Japan is set to overtake Germany as the world's largest solar market by annual installations this year as government incentives to encourage clean energy in light of the Fukushima nuclear crisis attract investment.
Developers may install 6.9 gigawatts to 9.4 gigawatts of solar in 2013, according to data compiled by Bloomberg. Germany led solar installations in 2012 with 7.6 gigawatts of capacity.
The outlook from Bloomberg New Energy Finance revises the lower end of a forecast by the London-based researcher, which earlier called for Japan to install 6.1 gigawatts to 9.4 gigawatts of capacity. Based on the most conservative estimates, BNEF previously said China would edge out Japan as the world's largest market this year.