The global PV market is forecast to exceed 16 GW in 2010, according to recently released projections from IMS Research. Demand for PV systems is predicted to more than double in 2010, with the top five markets accounting for more than 13 GW, although slower growth is predicted in 2011.
IMS Research says the release of its updated forecasts follows an updated survey of cell, module and inverter suppliers, as well as major system integrators. The results revealed that the global PV market will easily pass the 16 GW mark in 2010, driven by strong demand in several European countries, most notably Germany, as well as in North America and China.
According to the results, which are based on an analysis of the likely 2010 results for more than 150 suppliers, as well as a detailed demand-based model of more than 50 key PV markets, global PV demand will grow by more than 100% in 2010.
European markets are also predicted to grow by more than 100%. Although the Asian PV market is forecast to grow even faster, European countries are still predicted to account for close to 80% of all new PV installations this year.
‘PV demand has been extremely robust this year, with high demand in major European markets such as Germany, Italy, France and Czech Republic driven by impending cuts to incentives,’ says PV Research Director Ash Sharma. ‘This is compounded by the long-awaited emergence of the U.S. and China, which will see exceptional growth this year and are set to become key global PV markets over the next five years.’
‘Global demand totaled around 8 GW in the first half of 2010, and all of our indicators show that the rest of the year will be as strong, if not stronger, resulting in a market of more than 16 GW,’ Sharma adds.
However, IMS Research predicts a considerable slowdown in growth in 2011, with the industry's needing to deal with major revisions to key countries' incentive schemes and potential over capacity and price pressure throughout the supply chain.
SOURCE: IMS Research