By the end of 2014 there will be roughly 200 gigawatts of solar installed across the world. For the full year of 2014 roughly 50 gigawatts of solar photovoltaic power will come online. In the fourth quarter of 2014 alone, 19.5 gigawatts of solar power is slated to come online. That’s more than the entire amount of solar installed across the world in 2010, according to NPD Solarbuzz’ most recent Solarbuzz Quarterly report, which came out yesterday (Oct. 6).
The updated expectations are largely inline with NPD Solarbuzz’ predictions from earlier this year. It has anticipated that 2014 would see 49 gigawatts of new photovoltaics installed in 2014 and roughly 200 gigawatts of total PV deployment by the end of the year.
“Global PV end-market demand continues to set new records, restoring investor confidence in the PV industry after several years of overcapacity and declining profits,” said Michael Barker, senior analyst at NPD Solarbuzz. This can be seen in new solar manufacturing projects and investments, like SolarCity’s announcement of the location of its gigafactory PV manufacturing plant after purchasing Silevo earlier this year.
The latest iteration of the quarterly report finds that there will be strong demand for solar energy installations in the fourth quarter, surpassing demand in all previous quarters. Most years the fourth quarter is actually the quarter with the strongest demand, but this year it appears that the demand in the quarter alone will be greater than the demand for the full-year of 2010—just four years ago. “The amount of solar PV deployed in Q4 is forecast to be equivalent to the energy supplied by five large-scale nuclear power plants and will surpass the total annual solar PV deployed in 2010,” NDP Solarbuzz said.
“Having been put on hold over the past six months, due mainly to trade-related uncertainties, record quarterly and annual shipment levels will prove crucial to investors that have been hesitant to commit to new capacity funds,” Barker said.
The record quarterly figure is largely being driven by demand in China, which is expected to install more than 7 gigawatts of solar in the fourth quarter, NPD Solarbuzz said. However, both the U.S. and Japan will also drive demand. Demand in the three countries is expected to account for 70 percent of all photovoltaics installed in the fourth quarter.Tweet