Global PV installed capacity to treble to over 400 GW by 2020

Share

Research from London-based GlobalData forecasts solar installed capacity to triple in size by 2020. From 135.66 GW at the end of 2013, the market researchers predict over 400 GW to have been installed by 2020.

While the European markets of Germany, Italy and Spain saw strong installed capacity growth in years past, GlobalData see the “emerging economies” of the Asia-Pacific region, South and Central America, the MENA region and Africa as being “the major markets in the future.” GlobalData attributes this to solar being employed to meet future economic growth in these regions.

“Asia-Pacific is home to many developing countries, including India and China, where substantial installations are being made,” said Swati Singh, GlobalData’s “power” analyst. Singh notes that governments in the Asia-Pacific region are simultaneously promoting solar manufacturing capacity.

“Governments in the region are promoting solar module manufacturing through various long-term policies, financial incentives, subsidies and tax benefits,” said Singh. “This strong commitment to solar energy development has led to numerous research and development initiatives and increased solar module production and installations, which will drive future market growth.”

GlobalData notes that Japan, China and Taiwan are the three largest PV solar cell manufacturers. Across the “global PV device supplies market” GlobalData reports Chinese companies occupy seven of the top ten module manufacturer places.

2014, notes GlobalData, represented a turning point for the PV industry with China, India and Japan accounting for the majority of installations. China itself, in growth GlobalData describes as “remarkable” added 12 GW of the global 37 GW of new solar generating capacity in 2013.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.