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Report Analyzes Global Solar PV Market Through 2028

Dec. 4, 2019
Navigant Research report shows 1955 GW of solar PV is expected to be installed between 2019 and 2028, generating US$2035.6 billion in revenue for the industry globally.

A recent report from Navigant Research presents a forecast of installed capacity, system prices, application segments, and revenue for the global solar photovoltaic (SPV) market through 2028.

The report, Market Data: Solar PV Country Forecasts, covers both distributed SPV (DSPV) and utility-scale SPV markets. It also examines key legislative and regulatory trends that affect the SPV industry across each region and in selected countries that influence its growth.

The global market for annual SPV 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 US$2000 billion in investments over the next decade. According to the report, an estimated 1955 GW of SPV is expected to be installed between 2019 and 2028, generating US$2035.6 billion in revenue for the industry globally.

China and the United States 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.

“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,” said 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.”

An executive summary of the report is available here.

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