Global Installed Solar Photovoltaic Capacity Will Exceed 756 GW by 2025

by Sameer Joshi or 24-Jun-2016

Publisher's Solar Photovoltaic (PV) Market, Update2016 - Global Market Size, Market Share, Average Price, Regulations and Key Country Analysis to 2025 latest report provides analysis of the global solar photovoltaic (PV) sector, in the 10 major markets of China, India, Japan, the US, Canada, Chile, Germany, the UK, France, and South Africa. It includes detailed historic and forecast statistics for cumulative and annual solar PV capacity and annual electricity generation from 2006 to 2025, globally, regionally, and for each of the key countries.

Installed solar PV capacity grew from 5.7 Gigawatts (GW) in 2006 to an estimated 220.9 GW in 2015, at a CAGR of 50.1%, owing to increasing economies of scale and emerging technologies, as well as policy-based government and institutional industry support. The reduction or elimination of government support in some key countries has also had a negative effect. Nevertheless, the market will continue growing, registering a CAGR of 13.1% in the 2016–2025 period and reaching 756.1 GW, owing to capacity expansion in new countries.

China is the largest solar installation market in the world. Solar PV will play a significant role in China’s future energy supply, as the government looks to this resource to meet the growing energy demand. The central government, spurred on by growing environmental concerns, has planned many initiatives for rapid development of the domestic PV market. For example, China has implemented a Feed-in Tariff (FiT) scheme for utility scale and incentives for roof-top PV, while the National Energy Agency has been promoting off-grid solar installations.