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Global PV market to grow by 129 GW in 2019

PV installations market 2019. Image by: IHS Markit.

April 5 (Renewables Now) - The global solar photovoltaic (PV) market will expand by 129 GW in 2019, at a rate of 25%, led by countries other than China, IHS Markit said on Thursday.

China, currently the world largest photovoltaic (PV) market, is seen to lift its annual solar installations by only 2% after adding 45 GW in 2018. The market outside China, however, is forecast to grow by 43%, the analysis firm said in its latest PV Installations Tracker, adding that countries like Spain and Vietnam, among others, will step up solar development to meet 2019 project commissioning deadlines after falling modules prices spurred demand at end-2018.

Asia Pacific is expected to dominate PV installations this year, accounting for 64% of the global growth, followed by the Americas and Europe with 16% and 15%, respectively. According to Josefin Berg, research and analysis manager at IHS Markit, the outlook for China is now “highly uncertain” as it is still not clear whether a new support scheme for the PV sector will be introduced. “Plans to focus policy more on unsubsidised PV systems could slow near-term deployment, unless strict construction deadlines are imposed to spur 2019 demand” he added.

The market uncertainty is set to encompass India, as well, after several tenders there were delayed at a time when the price of PV components grows due to the imposition of safeguard duties. Thus, India will step back and the US will once again become the second largest PV market in 2019 as developers there rush to complete their projects before the end of the 30% investment tax credit (ITC) this year.

The European market, meanwhile, is anticipated to bring online over 19 GW of fresh solar in 2019 as it witnesses an uptake following the end of the minimum import price on PV modules from China, Taiwan and Malaysia in September 2018.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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