According to a new report from Navigant Research, an estimated 1,955 GW of the global solar PV (SPV) market is expected to be installed between 2019 and 2028, generating $2,035.6 billion in revenue for the industry globally. The report presents a forecast of installed capacity, system prices, application segments, and revenue for the 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.
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.
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