Longer-term growth
According to IHS, PV installations are forecast to increase at a compound annual growth rate (CAGR) of 10.5% over the next five years to reach 73GW in 2019.
However, IHS has cut its forecast for global PV installations by 1.5GW in 2018, which it said was due mainly to a 3GW reduction in its outlook for the European market. IHS still forecasts more than 50 GW of new PV capacity to be installed in Europe over the next five years.
However, strong demand momentum in APAC was said to partly offset the lowered European demand forecast, according to IHS.
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