Nearly 1955 GW of new Solar Capacity to be Installed by 2028: Report

A new report presents a forecast of installed capacity, system prices for the global solar PV market, predicting 1955 GW in installations by 2028

A new report presents a forecast of installed capacity, system prices, application segments, and revenue for the global solar PV (SPV) market through 2028. Predicting the installation of 1955 GW of solar PV between now and 2028.

The global market for annual solar PV 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 an accelerating decline in technology CAPEX, are expected to drive the global market for SPV with more than USD 2,000 billion in investments over the next decade.

According to a new report from Navigant Research, ‘Market Data: Solar PV Country Forecasts’ an estimated 1,955 GW of Solar PV is expected to be installed between 2019 and 2028, generating USD 2,035.6 billion in revenue for the industry globally.

“Regulatory and legislative structures are evolving away from structures that incentivise widespread solar deployment to more nuanced mechanisms and business models that enable solar growth to be controlled and directed,” said Pritil Gunjan, senior research analyst with Navigant Research.

“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.”

According to the report China and the US will continue to shape the global SPV market, though the overall market is expanding as smaller, emerging countries with high irradiance develop new capacity and low prices attract new countries. Furthermore, Asia Pacific is projected to continue to grow at an accelerating pace, with 63 percent of total annual SPV installations of 79.4 GW in 2019.