Solar PV is continuing a period of exceptional growth; its annual installed capacity in 2017 was 101.6 GW, almost double the 51.4 GW installed in 2015. The pace of growth is forecast to slow significantly over the next few years, but growth post-2020 will see the market increase to 144.6 GW in 2025.
China is a big part of the growth story and annual installations are forecast to average 55 GW between 2018 and 2025.
India is another market registering strong growth—from just 2 GW installed in 2015, it is expected to install 17.8 GW by 2025. A key driver in both markets is the goal to try and limit carbon emissions and pollution, which is an increasingly important domestic political issue in both countries.
Projects costs have continued to fall, declining by 20% in 2017, driven by lower module and inverter prices, but also by reductions in non-core equipment and project costs. China and India are key regions for reductions, but falls have been seen across all markets. Cost reductions going forward in the future will continue, but at a much slower rate.
Global PV Report By Frost&Sullivan