Feb 13, 2018

Solar photovoltaic (PV) is the third-most deployed renewable technology in terms of global installed capacity, after small hydro and wind. Solar PV will play a significant role in future energy supply, as the countries around the world looks to this resource to meet growing energy demand.

The technological advancement and the availability of more effective and reliable equipment and machinery, the worldwide market for solar PV increased rapidly, evident from the high year-on-year (YoY) growth rate of cumulative installed capacity between 2006 and 2016. Growing environmental concern has been the key driver for renewable energy, as countries across the world have sought to achieve energy stability and independence, and to minimize their carbon footprints.

Global solar PV cumulative installed capacity increased at a compound annual growth rate (CAGR) of 48.9% from 5.6 gigawatts (GW) in 2006 to 303 GW in 2016, of which 76.3 GW was added in 2016. The cumulative installed solar PV capacity more than doubled since 2013. Installed capacity increased from 135.9 GW in 2013 to 303 GW in 2016.

Solar PV installations are especially pushed through government support mechanisms, reduction in expenses, and improved financing options. With persevered advancement in technology and upgrades in project economics, the increase momentum of this sector is predicted to grow the coming years. the global cumulative installed capacity for solar PV is expected to attain 969 GW by 2025, at a CAGR of 13.8% during 2016-2025.