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Global solar photovoltaic (PV) demand will reach 59 gigawatts (GW) in 2015, an increase over the previous solar-PV demand forecast released in June 2015, according to IHS Inc. (NYSE: IHS), the leading global source of critical information and insight. The company now expects global solar installations to grow by 33 percent this year, which is the fastest growth rate since 2011.
IHS also raised its 2016 forecast by more than 2 GW to 65 GW, for two main reasons: first, an acceleration of projects in the United States, ahead of the solar investment tax credit (ITC) expiration; and, second, faster growth in China, led by a likely increase in long-term government targets. While growth will drop to a moderate 12 percent in 2016, solar PV installations will still surpass 65 GW that year, with total installed global capacity exceeding 300 GW, according to the latest information in the Downstream PV Intelligence Service from IHS Technology.
“IHS Technology already had one of the most bullish forecasts in the industry,” said Ash Sharma, senior research director for IHS. “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.”
The Downstream PV Intelligence Service from IHS Technology offers a detailed analysis of the downstream solar market. This ongoing research covers solar system installation, PV market potential, and relevant government policies in an effort to provide insight into market into this rapidly developing industry.
IHS is the leading source of insight, analytics and expertise in critical areas that shape today’s business landscape. Businesses and governments in more than 150 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, profitable growth and employs about 8,800 people in 32 countries around the world.