The global PV market reached between 40 GW and 42 GW in 2014, demonstrating moderate growth on 37 GW in 2013. This is according to figures released today by the PV Market Alliance.

While full Q4 2014 results are as yet to be published, a coalition of PV market research, consultancy and advisory bodies have published their combined 2014 global installation estimate. PV Market Alliance reports that distributed solar drove the market towards modest growth in 2014.

Key markets were Asia, North and Latin America and South Africa. China lead globally with 10.5 GW to 12 GW, up from 9.5 GW in 2013. The Japanese market also soared, with 9 GW, followed by the U.S. with 6 GW.

Europe was somewhat of a disappointment, where despite the strong growth in the UK, the market declined for the third consecutive year to approximately 7 GW.

The leading emerging markets, in the data compiled by the PV Market Alliance, were South Africa, India, Thailand, Chile, Mexico and Turkey, which together accounted for 3 GW of demand.

The PV Market Alliance comprises Asia Europe Clean Energy (Solar) Advisory (AECEA) in China and Hong Kong, Belgium’s Becquerel Institute, Spain’s Creara (formerly Eclareon), and RTS Corporation in Japan. U.S. data is provided by SPV Market Research.

The Alliance figures today are more pessimistic than IHS', which had predicted the market to reach 45.4 GW for the year, on the back of a strong Q4.