How will the global solar photovoltaic market grow during the forecast period?

APAC is estimated to contribute 43% to the market growth during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The global solar photovoltaic market in APAC will grow significantly during the forecast period.

How has the growth in PV markets impacted the power industry?

The exponential growth seen in PV markets has led to the development of large-scale power plants, which has increased demands for better tools for inspection and monitoring.

Will distributed PV dominate the global PV market after 2030?

On a positive note, the REmap analysis shows that after 2030, with right market conditions for DER, distributed PV’s share of annual additions could start rising and even dominate total PV additions in some countries (see Box 3 above).

How can solar PV be adapted to off-grid applications?

Thanks to its modular and distributed nature, solar PV can be adapted to a wide range of off-grid applications and to local conditions, ranging from lanterns to household systems to village-powering mini-grids.

Is solar PV a fast-evolving industry?

Solar PV is a fast-evolving industry, with innovations along the entire value chain driving further, rapid cost reductions. Floating PV is a prime example, with global cumulative installed capacity exceeding one gigawatt in 2018 and clear potential for rapid growth.

Is solar PV a competitive source of new power generation capacity?

Solar PV is emerging as one of the most competitive sources of new power generation capacity after a decade of dramatic cost declines. A decline of 74% in total installed costs was observed between 2010 and 2018 (Figure 10).