Solar PV market expected to hit double-digit growth in 2019

The United States is set to replace India as second largest PV market

Global growth in the solar photovoltaic market is expected to reach 25% in 2019, according to IHS Markit, with the United States expected to represent a growing opportunity.

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Although China is the largest PV market, according to the report, growth there is only expected to reach 2%. The United States, on the other hand, is set to replace India as the second largest market for solar PV.

“As the 30% investment tax credit (ITC) ends this year, some projects will rush to meet completion. However, the safe harbor provisions introduced in 2018, which require a 5% investment to be made by the end of 2019 to enjoy the full ITC rate, have also shifted projected installations from 2019 to later years,” IHS Markit noted in the report.

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