The global solar market had a record year in 2015 adding 14 GW to its annual rate of installations for a total of market size of 55 GW, according to a recent analysis from GTM Research.
GTM also expects 2016 to be another good year for solar globally with the market set to grow by 21% to 66 GW in annual installations. But the pace of growth could show a slight slowdown that could deepen in 2017, according to GTM.
That’s some of the observations from GTM Research Senior Analyst Mohit Anand in an executive summary of GTM’s Solar Demand Monitor for the second quarter of 2016.
The anticipated slowdown is tied to the policy turmoil in several large markets – China, Japan and the United Kingdom, even as two other key markets – the United States and India grow at triple-digit rates.
China has overtaken Germany has the country with the highest cumulative installations. Japan and the U.S. are now close on the heels of Germany.
The report also notes that there are major solar auctions occurring in Canada and Mexico during 2016. Here are a few other observations from the GTM executive summary:
• China was the largest solar market in 2015 with a 34% market share.
• The top five countries will make up 75% of global demand in 2016.
• In 2016, China will retain its top spot but its share will fall to 26% because of a demand spike in the U.S. tied to the Investment Tax Credit there.
• The U.S.’s demand spike in 2016 pushes it to number two in demand globally with a 24% market share, almost rivaling that of China this year
A copy of the full report is available for sale from Green Tech Media.