An estimated 1.96 million megawatts of solar photovoltaic (SPV) capacity is expected to be installed worldwide between 2019 and 2028 — generating $2.04 trillion in industry revenue — Navigant Research reports.
The global market for annual solar PV installations has crossed the 100,000 MW milestone, according to Navigant. 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, Kallanish Energy understands.
“These changes, coupled with an accelerating decline in technology capital expenditures, are expected to drive the global market for SPV with more than $2 trillion in investments over the next decade,” according to Navigant.
“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.”
China and the U.S. continue to shape the global SPV market, though the overall market is expanding as smaller, emerging countries develop new capacity and low prices attract new countries.
According to the report, the Asia-Pacific region is projected to continue to grow at an accelerating pace, with 63% of total annual SPV installations of 79,400 MW in 2019.
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