Cumulative global installed solar photovoltaic (PV) capacity is set to continue its growth from 271.4 Gigawatts (GW) in 2016 to 756.1 GW by 2025, registering a compound annual growth rate (CAGR) of 13.1%, according to research and consulting firm GlobalData.
The company’s latest report 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.
Pavan Vyakaranam, GlobalData’s Project Manager covering Power, says that 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.
Vyakaranam explains: “China is a world leader in renewable energy investment, having proved itself a leader in wind power installation, wind turbine manufacturing, and solar PV manufacturing. 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%.
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