Global solar projects to hit three year high in 2014

Solar panel installations are set to hit a three-year high in 2014, according to information company IHS. Following a two-year solar slowdown, the firm predicts projects could hit 41 GW […]

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Solar panel installations are set to hit a three-year high in 2014, according to information company IHS.

Following a two-year solar slowdown, the firm predicts projects could hit 41 GW next year, bringing in revenues of more than $86 billion (£53.5 billion).

Solar installations could rise by nearly a fifth (17%) over the year, following increases of 15% in 2012 and 13% in 2013, states the PV Demand Market Tracker report.

That would be the highest rate of growth since 2011, when installations jumped 35% to make $89 billion (£55.4 billion) revenue.

Ash Sharma, Senior Research Director for solar at IHS said: “As the industry’s recovery accelerates and market revenue returns to near record levels, solar manufacturers will leave behind the turmoil of recent years and enjoy improved business conditions.”

IHS predicts 2014 will see growth in all major regions around the world, marking a turning point for Europe which suffered deep declines in 2012 and is set for another drop in 2013.

Mr Sharma said: “While PV installations will continue to stagnate or fall in established European markets like Germany and Italy, rapid growth is forecast in emerging countries in the region, such as Turkey, Poland, Ukraine and Russia.”

Last weekend the Chinese government announced it would hand out tax breaks for companies which manufacture solar panels in the country.