The global solar power industry could potentially hit the 200GW capacity mark by the end of the year, according to new figures.
That’s equivalent to adding five large-scale nuclear power plants, analysts at NPD Solarbuzz said.
Their research estimates global PV installations in the fourth quarter of 2014 to exceed 19.5GW, taking the annual total to 50GW.
The quarterly growth is expected to be driven largely by China, which is estimated to install 7GW of new capacity in the next few months – a 10% rise compared to the same period in 2013.
Japan and the US are also predicted to add “several gigawatts” – accounting for around 70% of new PV capacity in the fourth quarter along with China.
Michael Barker, Senior Analyst at NPD Solarbuzz said: “With the PV industry approaching a more balanced supply-and-demand environment, investments in new manufacturing facilities are likely to be announced soon.
“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.”
Last month the International Energy Agency (IEA) said solar could be the largest source of electricity in the world by 2050.