The global market for annual solar PV (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 accelerating decline in technology CAPEX are expected to drive the global market for SPV over the forecast.
Continuing on its the growth surge, annual global SPV capacity additions increased from around 109.1 GW in 2018 to 124.6 GW in 2019. This equals about 3.9 million projects. The global SPV market in 2019 generated $154.3 billion, about $66.2 billion of which came from distributed installations. Regulatory and legislative structures are evolving away from structures that incentivize widespread solar deployment to more nuanced mechanisms that enable solar growth to be controlled and directed. 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.
The recent Navigant Research report 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.