Global PV market is set to increase its installed capacity to 294 GW in 2016, Globaldata by PHOTON
The global PV market is set to increase its installed capacity from around 225 GW in 2015 to 294.69 GW in 2016, and will see China remain the world’s largest market for annual PV installations, according to British research and consulting firm Globaldata. The company’s latest report »Solar Power Market Update« states that China installed 15.13 GW of new installed PV capacity in 2015, with cumulative capacity reaching 43.48 GW by the end of 2015. The country’s PV installed capacity has increased around 13-fold since 2011.
»In the first quarter of 2016, China added a total of 7.14 GW of PV capacity, of which 6.17 GW accounted for solar PV power plants, and 970 MW for distributed PV,« said Ankit Mathur, Globaldata’s Practice Head covering power. »In the first half of 2016, a rush of solar PV installations was witnessed, as PV power projects which were connected to the electricity grid prior to June 30, 2016 will be entitled to reap benefits from higher 2015 solar feed-in tariffs.«
China’s 13th Five Year Plan sets the 2020 solar PV target at 150 to 200 GW. The country intends to attain a non-fossil fuel renewable energy consumption of around 15 percent by 2020 and 20 percent by 2030.
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