Approximately 1,955 GW of Solar PV Is Expected to Be Installed Between 2019 and 2028
China and the US continue to shape the global solar PV market, with exciting growth across new emerging countries
A new report from Navigant Research presents a forecast of installed capacity, system prices, application segments, and revenue for the global solar PV (SPV) market through 2028.
The global market for annual solar PV installations has crossed the 100 GW milestone. 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 global market for SPV with more than $2,000 billion in investments over the next decade. Click to tweet: According to a new report from @NavigantRSRCH, an estimated 1,955 GW of SPV is expected to be installed between 2019 and 2028, generating $2,035.6 billion in revenue for the industry globally.
“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.”
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% of total annual SPV installations of 79.4 GW in 2019.
The report, Market Data: Solar PV Country Forecasts, presents a forecast of installed capacity, system prices, application segments, and revenue for the global SPV market through 2028. It covers both the distributed SPV (DSPV) and utility-scale SPV markets. Navigant Research also examines key legislative and regulatory trends that affect the SPV industry across each region and in selected countries that influence its growth. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Market Data: Solar PV Country Forecasts, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant - a Guidehouse company undertakes any obligation to update any of the information contained in this press release or the report.