11.7GW of US PV in 2019: Lux

The US will remain among the world’s fastest growing large solar markets in the half-decade to come, as part of an anticipated solar boom across the whole of the Americas, according to Lux Research.

The US solar market will hit 11.7GW in 2019, compared to the roughly 4.7GW installed last year, according to Boston-based Lux.

The South American market will grow even faster, albeit from a lower base, reaching 2.5GW in 2019.

Taken together, the Americas region will see its solar market grow at a compound annual growth rate of 16.3%.

By comparison, Asia-Pacific will grow at an annual rate of 8.2%. While the Asia-Pacific region’s share of the global market will shrink from its sheer dominance last year, it will still account for more than half of global demand in 2019, Lux predicts.

On a global basis, Lux believes the solar market will reach 65.6GW in 2019, compared to around 38GW last year.

While there is still plenty of room for cost reduction, it will become increasingly difficult to wring out costs from PV systems – with improvements in conversion efficiency one of the clearest avenues.

Lux believes total system costs will fall by about 20% between now and 2019.

Crystalline silicon will still be the dominant technological platform for PV at the end of the decade, with a nearly 85% share of the global market

The two largest thin-film platforms – Cadmium Telluride and CIGS – will collectively account for a roughly 14% share of the market in 2019, Lux claims.