A recent article on Optics.org quoted figures from market analyst firm Lux Research, which found that China is due to lead the way in terms of market growth for the solar industry. In spite of predicted disputes with China and changes to global policies, the solar market is expected to grow by 8% annually, the news website claims.
Compound annual growth rate (CAGR) is due to grow by 8.3%, from 37.5 GWp (gigawatt peak) in 2013 to 65.6 GWp in 2019. However, disputes from the region could cast a shadow over the short-term benefits.
China has swiftly become the largest solar market in the world and is hence the key to global market recovery. The country delivered 11.8 GWp in 2013, despite 2012 being a particular harsh year economically. A number of Tier-1 suppliers topped 10% in the final quarter of 2013, and 15% in the first quarter of 2014.
Growth in the Americas is fastest, the report found, at a CAGR of 16.3%. New installations in the region are expected to triple from 5.3 GWp in 2013 to 15.4 GWp in 2019. The US is due to follow the Americas, increasing from 4.7 GWp to 11.7 GWp. South America is due to increase 10-fold to 2.5 GWp by 2019.
Matthew Feinstein, a senior analyst at Lux Research, noted that pressure on trade activity with China will mean that the solar industry could face some uncertainty. This can also be seen in various solar markets across the world, as similar dynamics play a part globally, thus affecting the "status of policy" on a worldwide scale.