The United States will be the third-ranked PV market this year, behind only China and Japan. GTM Research forecasts the United States to install 8GW, which constitutes 14 percent of the global PV market.
"To date, the global solar PV market has been largely shaped by policy booms and busts. However, with costs continuing to fall, we're entering a new era of economic competitiveness in which solar PV will be increasingly market-based," GTM stated in its report.
According to the report, the solar market will also see new countries come into play.
"One profound change in the global landscape is that emerging regional markets - such as Latin America, Africa and the Middle East - are expected to grow from their historical levels of one percent of annual demand to 17 percent over the next five years," James stated.
Sign up for CIO Asia eNewsletters.