According to the study, the market is set to record a 21% growth per annum between 2020 and 2024.
Market revenue is poised to grow by $51.07 billion by 2024.
Factors driving the growth of the market include the rising cost of electricity hence the need for affordable energy generated using cost-effective sources, the high cost of grid expansion and an increase in the adoption of microgrids.
71% of the growth is expected to come from the Asia Pacific region.
Reasons behind the continued increase in energy demand include population growth, rapid urbanisation, the electrification of the transportation and heating sectors, rise in the number of electronically-connected devices and digitalisation.
To improve energy access especially in rural areas, governments in developing countries are deploying distributed solar generation technologies.
Click here for more information about the report.