Quarterly solar photovoltaic demand in the Asia-Pacific (APAC) region is forecast to reach the 10 GW level for the first time in the fourth quarter of this year (Q4'14), according to a new report from Solarbuzz.
Demand in the APAC region for PV is expected to grow 19% this year over 2013, driven primarily by a year-end installation rush in China, as well as strong growth in Japan, Solarbuzz says.
Overall, the APAC PV demand is forecast to continue growing and maintain shares in global PV market at over the 50% level in 2015, says SolarBuzz, which is now part of IHS.
China contributed the most demand in the APAC PV market in Q4'14, although China's PV demand was weaker than expected in the first three quarters, the report says. Ground-mount projects still dominate the Chinese market, as the building-mount segment supported by distributed PV subsidies slowly builds up.
PV demand in Japan during 2014 is forecast to grow 46% this year compared to 2013, due to favorable government incentives, according to the Solarbuzz report. Project pipelines also provided strong support to the Japanese PV market, reaching more than 56 GW through the end of the third quarter of the year.
Elsewhere in the region, India's government has proposed increasing the Jawaharlal Nehru National Solar Mission target from 22 GW to 100 GW by 2020. Twelve states also announced their ultra-solar park plans, with about 20 GW of projects in the pipeline. In Australia, the new Renewable Energy Target is still under negotiation, while residential installations are driving PV demand in Q4'14 to their highest level. Meanwhile, the ground-mount segment is also increasing, driven by construction of three large-scale, ground-mount projects. Thailand and the emerging APAC PV markets are also showing growth potential in the coming years, Solarbuzz says. The ground-mount segment is forecast to increase its market share in emerging markets, as large projects are currently planned in the Phillippines, Pakistan and other countries.
For more information about Solarbuzz's ‘Asia Pacific Major PV Markets Quarterly,’ click here.