Total global solar installations are well on the way to the 200GW mark, with the amount of PV added in the fourth quarter of 2014 forecast to fall just short of 20 gigawatts at 19.5GW, according to new data.
According to findings in the latest NPD Solarbuzz Quarterly, the amount of solar PV deployed worldwide in Q4 is forecast to be equivalent to the energy supplied by five large-scale nuclear power plants and will surpass the total annual solar PV deployed in 2010.
This record quarterly figure will be driven in large part by China, and will ensure that the PV industry approaches the previously forecast 50 GWannual installation level in 2014, says NPD Solarbuzz.
According to the report, China is driving year-end growth, with the Q4 demand forecast to exceed 7GW, more than doubling Q/Q, and up more than 10 per cent compared to this time last year.
Japan and the United States are also expected to add several gigawatts of demand during Q4. These three major countries will account for approximately 70 per cent of PV deployed in this period, NPD Solarbuzz said.
“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 Michael Barker, senior analyst at NPD Solarbuzz.
“Having been put on hold over the past six months, due mainly to trade-related uncertainties, record quarterly and annual shipment levels will prove crucial to investors that have been hesitant to commit to new capacity funds.”
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