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A new study conducted by Hexa Reseach found that the world’s total Solar PV (photovoltaic) installed capacity will exceed 480GW by 2020. This represents a compound annual growth rate exceeding 19% between 2013 and 2020.
A new study conducted by Hexa Reseach found that the world’s total Solar PV (photovoltaic) installed capacity will exceed 480GW by 2020. This represents a compound annual growth rate exceeding 19% between 2013 and 2020.
According to the press release:
Key factors contributing to growth are higher global emphasis on clean energy production coupled with governmental support in the form of beneficial policies for development of Solar PV market. Sunbelt countries will particularly gain from regulations like Feed in Tariff which is a preferential rate program.
Hexa Research foresees falling prices of energy generated using Solar PV in future, chiefly due to huge increase in capacity, especially in China. The global Solar PV market demands that companies employ innovation and differentiation strategies as a way to grow. Alliances and partnerships are crucial for gaining competitive edge. Non-residential applications of Solar PV are likely to grow at a CAGR higher than 19% from 2013 to 2020 owing to substitution of conventional energy forms by solar energy in Sunbelt regions.
[…] Countries like Germany, France, and Spain, among others led to Europe hosting the largest capacity of Solar PV i.e. more than 68GW, in 2012. However, in future, most demand will be generated from rapidly developing Asia Pacific markets like China, India, Taiwan, etc. China, with factors like low raw material costs and supportive regulations will experience exponential growth at CAGR of more than 34.5% from 2013 to 2020. Lower than expected development of Solar PV in high-potential nations like Brazil and Chile in Latin America and Saudi Arabia in the Middle East may hinder market growth.
Click here to read the full press release from Hexa Research.
