Navigant Research has published a new report analysing the global solar PV installations.
According to the study:
- The global market for annual solar PV installations has crossed the 100 GW milestone.
- An estimated 1,955GW of solar PV is expected to be installed between 2019 and 2028.
- The solar PV market will generate more than $2 billion in revenue within the next decade.
- The market continued to grow over the past ten years.
- The need for transparency and grid stability has forced state and regional governments to adopt new processes and regulations.
- Solar technologies continue to decline.
- China and the US continue to lead the market.
- Smaller, emerging countries with high irradiance develop new capacity and low prices attract new countries.
- Asia Pacific is projected to continue to grow at an accelerating pace, with 63% of total annual solar PV installations of 79.4 GW in 2019.
Pritil Gunjan, a senior research analyst with Navigant Research, said: “Regulatory and legislative structures are evolving away from structures that incentivize widespread solar deployment to more nuanced mechanisms and business models that enable solar growth to be controlled and directed.
“These mechanisms aim to avoid negative outcomes at the system level as renewable penetration increases. They also aim to ensure that resources are allocated to new generation projects as efficiently as possible in a competitive, technology-agnostic manner.”
Click here for information about the report.