Asia-Pacific (APAC) will continue to lead the global solar photovoltaic (PV) market over the next seven years due to abundant availability of solar energy in the tropical countries and government support in countries such as China, India, Japan and Australia, says GlobalData, a leading data and analytics company.
The company’s latest report ‘Solar Photovoltaic (PV) Market, Update 2018,’ reveals that strong demand for PV in countries such as China, the US, India, Japan, Germany and Australia will drive global solar PV installations to cross 1,000 gigawatt (GW) of cumulative capacity by 2025.
Piyali Das, Power Analyst at GlobalData, comments: “The global solar PV market is growing rapidly as is evident from the annual addition since 2010. The average annual addition during 2010-2018 was 52 GW. Reduction in costs of PV due to an increase in competition, emergence of PV in new and upcoming countries in South America, Middle East & Africa and APAC regions will drive the global solar PV installations during 2018-2030. It is expected that the global solar PV market will reach 1,082GW by 2025 and 1,516GW by 2030.”