China, the United States, and Japan are set to lead the way in terms of solar PV installations in 2016, as the EU solar industry slows.
Additionally, by the end of 2016, cumulative global installed solar PV installations will surpass 310 GW, compared to only 40 GW at the end of 2010.
These are the primary findings from the new Marketbuzz — 2016 report published by IHS, a leading source of information and insight, and the home to many ex-NPD SolarBuzz analysts. Specifically, despite a few regional markets presenting challenges to local suppliers, IHS sees the current outlook for the global solar PV industry for 2016 remaining relatively positive. IHS predicts that, after growing 35% in 2015, global solar PV installations will grow an additional 17% in 2016, culminating in 21 GW of solar PV installed in the fourth quarter globally.
“A continued stagnation of major European PV markets due to weaker financial incentives has caused PV additions in Europe to slow dramatically in recent years, but global demand remains strong,” said Josefin Berg, senior analyst of solar demand for IHS Technology. “The supply chain continues to benefit from a period of relatively stable pricing, and there could be a new wave of capacity expansions.”
Europe will still be represented in the top 5 solar PV installing countries in 2016, according to IHS, with Germany and Italy rounding up the leading countries. However, Germany will fall from the world’s second-largest solar PV install base to the fourth largest.
IHS also predicts that its forecast for continued strong solar PV demand will also support stable module pricing, with average PV module prices expected to fall less than 5% in 2016 — the smallest year-over-year decline recorded by IHS.
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
CleanTechnica Holiday Wish Book
Our Latest EVObsession Video
CleanTechnica uses affiliate links. See our policy here.