Navigant Research forecasts the global solar PV industry to generate $259.3 billion in revenue between 2018 and 2027.
Key report findings:
- Energy capacity is expected to reach 1,507.6GW during the forecast period.
- China followed by North America is expected to maintain market domination, whilst emerging markets including India and Latin America will diversify the playing field
- New markets will open owing to a continued decline in installation prices and development of best practices for project financing.
- Regulatory and legislative structures will enable solar growth to be controlled and directed
Johnathon de Villier, a research analyst with Navigant Research, said: “2018 was another banner year for solar PV, with more than 98GW of new solar PV installed worldwide.
“Solar auctions are becoming a key driver of installations, helped by consistently falling costs, which also open up new markets for solar.”