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Global solar market to exceed 81GW in 2019, REC

Norway-headquartered solar panel maker REC expects that annual solar installations worldwide will increase by roughly 40% over the next four years to reach 81.4 GW in 2019

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REC offices in Singapore
REC offices in Singapore

Norway-headquartered solar panel maker REC expects that annual solar installations worldwide will increase by roughly 40% over the next four years to reach 81.4 GW in 2019.

The company's Q4 2015 Solar Market Insight report says that emerging markets will lead continued strong solar growth globally. In the 2015-2019 period the Middle East and Africa region will grow at the fastest pace with a compound annual growth rate (CAGR) of 39%, reaching 6 GW, up from 1.6 GW in 2015.

India will experience the second fastest annual growth over the period, of 36%. Annual installations in India are forecast to be 9.4 GW in 2019, outstripping Japan, whose market will contract, and approaching Europe. The European market, meanwhile, is expected to increase from 8.6 GW in 2015 to 9.7 GW in 2019.

REC forecasts that in 2016 global solar installations will increase to 67.1 GW from 58.8 GW in 2015, driven by growth in the US and China. The market is then forecast to climb to 67.6 GW in 2017 and to grow to 74.5 GW in 2018.

The US market will see a slight year-on-year decline in 2017 due to the impact of previous investment tax credit (ITC) regime, the company said. China will remain the largest market with 21.2 GW in 2019, up from 18.6 GW in 2015.

The forecasts are based on data from IHS, GTM and internal analysis.

REC also said that by 2019 the commercial and residential solar sectors combined will be larger that the utility sector as they will grow at a faster rate.

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