The global solar market has begun to show signs of a major shift, after adding 55 GW in 2015, according to new figures published by GTM Research.
According to the company’s Global Solar Demand Monitor report for the second quarter, despite the record year the global solar industry had in 2015, the slight slowdown that is expected throughout 2016 is only set to deepen in 2017. Specifically, GTM Research ties the expected slowdown to “policy turmoil” in China, Japan, and the UK, despite huge growth expected in the US and India.
GTM Research predicts 2016 is going to be another good year for the global solar market, which is expected to grow by 21% to 66 GW.
Global PV Demand 2005-2020E
However, the 11 GW increase expected in 2016 represents a slowdown that hearkens a deepening in 2017.
In a companion piece to the report, GTM highlighted the expected slowdown to be seen in the United Kingdom. According to GTM, the UK finished 2015 with an installed solar base of 9 GW thanks to a compound annual growth rate of 72% since 2006, which was largely thanks to the country’s feed-in tariff and Renewable Obligation Certificate program, as well as high retail prices for grid electricity.
However, given that the Government has now cut both programs, and with new subsidies likely to be culled by 2019, the country’s solar industry is set for a sluggish future.
China has emerged as the leading solar installer as of the end of 2015, with a cumulative installed capacity of 47 GW. China has now overtaken Germany as the world’s leading solar capacity country, having beaten Germany every year in annual installations since 2013.
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