GTM Ups PV Market Forecast for 2017: China, US, India & Japan Estimated To Account For 73% Of Total Solar Installations In 2017
Led by China, the US, India and Japan the world is likely to install 85 GW of solar PV installations in 2017, according to GTM Research. The four nations will account for 73% of total installations this year. The factors that will support PV growth to this extent will be a new wave of installations in China, India’s market doubling in size and falling PPA prices.
Solar demand will increase by 9% from 78 GW installed in 2016, as per GTM Research’s latest estimate in its report ‘Global Solar Demand Monitor, Q1 2017’. This is dramatic change from its market predictions last summer. In August 2016, it had predicted slower growth for 2017 with demand dropping by 10% owing to uncertain regulatory support in China, the UK and Japan.
In August 2016, GTM Research was more bearish on 2017 demand, predicting a 10% drop in 2017 installations globally. (Photo Credit: GTM Research)
GTM has also forecasted the business years ahead for the solar sector. It expects continued growth. In 2018, it forecasts a marginal increase of 1 GW to take the total to 86 GW, 90 GW in 2019, 96 GW in 2020, 105 GW in 2021 and 110 GW in 2022.
GTM Research’s 85 GW forecast is quite high in comparison to IHS Markit’s 79 GW prediction for 2017.