A record quarter of solar PV installations is set to push global cumulative capacity to a landmark 200 GW figure, according to a report released today by solar analysts NPD Solarbuzz.
The fourth and final quarter of 2014 is on course to see 19.5 GW of solar PV capacity installed, making it the most fruitful quarter yet for new solar power deployment. Overall, 2014 will end with close to 50 GW of newly installed capacity under its belt, driven largely by strong year-end growth in China, Japan and the U.S.
The NPD Solarbuzz Quarterly report also calculates that Q4’s installation figures will surpass the total deployed PV capacity recorded globally in 2010, and is equivalent to building five large-scale nuclear power plants.
China will once again lead the way in Q4, adding more than 7 GW of PV capacity in what represents a doubling quarter-on-quarter, and a 10% increase on last year’s fourth quarter. With Japan and the U.S. both set to add "several gigawatts of demand during the fourth quarter", these three leading markets will account for 70% of Q4 PV growth, say the analysts, who also expect an upturn in investment in new manufacturing facilities.
"Global PV end-market demand continues to set new records, restoring investor confidence in the PV industry after several years of overcapacity and declining profits," said NPD Solarbuzz senior analyst, Michael Barker. "Having been put on hold over the past six months, due mainly to trade-related uncertainties, record quarterly annual shipment levels will prove crucial to investors that have been hesitant to commit to new capacity funds."