According to the latest research from Navigant Research, the global market for annual solar PV installations has crossed the 100 GW milestone, and the global market for solar PV (SPV) will see more than $2,000 billion in investments over the next decade.
As the market for SPV has grown in the past decade, the need for transparency and grid stability has forced state and regional governments to adopt new processes and regulations. These changes, coupled with an accelerating decline in technology CAPEX, are expected to drive the market substantially.
“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,” says Pritil Gunjan, senior research analyst with Navigant Research.
“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,” added Gunjan.
China and the US continue to shape the global SPV market, though the overall market is expanding as smaller, emerging countries with high irradiance develop new capacity and low prices attract new countries.
According to the report, Asia Pacific is projected to continue to grow at an accelerating pace, with 63 per cent of total annual SPV installations of 79.4 GW in 2019.
The new report, Market Data: Solar PV Country Forecasts, presents a forecast of installed capacity, system prices, application segments, and revenue for the global solar SPV market through 2028.
For an Executive Summary of the report, click here.