|Global Solar PV Power Market, Forecast to 2025|
|Solar Photovoltaic (PV) Still Going Strong, Bolstered by Declining Technology Prices and Supported by an Evolving Regulatory Environment|
Solar Photovoltaic (PV) power is gradually establishing itself as a mainstream energy source following a decade of exponential growth. Continually declining prices of solar PV power, coupled with country-specific clean energy targets and strong regulatory support, are driving the growth of the global solar PV power market. The growing interest of the corporate sector in procuring solar PV power to meet their renewable energy targets as well as the increasing prevalence of solar PV in distributed generation (DG) boost the demand for solar power globally.
China continues to hold the largest share of the global solar PV power market despite restructuring financial incentive schemes, which have restricted support to utility-scale and DG projects. India is another strong market driven by ambitious solar energy targets and supportive government policies. The North American market, despite the slowdown in the short term caused by the imposition of import tariffs, is expected to register positive growth in the long term as a result of an overall favorable environment for solar PV power in the region. The mature European market, after a period of slow growth, is recovering on account of revised renewable energy targets and increasing uptake of solar power with storage solutions. The utility-scale sector holds the majority share of the global solar PV power market, while the commercial & industrial and residential markets register the highest growth rates. Residential and small-scale commercial sector will see growth owing to the demand in solar-mature markets with a well-established solar infrastructure.