Mega Gigawattage: 480 GW predicted by 2020

August 26, 2015 | By Barbara Vergetis Lundin

In 2020, the total worldwide solar PV installed capacity will be more than 480 GW, according Hexa Research.

Credit: Hasanber Wikimedia

The huge increase will be driven by factors like the higher global emphasis on clean energy production, governmental support and beneficial policies for the development of solar PV.

Non-residential applications of Solar PV are likely to grow at a Compound Annual Growth Rate (CAGR) more than 19 percent from 2013 to 2020 due to the substitution of conventional energy forms by solar energy in Sunbelt regions, according to Hexa. Sunbelt countries will also see gains from preferential rate programs like feed-in-tariffs.

According to Hexa Research, in 2012, utility solar PV, with more than 44 percent share in the total installed capacity, was the biggest end use segment in the global solar PV market and this segment will experience the fastest growth in coming years.

Countries like Germany, France, and Spain led to Europe hosting the largest capacity of solar PV -- more than 68 GW, in 2012, Hexa reports; however, in the future, most demand will be generated from rapidly developing Asia Pacific markets like China, India, and Taiwan driven by low raw material costs and supportive regulations.

The rapidly increasing use of renewable energy systems for commercial and residential applications coupled with low costs and efficiency of these systems are the major factors driving the global solar PV market.

The global solar PV market demands that companies employ innovation and differentiation strategies as a way to grow. As such, alliances and partnerships are crucial for gaining competitive edge.

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