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India among top 7 nations projected to add solar units

According to reports, global solar installations are forecast to be nearly 43 gw in 2014. Interestingly, China alone is expected to push this figure considerably. It has already revised its solar installation goals to 12 gw (from 10.5 gw) in 2014 and 35 gw by 2015. In case of India, the forecast is for 1.8 gw in 2014, according to the latest report by Mercom Capital Group, a global clean energy consulting company. India is in the list of top seven countries in terms of projected solar installations — after China, Japan, the US, Germany and ahead of Italy and the UK.

Raj Prabhu, CEO and co-founder of Mercom Capital Group, said that the market conditions are as stable as they can be in the historically volatile solar industry. “Helped by strong demand, the module oversupply situation has improved. Prices are stable, and manufacturers are reporting shipment growth and ramping up capacity,” he said.

Along with China, the US is the other top solar market forecast to grow steadily over the long term. Mercom report suggested that US installations is likely to reach nearly 6 gw in 2014, as its solar market continues on a course of strong, steady growth even without a national feed-in-tariff (FiT). Utility-scale projects and distributed generation through third party-financed residential installations have been the catalysts of growth. Third party-owned residential installations have been garnering most of the headlines over the last 12 months, raising over $3 billion in solar lease funds so far this year to finance installations.

Prabhu said, “Though Japan is projected to be the second largest market in 2014 with 7 gw installed, there are some mixed signals coming out of Japan. And at the moment, I would say Japan is a ‘wild card’.” He said that these forecasts are based on the ground conditions in different countries at this point of time. They would review it at the end of the quarter and would come up with an update on this report.

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