November 26 (Renewables Now) - The world will see the addition of some 1,955 GW of solar photovoltaic (PV) capacity between this year and 2028, Navigant Research says in a new report.
According to the market research firm, the global market will continue to be shaped by China and the US but will witness increased contribution from smaller countries and emerging markets with high solar irradiance that take advantage of the lower prices. The Asia-Pacific market, in particular, is expected to expand at “an accelerating pace” and account for 63% of the overall solar PV installations in 2019, or 79.4 GW.
In line with the solar PV market growth has come the need for transparency and grid stability, which has, in turn, led to the introduction of new regulations. Those changes, together with the decreased costs will help spur the market with over USD 2,000 billion (EUR 1,816bn) in investments over the next decade, Navigant Research says.
“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,” commented Pritil Gunjan, senior research analyst with Navigant Research.
The anticipated new capacity between 2019 and 2028 is forecast to generate some USD 2.04 billion in revenues for the solar industry.
(USD 1.0 = EUR 0.908)