By 2014, continues the report, China will be the worlds largest PV market, installing more than both U.S. and Germany (the second and third largest markets). The country, it says, will become a dominant force in both the supply of PV components and demand for PV systems, with utility-scale plants leading the countrys PV market development.
It also found that Asias PV market will grow at a CAGR of 45 percent over the next five years, installing around 10 GW of new capacity in 2014. Strong growth is predicted for both Japan and China through current and future feed-in tariff (FIT) schemes and public tenders of large-scale PV plants.
The report went on to say that EMEAs share of global PV installations will fall from 79 percent last year to 48 percent in 2014 as major European markets stagnate and Asian and North American market growth accelerates. Despite the introduction of several new FITs and emerging European PV markets, the report states that EMEAs PV market is predicted to remain dominated by just three countries, which will account for more than 60 percent of new installations in 2014.
By 2015, it says there will be at least 25 countries installing more than 100 megawatts (MW) annually. The U.K. will be one of the fastest growing markets globally in percentage terms, with more than one GW of new PV capacity added over the next five years.
According to the report author and PV research director Ash Sharma: The PV market remains highly volatile and cyclical in nature. Market maturity is still some years away and although investment in the industry presents large risks, there are also major potential rewards to be reaped as the long-term outlook is very positive with over 100 GW of new PV capacity being added in the next five years.