Solar PV Market to Boom 75 Percent by 2019

29 August 2014—A new market research report released in August by Lux Research (Boston, Mass., U.S.A.) estimates that the solar photovoltaic (PV) market will average 8.3 percent compound average growth rate (CAGR) from 2013 to 2019, led by China. The report, “Market Size Update 2014: Reform for the Long Haul,” predicts that the PV market will surge from 37.5 GWp in 2013 to 65.6 GWp in 2019 in spite of emerging trade disputes and the uncertainty of government policies around the world.

In 2013, China became the biggest solar market with 11.8 GWp installations, assisting with a recovery from the global PV market crash of 2012. Led by China and Japan, North Asia is expected to remain the largest market in the world through 2019 with a CAGR of 8.2 percent, accounting for more than 50 percent of global demand.

The fastest-growing market in the world will be the Americas with a CAGR of 16.3 percent over the next five years. The margins of most Tier-1 module suppliers were more than 10 percent toward the end of 2013 and are expected to achieve 15 percent in the first quarter of 2014.