Solar market heading for ‘robust’ growth in 2016
by Cleantech Canada Staff
Global installations expected to reach 64.7 gigawatts as China, U.S. lead way
Growth in the solar PV market is expected to reach new heights next year, driven by strong growth in China and the U.S. PHOTO: Mhassan abdollahi, via Wikimedia Commons
AUSTIN, Texas—There’s no end in sight for solar.
Global clean energy consultancy, Mercom Capital Group, is expecting another year of strong growth for the industry, which was already one of the hottest energy segments worldwide.
Mercom anticipates solar installations will expand to 64.7 gigawatts in 2016, edging past a record-setting 2015 that saw 57.8 GW of solar capacity commissioned globally.
Though it won’t be quite as significant as the jolt between 2014 and 2015, solar market expansion is expected to continue. in 2016 PHOTO: Mercom Capital Group.
As the market continues its hot streak, the segment’s biggest players will be the same.
“The largest markets in 2016 will again be China, the United States and Japan; the United States is set to overtake Japan as the second largest solar market behind China. These three countries will account for about 65 percent of installations next year” Raj Prabhu, CEO and co-founder of Mercom, said.
China is expected to install 19.5 GW of solar next year. Despite the daunting figure, the U.S. will not be far behind; the world’s largest economy is forecast to build 13 GW of solar. Meanwhile, Japan is expected to install 9 GW, and India, which many identify as an enormous market opportunity will experience strong growth by installing 3.6 GW.
