IHS Technology has rated South Africa as the world's most attractive emerging PV market, followed by Thailand, Turkey, Romania and Mexico.
South Africa has occupied the top spot with 66 out of 100 in the IHS Emerging PV Markets Attractiveness Index for the fourth quarter of 2013.
The country topped the chart due to its goal to add 8.4GW of solar PV capacity by 2030, complemented by its success in the latest tendering process of the national renewable energy programme.
Thailand was rated the second most emerging market with a score of 49, down 17 points compared to the first attractive market thanks to its adder scheme, which required the government to pay feed-in premiums to solar producers.
But the scheme has been replaced with a rooftop feed-in tariff that could push the country's market into jeopardy of becoming less attractive to PV investors.
Some conditions including rising power demand and prices as well as relatively low country risk and established PV incentives have positioned Turkey as one of the emerging markets.
Turkey has a very low solar power installation base with just 3MW connected and 150MW proposed at the start of 2013 and projects larger than 1MW are awaiting 600MW of tenders. The relative immaturity of PV pipeline impedes the growth.
Romania with a score of 43 was ranked fourth and Mexico with 42 was the fifth among the most attractive emerging PV markets globally.
IHS senior PV analyst Josefin Berg said, "Permitting and grid connection contracts remain the main bottleneck in 2014."
IHS has rated the countries based on a quarterly assessment by taking into account 17 parameters within the mentioned four key areas, which are weighted to reflect their relative importance toward PV deployment, with profitability, as determined by power prices and the pull of incentive schemes.