Source: GTM Research

 

Record solar demand in China has shifted the outlook on global PV installations for 2017, according to the latest Global Solar Demand Monitor from GTM Research. Chinese demand exceeded 34 gigawatts last year, pushing global installed solar capacity just over 78 gigawatts. That’s up from the 51 gigawatts of solar installed in 2015, and puts cumulative installed capacity beyond 306 gigawatts worldwide. The performance of China’s solar market exceeded analyst expectations last year. It flipped the global demand story from an expected 7 percent global PV market contraction in 2017 to 9.4 percent growth, with a 5.3 percent compound annual growth rate through 2022. With China in the mix, GTM Research currently projects the annual global solar market to reach 85 gigawatts in 2017 — more than double the installed capacity in 2014. China is expected to install roughly 30 gigawatts of the 2017 total.

 

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