Global photovoltaic (PV) demand is increasing as the result of expanded deployment in the United States and in Asia, leading to an increase in the solar forecast for the entire 2015 year, according to a new report from IHS.
PV demand will reach 59 gigawatts (GW) in 2015, an increase over the previous forecast from IHS that was released in June. Solar installations will now grow by 33% this year, which is the fastest growth rate since 2011, IHS says.
Furthermore, IHS has also raised its 2016 solar forecast by more than 2 GW to 65 GW for the year due to the acceleration of projects in the U.S. as well as faster growth in China as the result of long-term government targets. While growth will drop to a more moderate 12% in 2016, solar PV installations will still surpass 65 GW that year with a total installed global capacity exceeding 300 GW, IHS says.
Ash Sharma, senior research director for solar at IHS, says in a statement that IHS already had one of the more bullish forecasts for demand this year, “but due to accelerated and expanded deployment in the United States, as well as in China, India and other countries in Asia, our forecast has increased further.”
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