Global installed PV capacity will exceed 756 GW by 2025, Global Data
Post date: 27/06/2016 - 17:36
UK based research and consulting firm Global Data expects the cumulative global installed PV capacity is set to continue its growth from 271.4 GW in 2016 to 756.1 GW by 2025, registering a compound annual growth rate (CAGR) of 13.1%.
The company’s latest report (»Solar Photovoltaic (PV) Market, Update 2016 - Global Market Size, Market Share, Average Price, Regulations and Key Country Analysis to 2025«) states that although growth will decline compared to the 2006-2015 period, which saw an exceptional CAGR of 50.1%, it will remain considerable over the next decade, most notably in China. According to Pavan Vyakaranam, Global Data’s Project Manager covering Power, China is the largest solar installation market in the world, accounting for 19.7% of global cumulative photovoltaic installations in 2015, with this figure forecast to reach 31.3% by 2025. Solar PV capacity in the country will continue to grow during the forecast period, from 60.5 GW in 2016 to 236.7 GW in 2025, at a CAGR of 18.5%. The US and Canada will register »notable CAGRs of 14.6% and 10.6%, respectively in cumulative installed capacity during 2016–2025«.