Solar photovoltaic (PV) demand will reach 31 gigawatts (GW) during 2013, according to the new NPD Solarbuzz Marketbuzz 2013. This is an increase of two GW, up seven per cent year over year, with China, Japan, and India accounting for 36 per cent of global demand.
According to the report, starting from 2013, China will become the largest country market for PV demand. This will elevate China to become the leading driver in the supply and demand segments of the industry.
However, a new group of emerging PV markets is poised for strong growth. This group includes Latin America, the Caribbean, the Middle-East, Africa and all countries across the Asia Pacific region (excluding China, India, Japan and Australia).
This emerging group accounted for 2% of demand in 2012 but is set to grow rapidly with a CAGR of 50% out to 2017. Emerging markets are projected to create over 25 GW of PV demand, more than 10% of the cumulative total to 2017.
Barker stated that 2013 would represent another transition year as the PV industry adjusts to changes to the European markets, and the Chinese end-market compensates for the downturn in demand from Germany. New policies across leading PV markets in the Asia-Pacific region, led by China, Japan, and India will stimulate regional growth over 50 per cent and account for more than 11GW of PV demand this year.
Emerging regions such as the Middle East, Africa, Latin America, Southeast Asia, and the Caribbean, are forecast to account for less than 8 per cent of global demand in 2013; however this is expected to double by 2017, driven primarily by South Africa, Saudi Arabia, Thailand, Israel and Mexico.
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