Driven mainly by growth in the U.S. and China, REC expects global total module installations to reach 59 GW in 2015 – an increase of 33% compared to 2014 – and to reach 65 GW in 2016. According to REC, the global solar industry has a bright long-term future, with solar energy becoming increasingly competitive worldwide. Furthermore, REC management expects a strong agreement at the UN Climate Change conference (COP21), to take place in late November/early December in Paris, giving solar probably an even stronger push.

Based on various long-term supply agreements in the residential, commercial and utility segments, REC has further strengthened its position in the U.S. If a reduction in tax incentives is confirmed, REC management anticipates a slowdown of the utility and large commercial segments, depending on the final conclusion, but stable progress in the residential and small/mid-scale commercial markets.

Steve O’Neil, CEO at REC, comments on the results and outlook: “We are extremely proud on this record quarter, demonstrating our sustainable and profitable growth, quarter after quarter. Continuously declining PV system  costs  are  one  of  several key drivers for  the  industry. We are  also  expecting a  strong agreement at the UN Climate Change conference, reflecting the ambitious targets on emissions and renewable energies set by around 150 countries worldwide in advance. This should further increase solar’s momentum, which we will continue to leverage. Besides expanding our module capacity to 1.7 GW by end of 2016, we are exploring new business models and penetrating new emerging markets.”

A briefing of the Q3 2015 Solar Market Insight report can be accessed here.