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India Will Become the World's Second Largest PV Market This Year

India Will Become the World's Second Largest PV Market This Year
Issue Time:2018-07-16

India Will Become the World's Second Largest PV Market This Year


According to market research firm IHSMarkit, India will surpass the US this year to become the world's second largest photovoltaic solar power market, with an installed capacity of 11 gigawatts. At present, the global installed capacity of photovoltaics is 113 GW. IHSMarkit said that the fourth quarter of the world is expected to be a large-scale installation season in history, which is expected to reach 34 GW.

Previously IHSMarkit's forecast was that the installed capacity of photovoltaics was 108 GW this year, and this number is now likely to reach 113 GW, thanks to China's significant growth in distributed photovoltaics.


China continues to lead the market with a market share of 47% and 53 GW. The two installation peaks are expected to be in the second and fourth quarters before the tariff cut-off.


Overall, the total installed capacity of the top 10 countries in the PV market was 92 GW. The top ten new ones are: China, India, the United States, Japan, Australia, Germany, Mexico, Brazil, Turkey and Egypt.


Despite the increase in import tariffs, the United States continues to import photovoltaic installation units. In emerging markets, countries such as Egypt, Brazil, and Mexico have large PV projects that require large deployments, but due to price reasons, the installation schedule has been postponed in 2017 and this year will be advanced.


Europe is expected to install 11 GW of photovoltaic power generation equipment in 2018, compared to 9 GW in 2017, indicating that the remaining 102 GW will be installed in solar photovoltaic areas. In addition, the Spanish market is expected to become the fifth largest PV market in Europe this year, with Germany, Turkey and France at the forefront.


It is expected that the quarter of 2018 will be a large installation period of photovoltaic equipment in history, and the installed capacity is expected to reach 34 GW.


In contrast, at the end of 2017, due to the expected stabilization of the polysilicon market, increased upstream cost efficiency, and increased European efforts to achieve the 2020 energy target, the demand for 2018 will range from 94 to 111 GW.

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