by more than 2 GW to 65 GW. The reasons for the increase are twofold: first, an acceleration of projects in the U.S. ahead of the solar investment tax credit expiration and second, faster growth in China, led by a likely increase in long-term government targets.
Although growth will drop to a moderate 12% in 2016, solar PV installations will still put the total installed global capacity of PV in excess of 300 GW, IHS says.
"IHS Technology already had one of the most bullish forecasts in the industry,’ says Ash Sharma, senior research director of IHS." But due to accelerated and expanded deployment in the U.S., as well as in China, India and other countries in Asia, our forecast has increased further.’
For more information on the Downstream PV Intelligence Service from IHS Technology, click here.